It seemed to be clear that yesterday U.S. governmental hearing of Facebook Libra widely affected the price of the top cryptocurrency. In an hourly chart, BTC/USD appears to have exhibited a bearish pressure. The downward movement was supported by the 21 day MA that was seen gravitating above the 7 day MA.
The Relative Strength Index indicator has moved from a high of 55.82 to a low of 24.04 that is marked as the oversold territory. The decline indicated an increase in sellouts that sowed cynical investor’s sentiment. BTC/USD pair is down by 10.9%, having moved from $10753.65 to $9574.99 over the last 24hrs, which is a significant fall.
The formation of a descending triangle was encountered today that confirmed the bear market. The RSI indicator started gaining momentum from 02:00, where it moved up from 26.21 to 36.32 that showed the reluctance of investors to go short in anticipation for better price values.
At the moment, the 21 day MA is still on top of the 7 day MA that further signal downtrend. New targets should be set at $9000.00 and stop-loss at $9650.00Bitcoin cash
BCH/USD pair, on the other hand, is down by $7.3%. BCH began the sell-off trading at $311.1 whereby it dipped sharply to a low of $265.9 before it embarked to a steady flow that placed current price of BCH at $288.3.
The downward pressure was influenced by the 21 day MA that was trading above the 7 day MA. The support level $292.7 become the resistance level (R). New support was dropped to $277.2 (S) that reflected a bearish pressure.
Despite an overall bearish outlook, the RSI indicator indicated otherwise. The RSI indicator climbed up from a low of 31.81 to a high of 50.07 that signaled a bullish pressure. The RSI indicator is at the moment pointing towards the south that shows that sellers dominate the market momentum.
The 21 day MA is still above the 7 day MA that indicated a bearish signal. However, if the bulls up their move a bullish outlook is likely to overcome. This is because the 7 day MA is currently acting as the price support and looks set to cross the 21 day MA. The resistance level is likely to be breached. New target should be stood at $305.00.
ETH/USD has resumed the bearish pressure. It has down surged by 9.83% over the last 24hrs. ETH began trading at $225.9588, which was followed by a steady decline before a breakdown that dipped the price down to a low of $191.13439. This was reflected the RSI indictor X that dropped below level 30 that indicated oversold market condition at that period of time. The downward pressure was also bolstered by the 21 day MA that continuously gravitated above the 7 day MA.
New fundamental resistance level was placed at $205.65487, and support level was at $196.09474. ETH/USD seemed to gain momentum later on when the RSI indicator moved up from the oversold territory to level 43.55. This showed an increase in buying pressure coming from the bulls. In addition, investors are likely to be waiting for better prices for them to go short.
Currently, the 21 day MA is still above the 7 day MA. This shows the possibility of a further bearish rally in the next hours. New targets should be set at $190.0000.
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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