Update-2 of #DCXTechnicalThursday

Last week was surely undesirable for most of us. BTC, ETH and XRP all broke their supports and headed to test their lows recently. The bears are having a tight grip on the market for now.

Without wasting time, let’s jump to the charts:-

  • Pair: BTC/USDT | Time Frame: 1 Day

BTCUSDTWeek2

BTC was trading at $6491 (when the blog was written). As it was stated last time, breaking of support at $7330 on a daily chart will take BTC to $6600 and $6140 was actually tested today. The next immediate support for BTC is between $6000-$5800 range, which if broken will take BTC further down between $5400-$4800 range. On the upper side, BTC will face resistance between $6760-$6950 range & closing above that on a daily chart will take BTC to $7300-$7500 range.

  • Pair: BTC/USDT | Time Frame: 1 Day

ETHUSDTWeek2

After continuously falling for 4 days, ETH took a U-turn from exactly its old support of $450–449. This support is very important for ETH bulls as breaking of this on a daily time frame will straightaway take ETH to $404 — $370. On the upper side, old support of $508 will now act as resistance. ETH needs to break $508 and close above that on daily basis to move higher towards $560 — $600 range.

  • Pair: XRP/USDT | Time Frame: 1 Day

XRPUSDTWeek2

In the last blog, we mentioned about XRP forming an Inverted Head & Shoulder pattern and breaking of the neckline will take the price of XRP on the upper side. However, XRP bulls failed to push the price higher and reversal was observed even before the neckline could be tested. Since XRP failed to break the neckline, bears took charge & pushed the price of XRP down. On the downside, the immediate support for XRP is at 47 cents and on the upper side XRP will face resistance at 63 cents. Breaking on either side will not result in a larger move for XRP as the volumes are diminishing day by day.

Note: All the above charts & analysis is only for educational purposes.

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