As the week comes to an end, it looks like cryptocurrency market have finally stopped bleeding and finally started to trade sideways. Whether this trend can hold thoughout the weekend depends on whether or not Bitcoin decides to continue dumping. Let’s take a look at some of our popular cryptocurrencies XRP, BTT and BSV and see if their charts tell us what’s in store.
On an hourly chart, XRP/USD pair saw a sharp drop to a low of $0.2283 below significant support level found near $0.2347, after escalating from $0.2492. The Bollinger band breakdown from 15:00 to 17:00 open the way for a dip to a low of $0.2283. However, starting from 18:00, a bullish reversal candle was seen that resulted in an upside correction. Sadly the price failed to cross above $0.2457 level but took a break below the critical support level found near $0.2379.
The pair’s price later exhibited an upside rally that stood the current price at $0.2427, which translates to an intraday dip of 2.8%. Besides, the Bollinger bands are currently reflects high volatility levels that will most likely pave the way for a more significant move in the near term. Also, since the moving averages are presently below the candles, an upside break is to be expected.
Investors should take a long position if the price undergoes an upside correction above the upper Bollinger band that may result in a steady rise near $0.2600.
BTT/USD pair has given a negative scenario with a price drop of 2.27% over the intraday. On an hourly chart, the Bollinger bands have narrowed that showed low volatility levels, with price consolidating between the upper and the lower Bollinger bands marked at $0.00046 and $0.00041. Afterward, the pair’s price began the day trading at $0.00044, followed by a sharp dip to a low of $0.00041.
However, a bullish move was later seen, starting from 19:00 that raised investor’s sentiments, which may revive the coin’s trust. The significant drop was reflected by the presence of a four-price Doji that showed that the market was dealing with a low number of transactions. Currently, the price is below moving averages that signal high possibility of a downside breakout.
A downside correction below $0.00041 may trigger a stronger decline near $0.00030. On the upside, a break above $0.00045 could lead to an upside rally near $0.00047.
BSV has also dropped to the lowest point trading at $83.985. Looking at the hourly chart, it opened the session trading at $85.985 that later showed a dip of 2.3% over the last 24hrs. The volatility is low, with price constantly moving between critical support and resistance level marked at $79.463 and $86.559.
Notably, the pair’s price first saw a tremendous decline to a low of $78.506 that tested the critical support level. An upside price rally later followed that fluctuated the price to a high of $84.240. followed by a slow movement that defined the current price at $83.985. BSV is now recording some gain, and if the bulls up their strategy a break above $86.986 may mark a new beginning for a bullish trend.
Investors should take a long position if the price succeeds in breaking above the critical resistance level. New targets should be set near $90.000 and $91.000.
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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