Home Analysis Alt Coins Crypto Tech Analysis: Repetitive Historic Price Patterns in Play

Crypto Tech Analysis: Repetitive Historic Price Patterns in Play

Post failure to breach key hurdles, cryptocurrency market saw sharp decline albeit remaining well within familiar price levels.

September 09, 2019 16:36
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Nothing much has really changed in cryptocurrency market over the weekend aside from a slight decrease in trading volume as price fell sharply earlier today. All three top cryptocurrencies over the weekend saw considerably positive price momentum and change in value when looked at for the period of last seven consecutive trading session, however, failure to scale above immediate resistance hurdles to the upside in immediate future has resulted in cryptocurrency market seeing considerable declines. The steep fall occurred in early Asian market hours today as Crypto market bulls aimed for a breakout post weekend’s slightly positive price rally. Post Asian market hours on Monday, overall cryptocurrency market capitalization stands at US$ 268 Billion down by more than US$ 5 Billion since last Friday. Despite today’s decline in Bitcoin price value, Bitcoin contributes to nearly 70% of entire cryptocurrency market capitalization.

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Bitcoin: The progenitor of modern cryptocurrency over the weekend maintained steady hold above mid-10K handle albeit price oscillating between 10500 to 10850 handles. In early Asian session today, BTC bulls made an attempt to scale 11K handle but met with failure having found strong resistance to the upside near $10935 handle. The decline which followed the failed attempt drove the price of the pair below mid-10K handle. A sharp decline also resulted in investors resorting to book profits before there is sudden crash in price which resulted in pair trading range bound near 10300 handle. There was a feeble attempt to scale mid-10K handle once again but lack of fundamental support to sustain rally and aversion from traders to place new bets in favor of further upside activity has resulted in the pair trading range bound in lower half of 10K handle. When looking from technical perspective, the pair is at cusp for breakout pattern now as last few major support levels to the downside keeps the pair range bound. BTCUSD pair is trading at 10230 down by 2.75% on the day with market cap of US$185.16 Billion. Expected support and resistance for the pair are at 10120, 10030, 9883/9795 and 10335/351, 10486/495, 10601/685 price range respectively.

Ethereum: The most valued atlcoin in terms of market capitalization has over the course of last seven consecutive trading sessions gained by nearly 4.20% but declined by nearly 2% on the day. Compared to Bitcoin which saw price move in zig zag pattern over the weekend albeit maintaining a positive bias, Ethereum saw price shoot up steady and breach several key hurdles over the course of the weekend. The ETHUSD pair continued its uptrend price move in Pacific-Asian market hours and peaked for the day at $183.93 and while it failed to hold steady near intra-day highs, its decline was capped well above key hurdle. Contrary to Bitcoin which has declined below one of the major psychological support levels, Ethereum managed to contain its loss well above major support level of $175 handle which was scaled last week. The profit booking activity dragged the pair as low as $176.04 handle earlier in the day, but the pair is seeing decent bidding activity resulting in the pair scaling back above $180 handle. The ETHUSD pair is currently trading at $180.43 down by 0.59% on the day with a market cap of US$ 19.25 Billion. When looking from technical perspective, given the pair’s steady foothold above key support levels, it is likely to maintain a price rally with higher bullish influence in immediate and near future trading sessions. Expected support and resistance for the pair are at 179.07, 176.25, 173.55 and 182.49, 183.93, 184.33/184.99 handles respectively.

Ripple: Ripple as mentioned in my previous post has shown consistent and steady effort to climb back above 0.28 handle albeit most of its attempts ending in vain. Ripple currently continues to hold the position of third most valued cryptocurrency in terms of market capitalization with a market cap of US$ 11.16 Billion up by nearly $100 Million since Friday’s early European session. During the weekend, Ripple saw steady upward price move and managed to move above mid-0.26 handle having hit as high as 0.2666 in late Sunday’s trading session. The Bitcoin fall influenced decline in cryptocurrency market and the profit booking activities which followed along with it caused the pair to lose a significant chunck of its weekend gains in Asian market hours. But the XRPUSD pair has since managed to reverse most of the intra-day decline and is now back above 0.26 handle. As of writing this article, the pair is trading at 0.2626 down by 0.46% on the day. When looking from technical perspective, the pair is still trapped within familiar price levels limiting further upside or downside move in the long term. To regain a clear bullish breakout trigger, the pair needs to successfully breakthrough and maintain hold above 0.27 handle. Expected support and resistance for the pair are at 0.2614, 0.2594, 0.2585 and 0.2629, 0.2640, 0.2656/66 handles respectively.

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