After a week filled with power packed action by bulls, cryptocurrency markets have started recovering and are steadily tracing away from resistant levels. It will be interesting to see what the future holds — will we test old lows or will the market recover midway.
Pair: BTC/USDT | Time Frame: 1 Day
BTC was trading at $6174 (when the blog was written). Last week BTC hit a high of $6,818 and just as we predicted accurately in our last blog, it started retracing from the resistant zone. Since its retracement, BTC is continuously hitting new lows. Bulls need to close the day above $6,300 to maintain the momentum, failing that BTC can possibly head towards its previous low with amazing support of $6,000.
Pair: ETH/USDT | Time Frame: 1 Day
ETH successfully managed to breach the resistance of $473 and attempted to move higher on the charts. However, ETH bulls failed to maintain the momentum the following day and a ‘Bearish Doji Star’ was formed on the daily chart. As a result of the Doji star, bears took control of ETH and slammed down the price to $430. ETH is now near its rock solid support of $420, we are awaiting further action there.
Pair: XRP/USDT | Time Frame: 1 Day
XRP bulls attempted to push XRP higher than its trend last week. However, they failed to hit the 50 cents mark and have been retracing ever since. Additionally, they have breached the nearest support around 44.5 cents and XRP is currently trading below the support line. XRP should ideally close above the support line, like it did recently. If it closes below the support line, it may attract new lows.
All the above charts & analysis is only for information purposes and should not be taken as investment advice. Investment in cryptocurrencies is subject to market risks and we do not advice investors to make trade decisions without conducting their own research. We do not guarantee the accuracy of the information provided herein for any purpose.
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