Bitcoin Cash Price Analysis: BCH/USD Struggling To Surpass 100 SMA

Key Points

  • Bitcoin cash price recovered above $260, but it struggled near 100 hourly SMA against the US Dollar.
  • This week’s key bearish trend line was beached with resistance at $260 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently struggling to gain momentum above the $280 level and the 100 hourly SMA.

Bitcoin cash price settled above the $250 level against the US Dollar. However, BCH/USD must break the $280 barrier and the 100 hourly SMA to gain traction.

Bitcoin Cash Price Analysis

Recently, there was a decent recovery above the $230 and $240 levels in bitcoin cash price against the US Dollar. The BCH/USD pair climbed above the $250 resistance to enter a short term positive zone. Besides, there was a break above the 23.6% Fib retracement level of the last drop from the $360 swing high to $202 low. Buyers gained control above $240 and $250 to clear a few other hurdles.

More importantly, this week’s key bearish trend line was beached with resistance at $260 on the hourly chart of the BCH/USD pair. However, the pair reached a crucial resistance area near $280 and the 100 hourly simple moving average. The $280 level also coincides with the 50% Fib retracement level of the last drop from the $360 swing high to $202 low. The price clearly struggled to surpass the $280 level and the 100 hourly SMA. It is currently moving lower towards the $260 level and the broken trend line.

Looking at the chart, BCH price is showing positive signs above the $250 level. Having said that, buyers need to clear the $280 hurdle and then surpass $300 for a decent recovery in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD jumped back above the 50 level.

Major Support Level – $250

Major Resistance Level – $280

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Ripple Price Analysis: XRP/USD Facing Uphill Task Near 100 SMA

Key Highlights

  • Ripple price recovered nicely and moved above the $0.4500 and $0.4600 resistances against the US dollar.
  • Yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair will most likely face a strong selling interest near the $0.4860 and $0.4900 resistances.

Ripple price managed to correct higher against the US Dollar and Bitcoin. However, XRP/USD is likely to struggle near $0.4900 and the 100 hourly SMA.

Ripple Price Analysis

Yesterday, we saw a nasty decline in ripple price below the $0.5000 support against the US Dollar. The XRP/USD pair broke the $0.4600, $0.4500 and even $0.4200 support. It traded towards the $0.4000 level and formed a low at $0.4020. Later, the price started a decent upside recovery and moved above $0.4500. Buyers managed to push the price above the 23.6% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low.

More importantly, yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair. The pair is currently trading near the $0.4800 resistance. Besides, the 61.8% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low is acting as a resistance. Above $0.4800, the main resistance is near the $0.4860 and $0.4900 levels. The 100 hourly simple moving average is also positioned near the $0.4920 level to act as a strong resistance. Therefore, it won’t be easy for buyers to clear the $0.4860, $0.4900 and $0.4920 levels.

Looking at the chart, ripple price may perhaps consolidate in the short term above $0.4700. Finally, there could be an attempt to clear the $0.4900 resistance. On the downside, the key support is at $0.4500 followed by $0.4200.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Level – $0.4500

Major Resistance Level – $0.4900

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Bitcoin Price Watch: BTC/USD Remains Sell On Rallies Near 100 SMA

Key Points

  • Bitcoin price declined further and traded below the $6,275 support level against the US Dollar.
  • There are two bearish trend lines formed with resistance at $6,300 and $6,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more losses below the $6,250 support in the near term.

Bitcoin price is placed in a bearish zone against the US Dollar. BTC/USD could recover, but upsides are likely to be capped around the $6,340 level.

Bitcoin Price Analysis

During the past three sessions, there were bearish moves below $6,350 in bitcoin price against the US Dollar. The BTC/USD pair declined recently and broke the $6,300 and $6,275 support levels. There was even a spiked below the $6,250 support and the price formed a new monthly low at $6,239. The price recovered a few points above $6,275, but it is still well below the 100 hourly simple moving average.

An initial barrier for buyers is near the 50% Fib retracement level of the recent drop from the $6,375 high to $6,239 low. More importantly, there are two bearish trend lines formed with resistance at $6,300 and $6,340 on the hourly chart of the BTC/USD pair. Below the second trend line, the 100 hourly SMA is positioned at $6,325. Besides, the 61.8% Fib retracement level of the recent drop from the $6,375 high to $6,239 low is near $6,323. Therefore, if the price corrects higher from the current levels, it is likely to find a strong selling interest near $6,320 and $6,340.

Looking at the chart, bitcoin price is clearly in a bearish zone below the $6,350 pivot level. On the downside, an initial support is near $6,240, below which the price could slide towards the $6,200 support.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just near the 50 level.

Major Support Level – $6,340

Major Resistance Level – $6,240

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Price Eyeing Bearish Reversal from 100-Period SMA




The bitcoin-to-dollar exchange rate has dipped close to 1 percent on Thursday, now trading at 6470-fiat.

The outcome of the US midterm elections with Democrats sweeping a sharp win in the House had certainly shaken the US dollar yesterday. The greenback nevertheless sustained its overall bullish momentum ahead of the Federal Reserve policy meeting today. It looks to hold on to its crucial supports owing to optimistic wage, price, and labor market data. Bitcoin, at the same time, could find it difficult to push through its critical resistance areas if the dollar remains strong.

The BTC/USD trading pair is already hinting at bearish correction action upon pulling back from the 100-period simple moving average (SMA). Let’s have a look at the following daily chart to understand it further.

SOURCE: TRADINGVIEW.COM

The bold curve depicted in sky blue represents the 100-period SMA. BTC/USD has tested it as resistance on three separate occasions recently. The current pullback action also visibly originates upon testing the blue curve on daily charts. A medium-term descending trendline is also capping the upside action; therefore, intensifying the selling sentiment that is already there.

The RSI momentum indicator, in the meantime, has undergone a breakout action after invalidating the upper trendline of the descending triangle formation. This uptrend is more visible on the lower timeframe charts, so let’s have a look at the 4H one instead.

SOURCE: TRADINGVIEW.COM

We are forming a rising wedge pattern which typically results in a large downside correction from the top. That said, we are now retesting the top line resistance of the wedge, which could yield some decent long opportunities. In the RSI indicator, we can already see a double top formation that attests a near-term run towards the upside resistances (plural, because the descending trendline is also acting as a wall between the pair and its extended long action).

BTC/USD Intraday Analysis

We are pretty much placing our positions according to the levels inside the rising wedge. That said, a pullback from the top resistance trendline will have us enter a short towards the lower support trendline, and a bounce back from the lower support will allow us to enter an intermediate long position towards the descending trendline. On both the positions, maintaining stop orders some 4-pips opposite the direction of the price action defines our risks, overall.

A breakdown below the lower support trendline of the rising wedge would have us aim the 200-period SMA (on 4H TIMEFRAME) as our potential downside target. As we enter a short, we will maintain a stop loss order just 3-pips above the entry point to minimize our losses should there be an unexpected bounce back action.

A breakout above the descending trendline in black will have us enter a long position towards 6600-fiat, our primary upside target for our intraday strategy. A stop loss just 2-pips below the entry point will define our risk management outlook.

Trade safely!

Featured Image from Shutterstock. Charts from TradingView.

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Ethereum Price Analysis: ETH/USD Turned Bullish Above 100 SMA

Key Highlights

  • ETH price traded further higher and broke the $198 resistance against the US Dollar.
  • This week’s followed important bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip a few points, but it is likely to find support near $196 and the 100 hourly SMA.

Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD may perhaps recover further towards the $203 resistance in the near term.

Ethereum Price Analysis

After dipping towards the $191 level, ETH price recovered nicely against the US Dollar. The ETH/USD pair traded higher and broke the $195 and $196 resistance levels. Later, there was a short term correction, but the price stayed above the $195 support. The price formed a decent support base near $195 and later started an upward move. There was even a close above the $196 level and the 100 hourly simple moving average.

More importantly, this week’s followed key bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD. The pair traded as high as $200 and it is currently consolidating gains. An initial support is the 23.6% Fib retracement level of the last wave from the $191 low to $200 high. However, the most significant support is near the $197 level and the 100 hourly simple moving average. Below the 100 hourly SMA, the 50% Fib retracement level of the last wave from the $191 low to $200 high is the next support. On the upside, an initial resistance is near $199 and $200, above which the price could test $203.

Looking at the chart, ETH price is placed nicely above the $197 support and the 100 hourly SMA. However, it won’t be easy for buyers to clear the $203 resistance.

Hourly MACDThe MACD is now back in the bullish zone.

Hourly RSIThe RSI is currently well above the 50 level.

Major Support Level – $197

Major Resistance Level – $203

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Ethereum Price Analysis: ETH/USD Rans Into Resistance and 100 SMA

Key Highlights

  • ETH price recovered nicely and tested an important resistance near the $198.50 level against the US Dollar.
  • Yesterday’s highlighted major bearish trend line is intact with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $197 and $198 resistance levels to trade further higher in the near term.

Ethereum price recovered a few points against the US Dollar and bitcoin. However, ETH/USD faced a strong resistance zone near the $198 level.

Ethereum Price Analysis

Recently, ETH price dipped sharply from the $197 resistance against the US Dollar. The ETH/USD pair declined and retested the last swing low near the $1952 level. Buyers appeared, protected further losses, and finally pushed the price back above the $195 level. The price bounced back sharply and traded above the $197 level as well. Besides, there was a break above the 50% Fib retracement level of the recent downside from the $203 high to $191 low.

However, the price failed near a crucial resistance at $198. More importantly, yesterday’s highlighted major bearish trend line is intact with current resistance at $197 on the hourly chart of ETH/USD. Furthermore, the 61.8% Fib retracement level of the recent downside from the $203 high to $191 low acted as a strong resistance. The price is currently trading just below the $197 level, trend line, and the 100 hourly simple moving average. A proper break above the trend line, $197, and $198 is needed for further gains in the near term. If not, the price could decline back towards the $195 or $194 level.

Looking at the chart, ETH price recovered nicely from the $192 zone. Having said that, it ran into the key resistance near $197-198. Thus, as long as the price is below $198, it may well decline once again.

Hourly MACDThe MACD is about to move back in the bearish zone.

Hourly RSIThe RSI is currently above the 50 level.

Major Support Level – $192

Major Resistance Level – $198

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Ripple Price Analysis: XRP/USD Could Revisit $0.4500 and 100 SMA

Key Highlights

  • Ripple price started a short term correction and moved above $0.4400 against the US dollar.
  • There was a break above a major bearish trend line with resistance at $0.4410 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently struggling to gain traction, but it may soon test the $0.4500 resistance area.

Ripple price is trading below key resistances against the US Dollar and Bitcoin. XRP/USD may well correct towards the $0.4500 resistance and the 100 hourly SMA.

Ripple Price Analysis

Yesterday, there was a nasty downside move below the $0.4400 support in ripple price against the US Dollar. The XRP/USD pair even traded below the $0.4340 support, but later it recovered. The price settled above the $0.4400 level and spiked above the 50% Fib retracement level of the recent slide from the $0.4601 high to $0.4262 low. However, the price failed to surpass the $0.4470 resistance.

There was also a rejection near the 61.8% Fib retracement level of the recent slide from the $0.4601 high to $0.4262 low. The price traded back towards $0.4360 and later recovered. Recently, there was a break above a major bearish trend line with resistance at $0.4410 on the hourly chart of the XRP/USD pair. Therefore, there is a chance that the price could correct higher once again towards $0.4500. However, the price is likely to face a strong resistance near $0.4470, $0.4500 and the 100 hourly simple moving average. Only a close above $0.4500 and the 100 hourly SMA could push the price back in a positive zone.

Looking at the chart, ripple price still in a downtrend, with an immediate support at $0.4400. The main supports are $0.4360 and $0.4340, below which the price may decline to the $0.4262 low.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is neutral around the 50 level.

Major Support Level – $0.4340

Major Resistance Level – $0.4500

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Bitcoin Price Watch: BTC/USD Remains Vulnerable Below 100 SMA

Key Points

  • Bitcoin price failed to move above the $6,400-6,410 resistance area against the US Dollar.
  • There is a key bearish trend line in place with resistance at $6,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading below the $6,410 resistance and the 100 hourly simple moving average.

Bitcoin price is trading lower within range below $6,410 against the US Dollar. BTC/USD could revisit the $6,370 or $6,350 support levels if sellers gain control.

Bitcoin Price Analysis

Recently, there was a minor upside correction above the $6,400 resistance in bitcoin price against the US Dollar. However, the BTC/USD pair failed to settle above the $6,400-6,410 resistance area. Later, there was a fresh decline below the $6,400 level and the 100 hourly simple moving average. The price broke the 50% Fib retracement level of the recent wave from the $6,356 low to $6,418 high.

However, the price found support near the $6,380 level. Moreover, the 61.8% Fib retracement level of the recent wave from the $6,356 low to $6,418 high also acted as a support. Besides, there is a bullish trend line formed with support at $6,380 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line, the price could decline back towards the $6,350-55 zone. On the upside, an initial resistance is near $6,400. There is also a key bearish trend line in place with resistance at $6,405 on the same chart.

Looking at the chart, bitcoin price is struggling to gain momentum above $6,400 and $6,410. As long as there is no close above $6,410 and the 100 hourly SMA, the price could decline back towards the $6,355 level. On the upside, a break above $6,410 could push the price towards $6,460.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just above the 40 level.

Major Support Level – $6,355

Major Resistance Level – $6,410

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Ethereum Price Analysis: ETH/USD Bearish Below 100 SMA and $206

Key Highlights

  • ETH price declined further and traded below the $205 and $200 support levels against the US Dollar.
  • There was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling below the $206 resistance and the 100 hourly simple moving average.

Ethereum price is back in a bearish zone against the US Dollar and bitcoin. ETH/USD may continue to move down towards the $196 and $190 supports.

Ethereum Price Analysis

Recently, ETH price struggled to gain momentum above the $206 and $208 levels against the US Dollar. The ETH/USD pair started a fresh downside move and traded below the $206 and $205 support levels. During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $189 low to $220 high. Besides, the price traded below the $200 support and the 100 hourly simple moving average.

More importantly, there was a break below a major bullish trend line with support at $204 on the hourly chart of ETH/USD. The pair tested the 76.4% Fib retracement level of the last wave from the $189 low to $220 high. It tested the $196-197 zone and recovered a few points. However, there are many hurdles on the upside near the $202 level and the 100 hourly SMA. If the price breaks the 100 hourly SMA, it could face sellers near the $205-206 zone. To move into a bullish zone, the price needs to climb above the $206 level in the near term.

Looking at the chart, ETH price is currently under a lot of pressure below $202 and the 100 hourly SMA. If there is a fresh decline, the price may break the $196 low to trade towards the $190 level.

Hourly MACDThe MACD is slowly moving in the bullish zone.

Hourly RSIThe RSI is currently well below the 50 level.

Major Support Level – $196

Major Resistance Level – $206

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Bitcoin Cash Price Analysis: BCH/USD Upsides Capped Near 100 SMA

Key Points       

·         Bitcoin cash price recovered further, but it failed to move above the $540 resistance area against the US Dollar.

·         There is an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair (data feed from Kraken).

·         The pair could bounce back once again, but it has to break the $530-540 resistance zone for more gains.

Bitcoin cash price failed near a key resistance at $540 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to gain bullish momentum.

Bitcoin Cash Price Upside Hurdle

Yesterday, there was a decent recovery in bitcoin cash price above the $500 resistance against the US Dollar. The BCH/USD pair moved higher and broke the $510 and $5220 resistance levels. There was even a spike above the 50% Fib retracement level of the last drop from the $595 high to $473 low. However, the price failed near a key resistance at $540 and the 100 hourly simple moving average.

It started trimming gains and moved below the $525 level. It also broke the 38.2% Fib retracement level of the last wave from the $473 swing low to $541 high. At the moment, the price is trading near the $500-505 support area. There is also an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair. More importantly, the 50% Fib retracement level of the last wave from the $473 swing low to $541 high is acting as a support near $506. As long as the price is above the triangle support and $490, it could bounce once again.

Looking at the chart, BCH price attempted a nice recovery, but failed to clear offers near $540. On the downside, supports are seen at $500, $492, $490 and $480.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $492

Major Resistance Level – $540

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