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

BITCOIN PRICE ANALYSIS

What has been going on?

Having a look at the day-to-day 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.

As August advanced, we can see that Bitcoin was trading within an increasing price channel. The coin continued to trade within this rate 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 started to head lower. It broke beneath the increasing price channel at the end of recently however found assistance at a parallel pattern line. Bitcoin traded above this trend line over the past 3-days but broke below here today as it crashed beneath the $11,600 support (.236 Fib Retracement) to reach $11,500.

BTC rate short term prediction: NEUTRAL

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

The break underneath the rising trend line has 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 underneath $11,000 is likely to turn Bitcoin bearish.

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 press 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 indicators revealing?

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

ETHEREUM PRICE ANALYSIS

What has been going on?

The coin initial found support around $410 however ultimately went on to push underneath here as it headed lower to reach $390. It bounced from this assistance yesterday to break above $400 but stopped working to pass $408. Ethereum has actually given that headed back underneath $400 to trade at $391 once again.

Taking a look at ETH/USD above, we can see that the coin rose to a 2-year high during 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.

ETH price short term forecast: BULLISH

Etheruem still remains bullish at this time. The coin would need to break below $360 to turn additional and neutral below $310 to turn bearish.

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

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 anticipated at $460 (bearish.5 Fib Retracement) $474 (1.414 Fib Exnteison), $490, and $500.

What are the technical signs revealing?

The RSI has dipped underneath the 50 line as the sellers take charge of the market 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 various efforts to break above it. This triggered XRP to roll over and head lower over the past couple of days. We can see that strong support has been found at the $0.28 level.

XRP cost brief term prediction: BULLISH

XRP is bullish right now but the resistance at $0.317 will require to be broken relatively quickly. The coin would require to fall beneath $0.27 to turn further and neutral below $0.24 to turn bearish.

The first level of support is expected at $0.28 if the sellers do push lower. This is followed by included support at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement). Beneath this, included assistance is then expected at $0.24 (100-day EMA), $0.23 (.618 Fib Retacement & & 200-days EMA), and $0.218.

Where is the resistance towards 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 higher, the very 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 showing?

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

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

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

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

Andrew is a writer that does most of his deal with cryptocurrency-related topics. While hes mostly interested in Bitcoin, he likewise follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are giving the table.

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

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