Bitcoin price analysis: BTC/USD critical support areas come under prolonged pressure
Bitcoin struggled to secure key support areas during the weekend sessions. However, bearish pressure had its way smashing the price back under $10,000. Downside correction continued below the moving average. Besides, expected support at the 61.8% fib retracement level taken between the last drop from $10,226 to a low of $9,126 caved in.
The declines ravaged through other key levels at $9,800and $9,600. The pressure mauled through $9,400 support before forming a low around $9,300. Although forced between a rock and a hard place, the buyers managed to give Bitcoin an incredible push above $9,600. While the price infiltrated the resistance at the 50% Fib level, it failed to break above the 100 Simple Moving Average (SMA) 1-hour resistance.
Ethereum price analysis: ETH/USD facing growing resistance below $215
Ethereum is struggling to forge a new path following the declines witnessed on Sunday. The bears pressed against critical levels at $220, $210 and $200. The bulls tried and failed to hold ground at $200 paving the way for extended declines at $197. The losing battle between the bears was not unique to ETH. Bitcoin suffered massive losses from $10,200 to $9,300 while Ripple dived under $0.30.
The zone at $200 – $205 is currently coming out as an area with an immense concentration of the buyers. The drop to this level created fresh demand for ETH leading to a correction above the 50 Simple Moving Average (SMA) 1-hour chart. Ethereum touched $215 but the momentum lost steam at the 100 SMA 1-h.
Ripple market update: XRP/USD holding ground above $0.3
Ripple bulls are glancing higher following an eventful weekend session. Ripple continuously formed a lower high pattern but intense support at $0.30 had the downside strongly protected.
A brilliant move emanated from the support at $0.30. XRP/USD stepped above the 50 Simple Moving Average (SMA) 1-hour char. However, diminishing buying power lost momentum at the 100 SMA 1-hour leaving $0.3150 unconquered.