- BTC/USD is down again, recovery was short-lived.
- ETH/USD is trapped in a narrow range.
- XRP/USD gave away all previous gains.
Bitcoin and all major altcoins are in red again after a short period of upside correction the helped the coins to move away from the edge of the cliff. With no particular news out there, the market is driven by speculative positioning and technical factors, which means that more downside may be in store for us as the upside is limited by a strong confluence of dangerous technical levels in all major coins.
BTCUSD is changing hands at $6,355, down 2.8% since the start of the day. While BTC/USD has recovered from the recent lows registered at $6,122, it is not totally out of the woods as long as the price stays below $6,400 handle. The digital coin No. has lost over 10% since Monday, getting ready for the second negative week in a row. While the longer-term forecasts remain mildly bullish, the short-term expectations suggest that the coin may retest the lows before another recovery attempt.
A confluence of strong technical levels on approach to $6,400 handle includes Pivot Point one month Support 1, Bollinger Band 1hour - Lower, 61.8% Fibonacci retracement daily, 4hour low, 15 min low, SMA5 - 15 min. It is closely followed by another set of resistance levels: SMA10 - 1hour, 38.2% Fibonacci retracement daily, SMA5 - 4hour, 4hour high, Bollinger Band 1hour - Middle, SMA50 - 15 min.
This is a tough nut to crack, though, once this area is cleared, the upside may be extended to $6,700 with SMA5 - daily and Pivot Point one day Resistance 1, and to $7,000 guarded by 61.8% Fibonacci retracement monthly.
There is not much in terms of support levels until psychological $6,100 with a cluster of technical indicators just under this area: last month low, Pivot Point one day Support 2, Pivot Point one week Support 3, and Bollinger Band 4hour - Lower.
Ethereum is glued to $360, as strong technical levels won't let it in either direction. Thursday's attempt to get to $370 didn't yield in anything meaningful, which supports the idea that the prices should settle above $380 to get a better chance for an extended recovery.
Below the current price, there is a cluster of technical levels, including 4-hour low, Bollinger Band 15-min - Lower, Bollinger Band 1-hour - Lower, one hour low, SMA10 - 1-hour, 15 min low, SMA5 - 15 min, Pivot Point one-week Support 2, Pivot Point one-month Support 2.
Once this area is broken, ETH/USD bears will hardly meet any hurdles on their way to $315 with Pivot Point one week Support 3 right below this level.
A confluence of various technical indicators creates a resistance zone that comes from the current price level up to $370. They include:
15-min high, 38.2% Fibonacci retracement daily, SMA10 - 15 min, Bollinger Band 15 min - Upper, SMA5 - 1 hour, SMA100 - 15 min, one hour high, Bollinger Band 1-day - Lower, 61.8% Fibonacci retracement daily, SMA10 - 4hour and Bollinger Band 1-hour - Middle, 4hour high, SMA10 - 1hour, SMA200 - 15 min, SMA50 - 1hour.
There is a Pivot Point one day Resistance 2 and SMA5 - daily on approach to $380, while the ultimate resistance comes at $400, reinforced by last month low and last week low.
XRP is down 3.5% since the start of the day. The coin has lost the better part of Thursday's gains as they were triggered by speculative positioning with no fundamental reasons for strong growth. XRP/USD is changing hands at $0.3328 at the time of writing.
Once the price clears Pivot Point one day Support 1, one day low and Bollinger Band 15min - Upper, located right under the current price, the sell-off is likely to gain traction with the next aim at $0.3150 (Pivot Point one day Support 2) and $0.30 (Pivot Point one month Support 3).
The upside momentum is losing traction on approach to $0.3400 resistance, created by 61.8% Fibonacci retracement daily, SMA10 - 1hour, SMA50 - 15 min, 4hour high, SMA10- 15 min, SMA200 - 15 min, SMA100 - 15 min, SMA50 - 1hour.
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