As suggested in our last Bitcoin chart analysis, Bitcoin reversed around the shorter-term moving average and has moved lower. Price action has formed a series of lower swing highs and swing lows – BTCUSD is down-trending. Price action has also formed a bearish channel. The moving averages have crossed bearish and are widening, signalling that the downside direction could continue.
Selling opportunities may exist around the channel resistance area, around the dynamic resistance of the moving averages and around the horizontal levels at 9553 and 12000. A bearish move could find support and even reverse around the channel support area and around the horizontal levels at 6573, 4292 and 3223.
Price continues to be indecisive and lack trend direction. The moving averages confirm the market indecision – they have been crossing frequently and are moving sideways. Ethereum is ranging between 80.00 and 335.00.
Trading opportunities could exist around the support and resistance areas of the range and if price moves out of the range (break-out trade).
As suggested in our last Ripple chart analysis, XRPUSD reversed around the longer-term moving average and has since been bearish. Price is clearly down-trending. Price action has formed a bearish channel and the moving averages are bearish and steady, all suggesting that Ripple could continue to move lower.
Shorting opportunities may exist around the dynamic resistance of the moving averages, around the channel resistance area and around the horizontal levels at 0.23, 0.28 and 0.31. A bearish move could be rejected or reverse around the channel support area.