On today’s intraday chart, the price of the top-performing cryptocurrency has declined, thus recording a bearish momentum below $8500 support level. BTC/USD pair has, therefore, dive dipper below $8300, after exhibiting a sharp breakout that dipped the price to an intraday low of $8010.70. The downside move was followed by a short-term consolidation phase above $8128 thus defining the current price at $8138.48, which dropped from the opening price of $8439.95 translating to 3.6% loss over the past 24hrs.
Failure of BTC/USD pair’s price to stay above $8128.60 may restart a fresh decline with new support being found near $7500. Additionally, in terms of the moving averages, the long-term SMA has been trading above the short-term SMA. The RSI is also now seen on the oversold territory giving a negative impression.
Since most indicators foreshadow further downside move, then a break below $8100.00 or $8000.00 may strengthen the bearish move. However, if the price manages not to move below $8100.00, then an upside correction is likely above $8500.00.
The drastic price fall of Bitcoin has primarily affected the crypto market; ETH/USD being among the top-performing cryptocurrency; it was also affected. ETH/USD is trading bearish on the hourly-chart; it has dramatically, descend below $182.194 and is currently trading around $176.820. That suggested a notable decrease over the last 24hrs. An intraday low was found near $172.718, but the buyers fought hard and rejected the lower digits, which led to a medium-term consolidation period above the critical support level $175.660.Thus, investors sentiments have reduced that resulted to a strong selling pressure. Additionally, both moving averages have been on a bearish posture. The RSI has also been hovering near the oversold territory.
At the moment, $175.660 this support level is being tested, and since the market is rushing bearishly, further downside correction is likely. Next support level should be expected near $170.000.
XLM/USD pair is dooming down by 5.9%; the popular altcoin exhibited a downside movement from a high of $0.00686 to now changing hands at $0.0645 in the last 24hrs. The inability for the price to hold above $0.6724 has thereby resulted in a significant decline, thus displaying intense bearish pressure. Besides, there was a downtrend line formed that is now testing $0.06409 support level. That showed that the bears are not ready to let go of the market momentum.
The long term SMA has also been trading above the short-term SMA while the RSI has been on the negative side; thus, suggesting high interest in selling. Therefore, a significant breakdown should be expected in the short-term.
A break below $0.06400 level may extend the downside correction below $0.06100. Nevertheless, if there could be an upturn, then $0.6724 resistance level is likely to be retested.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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