Update-3 of #DCXTechnicalThursday
Market is trading sideways after last week’s carnage. Since the market has been sideways, it’s important to see where the prices close this week. As all the coins are trading near their all time lows, closing below those lows can create further panic among investors.
Without wasting time, let’s jump to the charts:
Pair: BTC/USDT | Time Frame: 1 Day
BTC was trading at $6097 (blog publication time). Last week, BTC breached its previous all time low of $6,000 and went further down to test $5,918. After that the bulls took charge and managed to close above $6,045 which was a sigh of relief for everyone. But the bulls are just defending the levels and not showing interest in taking the price higher. The previous support seems rock solid as of now. On the upper side, BTC will now face a weak resistance at $6,287 and then in the range of $6,760 — $6,950.
Pair: ETH/USDT | Time Frame: 1 Day
ETH has managed to hold on to a weak support near $420 and is trying to move higher. Breaking and closing below $420 will take it straight to $370. On the higher side, ETH will face resistant at $473 before it starts its journey towards $500+ levels.
Pair: XRP/USDT | Time Frame: 1 Day
XRP looks in trouble after breaking 47 cents. It has taken a support at 42 cents and is currently floating around it. Breaking of this support may take XRP to 28 cents. However, we need to keenly watch where XRP closes at the end of this week. A close above 46 cents will give some relief to traders and closing below 46 cents can create panic. However as 42 cents support does not seem to be logical, we don’t know where will the next support lie.
Note: All the above charts & analysis is only for educational purposes.
Disclaimer: CoinDCX is not dealing with fiat (INR) pairs due to the latest RBI notice (Announcement). Trading in bitcoins and cryptocurrencies is subject to market risks, prices are determined purely by the demand/supply and not controlled by the platform.