Cryptocurrency market is seeing top digital coins decline sharply post failure of crypto bulls to conquer critical price levels. While the week started on positive note over news of Bakkt Bitcoin futures approval in New York, lack of further trigger to support crypto bulls on their positive momentum caused top digital coins to fail in attempt to breach critical resistance levels. The decline that followed was further aggravated by intra-day traders who booked profits to protect their gains causing price to slide steeply. However, news that Bitcoin mining hash rate has reached all time highs prevents price from declining to Friday’s lows. The overall market cap of cryptocurrency market is currently at US$267 Billion down by US$ 7 Billion since Monday.
Bitcoin: The progenitor of cryptocurrency, Bitcoin is down by US$17 billion since Monday and is currently trading at $10084 down by 5.51% on the day barely managing to hold above key support level of $10000 handle on news lead short term strength. The current market cap of BTCUSD is currently at US$ 182.17 billion USD. When looking from the technical perspective, the candle chart hints at possibility of bears gaining an edge once again while bulls are fighting tooth and nail to prevent declines. Simple moving average which is used to identify the trend of price action based on short term changes in price is suggesting high level of dovish pressure given the fact that price has declined below all three key SMA’s – 9, 50 and 100 while RSI indicator used to measure momentum of price action is stalling around 39 handling signalling bears have yet to gain an upper hand. Amid lack of fresh triggering force, Bitcoin is currently consolidating near intra-day lows before moving on the next leg of rally awaiting fresh directional cues. Expected support and resistance for the pair are at 10000, 9950, 9800 and 10325, 10520, 10830 handles respectively.
Ethereum: Ethereum, the most valued altcoins in terms of market cap suffered significant losses and is well in bear’s territory albeit remaining slightly above Friday’s lows. The market cap of ETHUSD is currently at US$20.17 Billion down by US$830 Million since Monday. ETHUSD pair is trading at $188.50 down by 4.27% on the day. The technical picture is mirroring Bitcoin, with all three key SMA’s 9, 50 and 100 which are used to identify trend is said time intervals are seeing price move below well below them while RSI indicator used to measure momentum is near 39 handle hinting at extent of prevalent bearish bias. Ethereum is currently attempting to make an upward rebound while lack of triggering factor and directional bias prevents Ethereum from scaling back above $200 handle. Expected support and resistance levels for the pair are at 185, 182, 179 and 190, 194, 198 handles respectively.
Ripple: Ripple, unlike the other two cryptocurrencies has declined below critical support levels that kept the price well away from market bears. XRPUSD is now well in bears’ territory having failed to hold steady at key long term psychological support level of 0.28 handle hinting that the pair is highly susceptible to market volatility which could lead to sharp price swings in favor of crypto bears. The market cap of ripple is at US$ 11.37 Billion down by US$ 890 Million since Monday. The trend indicators – 9, 50 and 100 SMA’s are seeing price move well below them while RSI indicator used to measure momentum is currently at 36 poised for further decline towards oversold region. Expected support and resistance levels for the pair are at 0.2595, 0.2556, 0.2510 and 0.2685, 0.2705, 0.2751 handles respectively.
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