BlockchainIs it a right time to sell Bitcoin, Ethereum...

Is it a right time to sell Bitcoin, Ethereum and Ripple?

It is often said, “what goes up must go down”, at least in physics. For the cryptocurrency market, the cherished rally in the past few weeks is taking a step back. This is evidenced by a drop in Bitcoin price from Wednesday’s high in Japan at $ 11,361.

On the other hand, Ethereum has slipped below $ 320 just to confirm support of $ 314. The fourth largest cryptocurrency, XRP has dropped from its new high in July at $ 0.25 to an intraday low of $ 0.2347. XRP is at $ 0.2454 amid a push for another attack towards $ 0.25.

Editorial Top Picks

Short-term analysis of Bitcoin

Bitcoin is trading at $ 10,994 as the bulls focus on pushing the price above $ 11,000. The prevailing technical picture is a downtrend with the RSI going down. If the short-term support at $ 10,900 fails to hold, a major decline is expected to reach $ 10,500.

On the positive side, the MACD indicator is holding well in a positive area, which means that buyers have not completely disappeared and can still buy back the trend above $ 11,000.

BTC / USD chart by date

Ethereum short-term analysis

Ethereum withdrew from the new 2020 high of $ 334. Prices continue to narrow below a descending trend line. On the other hand, the main support has been confirmed in the range of $ 300 to $ 310. ETH / USD currently holds above 50 short-term SMAs while 100 SMAs within 1 hour are suitable for providing support at $ 318.55. The price is trading at $ 319 when buyers push profits above $ 320. A breakout of the resistance of the trendline will pave the way for the next action above $ 330 and finally test $ 350.

4-hour chart ETH / USD

Analyze the price chart of Ripple

Ripple has acted strongly but seems to be unsustainable. It has led to the formation of a discounted pennant model that, if materialized, could have a negative impact on the progress made over the past 14 days. On Wednesday, XRP / USD tested the $ 0.25 barrier but was rejected immediately. As mentioned earlier, the support at $ 0.24 helped buyers find a balance.

There is also a continuous eye pushing to $ 0.25. It is essential that a break above $ 0.25 is carried out early to ensure the risk of a break under the pennant pattern has been prevented.

4-hour XRP / USD chart

Matthew Leising
Matthew Leisinghttps://www.newsalarms.com/
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

Latest news

Discover Cambodia: Streamlined Visa Services for International Travelers

Phnom Penh, Cambodia, 28th March 2024, In a world where borders often represent barriers, CambodianVisa stands as a beacon...

Unlock Cambodian Adventure: Streamlined Visa Application Process Now Available

Phnom Penh, Cambodia, 28th March 2024, CambodianVisa.org has announced a groundbreaking enhancement to its services, aimed at simplifying the...

Exploring the Diversity of Cambodian Visa Types: A Convenient Gateway to the Kingdom of Wonder

Phnom Penh, Cambodia, 28th March 2024, Embarking on a journey to the heart of Southeast Asia’s cultural gem, Cambodia,...

Embarking on a Seamless Journey to Canada: Simplified Visa Solutions for Global Travelers

Ottawa, Canada, 28th March 2024, In a bid to streamline the process for global travelers, ETA-Canada-Visa unveils its comprehensive...

Discover Canada’s Splendor: Effortless Visa Access for International Travelers

Ottawa, Canada, 28th March 2024, Embark on a journey through the majestic landscapes of Canada with the newly launched...

Canada Visa Opportunities Blossom for European and Oceanic Citizens

Ottawa, Canada, 28th March 2024, As the allure of Canada’s vast landscapes, vibrant cities, and diverse culture continues to...

Must read

Hungama joins forces with BharatBox for an Unprecedented Digital Odyssey

BharatBox, in collaboration with The Sandbox announces the launch...

BharatBox & Mahabharata: A Metaverse Renaissance in Storytelling Brilliance

BharatBox, the India destination within The Sandbox, in collaboration...

Unlocking the Power of Belief: Ramsena Coin Introduces the First Hindu Cryptocurrency and Virtual Revolution.

Ramesena Coin, the world's biggest virtual connection of Hindutva,...

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

You might also like
Recommended to you