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% this week as the coin reached $11,500.
Ethereum saw a 8.8% cost decrease this week as it reached $390 today.
XRP stopped 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 an increasing 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.

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

From there, Bitcoin rolled over and started to head lower. It broke underneath the rising cost channel at the end of last week however found assistance at a parallel trend line. Bitcoin traded above this trend line over the previous 3-days however broke beneath here today as it crashed below the $11,600 assistance (.236 Fib Retracement) to reach $11,500.

BTC rate brief term prediction: NEUTRAL

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

The break underneath the increasing pattern 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 below $11,000 is most likely to turn Bitcoin bearish.

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

Where is the resistance toward the advantage?

On the other side, if the purchasers regroup and press greater, the very 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 ought to put an end to the sag.

ETHEREUM PRICE ANALYSIS

What has been going on?

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 assistance the other day to break above $400 but stopped working to pass $408. Ethereum has since headed back below $400 to trade at $391 again.

Looking at ETH/USD above, we can see that the coin surged 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 cost brief term forecast: BULLISH

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

The first level of support lies at $390 if the sellers push lower. This is followed by included support 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 very 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 revealing?

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

RIPPLE PRICE ANALYSIS

What has been going on?

It was unable to overcome this resistance after various attempts to break above it. We can see that strong support has been discovered at the $0.28 level.

XRP price brief term forecast: BULLISH

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

The very first level of support is expected at $0.28 if the sellers do press lower. This is followed by included assistance at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement). Below 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 towards the benefit?

On the other side, if the buyers press higher, the 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 indicators revealing?

The RSI has also penetrated beneath the mid-line her which suggests that the bears are in charge of the market momentum. The bearish pressure will increase and is most likely to trigger Ripple to drop beneath the present $0.28 assistance 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 primarily thinking about Bitcoin, he also follows major altcoins and the innovative concepts that brand-new cryptocurrency and blockchain tasks are giving 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 very 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).

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

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

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