Welcome to #DCXTechnicalThursday blog.
Last week was not as enthusiastic as the previous few for Crypto enthusiasts, with lines of bad news. While BTC had a average drop, many alts were beaten badly. Most of the alts dropped to almost their prices a year back. However the market has recovered significantly in the last 2 days, let’s see what’s in store next.
Pair: BTC/USDT | Time Frame: 1 Day
BTC was trading at $6318 (when the blog was written). In the last 2 days BTC recovered from it’s previous low/support one and went to $6600 before retracing. $5800-$6080 looks like a concrete support now and the price action is respecting it every time. But breaking of this support will not be taken in a good manner by the bulls out there and create some panic. At the same time BTC will face some resistance at $6760 to $6900.
Pair: ETH/USDT | Time Frame: 1 Day
ETH was one of the most badly beaten alt recently and many did fear that it will retest $200 in the next couple of days. But ETH bulls took charge at rock solid support of $253 and managed to paint a greener picture quickly in the last 48 hours. However now ETH is quite stable and trading sideways, it is important that it does not break $253 and try to breach $312 to continue its upward movement till $350+
Pair: XRP/USDT | Time Frame: 1 Day
In my previous blogs I have constantly expressed worries on XRP’s price action, it broke the most important support zone of 43 cents to 47 cents & as predicted in the Technical Analysis of June 28th, breaking of this support will take price to 28 cents...the recent low of XRP was 25 cents. XRP will have a new support at 22 cents and the old support zone of 43 to 47 cents will now act as resistance.
Note: 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.