Market Update: Bitcoin, Ethereum, Ripple, and ChainLink

  • Bitcoin saw a 2.44% price fall today as it straddles the $6,850 support.
  • Ethereum dropped by a total of 4% as it drops into $170.
  • Ripple fell by a total of 2.5% as it drops into $0.18.
  • ChainLink dropped by 4.2% as it reaches support at $3.40.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView

Market Overview

Bitcoin has seen an interesting week of trading as it rebounded from the support at $6,600 last week. The support here was provided by a rising trend line and was bolstered by a .236 Fib Retracement level. After rebounding, it went on to break above $7,000 but fell short at $7,200 this weekend which caused the coin to roll over again.

The cryptocurrency has since dropped beneath $7,000 and is now trading back at the support provided by the rising trend line.

Short term prediction: NEUTRAL

Bitcoin is considered neutral at the moment, however, if it drops beneath the support line and falls below $6,600, the market would be considered as bearish in the short term.

Looking ahead, if the sellers push beneath $6,650, the first level of support lies at $6,612 (.236 Fib Retracement). Beneath this, support lies at $6,400, $6,200, and $6,085 (.382 Fib Retracement). 

On the other side, if the buyers step in and push higher, the first level of resistance lies at $7,000. Above this, resistance lies at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400. If the bulls can break $7,400, higher resistance lies at $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).

The RSI is trading beneath the 50 line which indicates weak bearish momentum. If it continues to drop further beneath 50, we can expect Bitcoin to drop beneath $6,600.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Market Overview

Ethereum managed to increase as high as $191 this week where it met resistance at a bearish .618 Fibonacci Retracement level. More specifically, it was unable to break above…

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