The market as it stands today
Bitcoin went all the way to USD 5.3000,00 earlier this week. The market was restless, though, so fluctuations are to be expected as the world’s main digital asset is traded in the overbought zone. ETH has not been going along with BTC’s bonanza very well, but it’s still managed to rise to USD 175.
Ripple, strangely, is on the opposite side of the crypto-coin (pun fully intended). That’s not normal at all as when the market goes up, Ripple’s XRP is usually one of the cryptocurrencies that lead the way, since Bitcoin’s surge last week, Ripple has not been doing as well as all those assets trading in green.
XRP is in red numbers at the tune of -1.10%, and it seems that the bears are hugging the only crypto asset that they can for now. Ripple’s token has gone up by almost 15% over the last few months, while Bitcoin and ETH have gained more than 35%. But do not let those numbers tell you too much since most of that growth has happened over the last week, and, moreover, it happened during the anomalous hour that brought BTC from 4k to 5k.
The trend belongs to the bulls, and it’s at USD 5,210. The key resistance level is 5,600.00, and the key support level is at USD 4,800, so the price is far away from both technical indicators and we shouldn’t expect for the price to bounce back very significantly in either direction for a while.
Today’s Bitcoin‘s levels are reminiscent of those we saw last Wednesday, the day after the token’s sudden surge. A breakout is possible, and it would bring the price to the resistance level and even beyond. MACD points to a significant bullish move.
The BTC/USD pair is trending, and it’s overbought according to the daily RSI, which indicates that a short move is possible. A drop could test the support level and, if it goes even lower than that, corrections could reach USD 4,500.00 and even maybe the break level at $4,2500. That would be consistent with an upper triangle formation sitting at the break level. If that should be the way things develop, the RSI should rest as oversold.
Ether is also bullish as we write this. It’s trading at USD 177,00. The key resistance and support levels are at 200 and 157, respectively.
The 1% green trading numbers ETH has had (over the last day) signals to a bullish move for sure but not as exciting as traders would have expected given the current market which is predominantly green wherever you look at. The daily RSI was not in the oversold area until very recently in the day, and it’s anybody’s guess if it will remain there for long.
That being said, ETH found a way to reach $189 yesterday after the inflection point that was last Tuesday. It’s at 179 as we write this. The 24-hour MAC is positive. A retracement could bring the price back down to 157 before it bounces back, or if the bulls do their job, it could reach $200.
The price trend is also bullish for Ripple’s XRP despite the slowness it’s shown as the rest of the cryptocurrency market soars. It trades at USD 0.356917 as we write this and the resistance and support levels are at 0.4 and 0.326. 0.4 is something of a psychological mark for XRP because since the crypto winter began, it was supposed to be at 0.4 steadily, which hasn’t happened.
XRP’s trade has been within a wedge for a couple of months. It went up to test the magical 0.4 number of the resistance level, and it bounced back down retracing to the base of the upper trend line (0.326) before going to the middle and moving sideways. MACD is above zero, which means the market is bullish, but the trading volume for XRP remains low.
While this market consolidates, a bullish move could get the price to 0.4 and beyond. The RSI reflects a cost nearing the 80 line. If the coin falls, short movements could test the 0,326 level yet again. And it could go as low as 0,3. But the market is bullish at least for now.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.