Cryptocurrency market update: Major cryptos remain stuck in tight ranges
- Bitcoin continues to move sideways near $7,500 on Saturday.
- Ethereum waits for Istanbul hard fork to take place later today.
- Ripple struggles to move beyond its 20-day moving average.
Major cryptocurrencies struggle to find direction on Saturday with the top three coins with regards to market capitalization registering small daily changes.
Top-three coins price overview
After gaining a total of nearly 5% in the last two days, Bitcoin (BTC/USD) failed to extend its rebound and spends the day fluctuating near $7,500 on Saturday. Technical indicators don't seem to be providing any directional signals either with the Relative Strength Index (RSI) on the daily chart staying flat near the 50 mark. Supports for the pair could be seen at $7,450 (20-day MA),$7,080 (December low) and $6,500 (Nov. 25 low). On the flip side, $8,000 (Fibonacci 38.2% retracement of October 25- November 25 drop) seems to have formed a stiff resistance level ahead of $8,500 (Fibonacci 50% retracement of October 25- November 25 drop) and $8,750 (100-day MA).
As investors withdraw to the sidelines while waiting for the highly-anticipated Istanbul update to take place on the Ethereum network, Ethereum (ETH) is staying calm near $150. According to Etherscan.io's block countdown, the hard fork is expected to occur around 01:00 GMT on Sunday, in about 10 hours. The daily RSI edges lower below the 40 mark suggesting that sellers are looking to remain in control of the action. ETH could encounter the initial support at $143 (December 4 low) ahead of $132 (November 25 low) and $124 (March 4 low). Resistances align at $154 (20-day moving average), $160 (former static support/November 29 high) and $175 (100-day moving average).
Ripple (XRP) renewed its lowest level in nearly two years at $0.2025 on November 15th and the following rebound met resistance near $0.24. Although the pair gained more than 5% on Thursday and Friday, it failed to break above the 20-day MA, which is currently located at $0.23. The RSI indicator is moving sideways near 40, suggesting that the pair is having a difficult time gathering bullish momentum. Above the 20-day MA, the pair could face the hurdles at $0.24 (Fibonacci 23.6% retracement of September 16 - September 23 drop) and $0.2560 (Fibonacci 38.2% retracement of September 16 - September 23 drop). On the downside, $0.2110 (December 4 low) could be interim support before $0.2025 (2-year low/November 25 low).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
