By Nathan Ferguson
Bitcoin
After the last week’s volatility, BTC trades 2% down on a week. Bitcoin recovered from $33,000 on Monday. The leading asset pushed high at the upper border of its symmetrical triangle formation.
Unfortunately, Bitcoin failed to break out and traded at $33,520 support. Bitcoin indicates bearishness since the previous trading sessions. At the moment, the currency consolidated near $33K.
In the coming trading, BTC might have its first support around $32,730 to $32,270. Others to follow are $31,600, $31,185 (declining 1.618 Fibonacci extension), $30.6K and $30K.
Meanwhile, the initial resistance will stand at $33K. The following ones are $33,520, 20-d MA and declining trend line ($34,000), $35K, and 50-d MA ($35,900).
Ethereum
Ethereum hovers around $2K since last week. The leading altcoin bounced from $2,080 and 20-d MA at the beginning of the week. It climbed up to the resistance at 0.236 Fibonacci level. And MA-50 ($2,340 to $2,400.
After failing to maintain at $2,340 on multiple occasions, Ethereum rolled yesterday after claiming the 50-d MA zone on Wednesday. After that, ETH launched a near-term rise and fell back to trade around $2,100 and 20-d MA. Earlier today, the altcoin rallied Feb highs, $2,035. But it bounced back, trying to maintain over the 20-d MA again.
Ripple
Ripple’s XRP has lost 7% of its value since the past week, heading towards the support zone at $0.6. Keep in mind that the virtual coin has traded in a declining channel since the first weeks of June. Moreover, it has been below the 20-d MA since the beginning of July.
XRP/USD tried to break over the 20-d MA several times. But with the negative sentiment in the overall crypto market, it failed. Yesterday, the altcoin dived down to $0.6 support.
If bears manage to control the asset’s value below $0.6, XRP will have its first support at $0.556. Other support levels that would follow are $0.5, $0.4, $0.47, and Feb 2020’s peak at $0.35.
On the other hand, the initial resistance is at $0.65 (descending channel and 20-d MA. Over the price channel, resistance zones lie neat $0.7, 200-d MA ($0.736), and 50-d MA ($0.8).
For now, you have to be careful as the market sustains bearishness.
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