Monday, March 1

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

Key Highlights

Bitcoin dropped by 5.57% today as the coin reached $11,500.
Ethereum saw a 8.8% cost decrease today as it reached $390 today.
XRP dropped by 9% over the past week as it reached the $0.28 level.

BITCOIN PRICE ANALYSIS

What has been going on?

As August progressed, we can see that Bitcoin was trading within a rising cost 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.

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

Taking a look at the everyday chart above, we can see that Bitcoin had actually permeated above a balanced triangle towards 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 cost short-term forecast: NEUTRAL

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

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

If the sellers continue to drive Bitcoin below $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 towards the advantage?

On the other side, if the buyers regroup and push greater, 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 indications showing?

The RSI has also dropped underneath the mid-line to indicate the sellers are in control of the market momentum. Fortunately, the Stochastic RSI is oversold and is primed for a bullish crossover signal which ought to put an end to the drop.

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 began to roll over as it headed lower over these previous 2-weeks.

The coin preliminary found assistance around $410 but eventually went on to press beneath here as it headed lower to reach $390. It bounced from this support yesterday to break above $400 but stopped working to pass $408. Ethereum has actually considering that headed back underneath $400 to trade at $391 again.

ETH cost short-term prediction: BULLISH

The first level of assistance lies at $390 if the sellers push lower. This is followed by added assistance 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 need to break below $360 to turn more and neutral underneath $310 to turn bearish.

Where is the resistance towards the advantage?

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

What are the technical indicators showing?

The RSI has actually dipped beneath the 50 line as the sellers take charge of the market momentum.

RIPPLE PRICE ANALYSIS

What has been going on?

It was not able to conquer this resistance after numerous efforts to break above it. We can see that strong assistance has actually been discovered at the $0.28 level.

XRP rate short term prediction: BULLISH

XRP is bullish right now however the resistance at $0.317 will need to be broken relatively soon. The coin would require to fall underneath $0.27 to turn more and neutral beneath $0.24 to turn bearish.

If the sellers do push lower, the very first level of support is expected at $0.28. This is followed by included support at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement). Beneath 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 benefit?

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

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

What are the technical indicators revealing?

The RSI has actually likewise penetrated below the mid-line her which suggests that the bears supervise of the market momentum. The bearish pressure will increase and is likely to trigger Ripple to drop below the current $0.28 support and head lower if the RSI continues to drop.

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

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

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

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

Andrew is an author that does many of his work on cryptocurrency-related topics. While hes primarily thinking about Bitcoin, he also follows significant altcoins and the ingenious concepts that new cryptocurrency and blockchain projects are bringing to the table.

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