- Bitcoin is set to snap a four-week winning streak.
- Ethereum struggles to gain traction after dropping below $400.
- Daily top on Ripple's daily chart points out to possible additional losses.
Following an upbeat start to the week, major cryptocurrencies spent the second half of the week under pressure and now look to close in the negative territory.
Bitcoin advanced to its highest level in more than a year at $12,486 but reversed its direction and was last seen trading at $11,651. On a weekly basis, Bitcoin is down 2.23% and remains on track to snap a four-week winning streak. $12,000 aligns as a significant hurdle for BTC/USD in the short term and a failure to reclaim this level could cause the pair to extend its slide toward $11,200 (Fibonacci 38.2% retracement of late-July to mid-August uptrend)).
Bitcoin Price Analysis: BTC/USD returns to $11,500 area after modest recovery.
Ethereum climbed to $450 area on Monday and touched its best level since July 2019. However, in a similar way to Bitcoin, ETH/USD turned south and now is down nearly 10% on a weekly basis. Following a modest rebound on Saturday, the pair failed to reclaim $400 and sellers look to be in control in the near term. $365 (Fibonacci 38.2% retracement of late-July to mid-August uptrend) aligns as an important support.
Ethereum Price Analysis: ETH/USD fails to reclaim $400.
Following the impressive upsurge witnessed toward the end of July, Ripple staged a technical correction and remained on the back foot in early August. However, after breaking above $0.3, XRP/USD gained traction and rose all the way to $0.3275 on Monday to form a double top on the daily chart. Currently, the pair is down 7.5% on a weekly basis at $0.2820. A break below the bottom range of the double top at $0.2700 (August 11 low, Fibonacci 38.2% retracement of June-August rally) could trigger a fresh selloff. On the upside, $0.3000 (psychological level) aligns as the first resistance.
Ripple Price Analysis: Double top spotted on XRP/USD daily chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.