Monday, March 1

Bitcoin, Ethereum & Ripple Price Analysis; Bearish Momentum Creeps Into Top 3 Ranked Coins – Is The Entire Market Declining Now?

Key Emphasizes

Bitcoin stopped by 5.57% this week as the coin reached $11,500.
Ethereum saw a 8.8% price decline this week as it reached $390 today.
XRP came by 9% over the past week as it reached the $0.28 level.

BITCOIN PRICE ANALYSIS

What has been going on?

From there, Bitcoin rolled over and began to head lower. It broke beneath the increasing rate channel at the end of last week but found assistance at a parallel pattern line. Bitcoin traded above this pattern line over the past 3-days however broke below here today as it crashed beneath the $11,600 support (.236 Fib Retracement) to reach $11,500.

As August progressed, we can see that Bitcoin was trading within a rising rate channel. The coin continued to trade within this price channel as it reached the August high of $12,471 as it reached the resistance at a 1.414 Fib Extension level.

Taking a look at the day-to-day chart above, we can see that Bitcoin had permeated above an in proportion triangle toward the end of July as it surged above the $9,200 level. The coin continued greater to reach the $11,800 level in August.

BTC price brief term forecast: NEUTRAL

The break beneath the rising trend line has actually turned Bitcoin into a neutral trading condition in the short-term. The coin would now have to break above $12,000 to turn bullish once again. A break below $11,000 is most likely to turn Bitcoin bearish.

The very first level of assistance lies at $11,368 (drawback 1.272 Fib Extension) if the sellers continue to drive Bitcoin beneath $11,500. This is followed by included support at $11,244 (drawback 1.414 Fib Extension) and $11,080 (.382 Fib Retracement).

If the sellers continue to drive Bitcoin underneath $11,000, support is then anticipated at $10,800, $10,645 (.5 Fib Retracement), $10,400, and $10,200 (.618 Fib Retracement & & 100-days EMA).

Where is the resistance toward the upside?

On the other side, if the purchasers regroup and push higher, the first level of resistance lies at $11,600. This is followed by resistance at $11,800, $12,000, $12,126 (1.272 Fib Extension), and $12,471 (1.414 Fib Extension).

What are the technical signs showing?

The RSI has actually likewise dropped beneath the mid-line to suggest the sellers are in control of the marketplace momentum. Luckily, the Stochastic RSI is oversold and is primed for a bullish crossover signal which must put an end to the downtrend.

ETHEREUM PRICE ANALYSIS

What has been going on?

Taking a look at ETH/USD above, we can see that the coin rose to a 2-year high throughout mid-August 2020 as the coin reached $438 (August 2018 High). From there, Etheruem started to roll over as it headed lower over these past 2-weeks.

The coin initial found assistance around $410 however ultimately went on to press below here as it headed lower to reach $390. It bounced from this assistance the other day to break above $400 however stopped working to pass $408. Ethereum has actually because headed back underneath $400 to trade at $391 again.

ETH price short term forecast: BULLISH

If the sellers push lower, the first level of assistance lies at $390. This is followed by added support at $380, $361 (.382 Fib Retracement), $335 (.5 Fib Retracement), and $310 (.618 Fib Retracement).

Etheruem still stays bullish at this time. The coin would have to break below $360 to turn neutral and further underneath $310 to turn bearish.

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $400. This is followed by resistance at $420 and $438. Above $438, resistance can be expected at $460 (bearish.5 Fib Retracement) $474 (1.414 Fib Exnteison), $490, and $500.

What are the technical indicators showing?

Also, the RSI has dipped below the 50 line as the sellers take charge of the marketplace momentum.

RIPPLE PRICE ANALYSIS

What has been going on?

XRP had actually surged as high as $0.3177 throughout August 2020. It was unable to conquer this resistance after numerous efforts to break above it. This caused XRP to roll over and head lower over the previous couple of days. We can see that strong assistance has actually been found at the $0.28 level.

XRP rate short-term forecast: BULLISH

XRP is bullish today however the resistance at $0.317 will require to be broken fairly soon. The coin would require to fall below $0.27 to turn neutral and additional below $0.24 to turn bearish.

If the sellers do press lower, the very first level of support is expected at $0.28. This is followed by added support at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement). Underneath this, included support is then anticipated at $0.24 (100-day EMA), $0.23 (.618 Fib Retacement & & 200-days EMA), and $0.218.

Where is the resistance toward the upside?

On the other side, if the buyers push greater, the very first level of strong resistance lies at $0.3. This is followed by added resistance at $0.317 (bearish.886 Fib Retracement), $0.337, and $0.35.

If the bulls can break $0.35, resistance then lies at $0.361, $0.367 (1.272 Fib Extension), and $0.378.

What are the technical indications showing?

The RSI has also permeated below the mid-line her which recommends that the bears supervise of the marketplace momentum. The bearish pressure will increase and is most likely to trigger Ripple to drop underneath the existing $0.28 support and head lower if the RSI continues to drop.

Andrew is a writer that does the majority of his deal with cryptocurrency-related topics. While hes mostly interested in Bitcoin, he also follows major altcoins and the ingenious concepts that brand-new cryptocurrency and blockchain jobs are bringing to the table.

Above $438, resistance can be expected at $460 (bearish.5 Fib Retracement) $474 (1.414 Fib Exnteison), $490, and $500.

If the sellers do press lower, the first level of support is anticipated at $0.28. This is followed by included assistance at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement).

We can see that strong assistance has actually been discovered at the $0.28 level.

Bitcoin traded above this trend line over the past 3-days however broke underneath here today as it crashed below the $11,600 assistance (.236 Fib Retracement) to reach $11,500.

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