Amid recent global Market sell-off, Major Crypto’s were showing some brave face. But when Bitcoin broke the narrow trading range and fell below $6400 yesterday, all other crypto’s followed it to the downside towards their next support levels.
BTC/USD
At the time of writing this article, Bitcoin fell below the critical support level $6400 and is trading around $6265. Until the price stays below $6400, Next trading range will be $6150-$6400 Area. Next very Critical Support level to watch is $5850 where more buyers can be expected. If there is a sudden price breakout above $6400 and stays above it, Next trading range will be $6400-$6650 Area. Next Critical Resistance to watch $6850 where more sellers can be expected.
Bitcoin Technical Analysis
Based on the Bitcoin BTC/USD daily chart, the price is just fell below the critical level of 55 Day EMA, MACD is also just below the Signal Line and RSI is weak at 35 Level. This indicates a slightly Negative bias, Price is far below from 200Day EMA indicating bearish trend intact.
Bitcoin Prediction (Short to Medium term)
As long as Bitcoin Price holds $6000 and breaks above $6600, we can expect a quick rally towards $6800 to $7000 Area.
XRP/USD
At the time of writing this article, Ripple XRP fell below the critical support level $0.45 and is trading at $0.4465. Until price stays below $0.45, Next trading range will be $0.4350 -$0.45 Area. Next Critical Support level to watch is $0.42 where more buyers can be expected. If there is a sudden price breakout above $0.45 and stays above it, Next trading range will be $0.45 -$0.4750 Area. Next Critical Resistance level to watch is $0.49 where more sellers can be expected.
Ripple Technical Analysis
Based on the Ripple XRP/USD daily chart, the price is just holding the critical level of 55Day EMA from past 2 weeks, MACD is also straightening at Signal Line and RSI is steady at 50Level. This indicates a slightly positive bias, even though the price is below 200Day EMA.
Ripple Prediction (Short to Medium term)
As long as Price of Ripple holds $0.42 and breaks above $0.46, we can expect a quick rally towards $0.49 to $0.52 Area.
Credits:- Srinivas Podila
This article should not be considered as an investment advice. Please conduct your own research before investing in any cryptocurrency.