Cryptocurrency markets are off to a slow start today with most cryptocurrencies only registering a single digit percent change in the past 24 hours. It’s nearing the end of the week and we haven’t seen anything too exciting this week. Let’s take a look at our favorite cryptocurrencies and see if the charts tell us what’s in store.
Today the BTC/USD pair is giving a disappointing performance as it has declined tremendously over the last 24hrs. The top-performing crypto escalated from $10266.66, where it opened the session to $9992.23 the current price. This shows a price decrease of 2.67% over the last 24hrs. Additionally, the moving averages have formed bearish trend lines with resistance level remaining intact at $10292.35.
The market saw a slow decline, but at around 19:00, a bearish engulfing candle emerged. It sharply dropped the price to the oversold territory as reflected by the RSI that was seen below level 30. $9985.37 support level was tested before the price regains some momentum to a high of $10243.39.
A slow dip was again seen that defined the current price at $9992.23. However, the long-term SMA (A) that was seen trading above the short-term SMA (B) and the RSI that is hovering below average suggested a bearish outlook.
The pair’s price seemed to be under pressure below $9985.37 level, thereby if sellers manage to break the price below it. A continuous decline is possible near $8000.00.
ETH/USD is on a ranging market with slightly lower volatility levels. The pair’s price, however, dropped below $182.67 that is the current significant resistance level. The downside move pushed the price down to test the support level at $177.70 before a slight recovery to a high of $181.23. A downside price fluctuation later followed that drop the market price of ETH/USD to trade at $178.40.
Besides, the bearish pressure seemed to have gained support from the long-term SMA that hovered above the short-term SMA throughout the intraday. The RSI indicator also gave a bearish sign as it is now trading below average. However, there seemed to be a little hope for batter future as the RSI is now pointing north, which is a positive sign.
Since the moving averages are now acting as the price resistance level, a high chance of a downside breakout is likely in the short-term. If sellers manage to break $177.70 level, then there could be a downward correction near $173.00. On the upside move, if the bulls fight and breach $182.67 and imminent resistance may be found near $188.00 and $190.00.
LTC/USD is currently facing significant resistance level near $71.89 and support level near $70.18. Besides, the market suffered a mixed reaction as reflected by the RSI that has been hovering between the midpoints. The moving averages that are currently flattish suggested a range-bound for a short-term.
LTC/USD pair, therefore, moved from $70.79 to $70.48 that showed a slight dip over the last 24hrs. Notably, further downside move is possible as signified by the long-term SMA that is above the short term SMA and the RSI indicator that is pointing south. This also shows an increase in selling pressure that may negatively affect investor’s sentiments.
If the pair’s price breaks down from the lower channel that is at $70.18, it might give rise to further decline near $68.50. Investors should wait for the price to break below 70.00 for them to take a short position.
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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