The Cryptocurrency Market Update: Bears push Bitcoin towards channel support
- Bitcoin (BTC) continues sliding down towards the channel support
- Altcoins are directionless, mostly range-bound with bearish bias.
The cryptocurrency market is a mixed picture on Thursday. Bitcoin and all major altcoins are fluctuating in tight ranges, mostly with a bearish bias, though the critical technical levels stay intact so far.
Chainlink is the biggest loser. The coin is down 6% on a day-to-day basis amid technical correction after a strong upside movement. Cosmos has been outperforming the market with 4% of gains.
The total cryptocurrency market capitalization decreased to $195 billion from $197 on Wednesday; an average daily trading volume stayed settled at $57 billion. Bitcoin's market share is registered at 66.7%.
Top-3 coins price overview
On the intraday charts, BTC/USD is moving within a bearish trend. The first digital coin slipped below $7,200 support and hit $7,076 during early Asian hours. The pivotal $7,000 remains unbroken; however, the coin may be vulnerable to further losses as long as it stays below SMA50 (Simple Moving Average) 1-hour at $7,230. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $7,350 (SMA100 1-hour).
BTC/USD, 1-hour chart
Ethereum recovered from the intraday low of $139.40 to trade at $142.30 by the time of writing. The second-largest coin with the current market capitalization of $15.5 billion has lost about 2% of its value in the recent 24 amid increased bearish pressure. The vital support awaits us on approach to $140.00, followed by the intraday low of $139.40. A sustainable move below this barrier will increase the bearish momentum with the next aim at $132.48 (November 25 low).
ETH/USD, 1-hour chart
Ripple's XRP has recovered from Thursday's low of $0.2169, though it is still hovering below $0.2200. The third digital coin has lost about 1% of its value in recent 24 hours, moving in sync with the market. From the longer-term perspective, XRP's outlook remains bearish as long as it stays below $0.2300. However, the way to the target riddled with numerous short-term resistance levels. created by psychological $0.22, SMA200 1-hour ($0.2230), SMA100 ($0.2245). On the downside, a sustainable move below the intraday bottom will attract new sellers. In this case, the sell-off will be extended to $0.2100 (December 4 low).
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
