Ripple Price Headlines Pullback
The cryptocurrency market as a whole witnessed their uptrends getting
stalled. Other top performers during the previous rally, including
stellar (XLM), bitcoin cash (BCH) and EOS, underwent a sharp
pullback action. However, they managed to hold on to some of their
gains despite being unable to sustain their prevailing bullish
momentum.
The crypto correction coincided with the pullback session of US
stocks. The S&P 500 and the Nasdaq also rebounded from their rallies
as dollar regained strength ahead of the Fed meeting. While a direct
correlation between the dollar and crypto markets is difficult to
establish, the fact that both the new and the old market corrected in
sync with each other raises questions, anyway.
With the strongest altcoins holding above their medium-term supports,
their fiat-enabled pairs could also be forming bull flags. It means that
a bearish correction could have been caused by day traders exiting
their long positions, suggesting that an upside trend should resume
after locating an interim support — a bounce back level.
SOURCE: TRADINGVIEW.COM
XRP, for instance, became one of the best performing crypto
assets after rising 26.94 percent, from $0.449 to $0.570. The coin
later erased circa 14 percent from its gains, now trading at $0.507,
which also happens to be above the rising channel support, depicted in
orange to the downside. The interim mood should start to favoring
bears upon a successful breakdown action below the said rising support
level.
There were also reports that XRP rallied after the news of its
integration into a global payment standard SWIFT, and corrected after
the agency dismissed the rumor altogether. Any such correlation could
not be established by the time of this writing.
Bitcoin Upside Capped
SOURCE: TRADINGVIEW.COM
The cryptocurrency locomotive bitcoin also found its rally capped by
its 100-period simple moving average — the third time now. The
average is depicted in sky blue in the daily chart above, defining
bitcoin’s inability to recapture the bulls near such resistance levels.
Nevertheless, the pullback is not that severe, but can certainly extend
towards the range support defined by $6,203. A breakout, on the other
hand, puts the next resistance pressure on $6,600, followed by $6,750
and $7,000 in medium-term.
High Volume in BCH/USD Market
Unlike XRP and bitcoin, bitcoin cash is witnessing a surge in volume
in the time of its pullback action. It should appear natural ahead of an
impending fork event that would split the BCH blockchain into two
separate networks. Traders are likely to hold BCH coins in hopes to
receive airdropped tokens that may or may not have some value in the
future.
SOURCE: TRADINGVIEW.COM
As of now, bitcoin cash is looking to attempt a breakout action above
the latest medium-term descending triangle resistance. It would allow
the pair to test $663 as its potential upside target while eyeing
$788 to confirm a longer bullish bias. To the downside, an extended
pullback would pull the value towards the 100-period moving average (sky
blue), a support level, while setting $407 as the primary downside
target.
Stellar Strongest among Top 10
SOURCE: TRADINGVIEW.COM
Stellar is comparatively stronger than the rest of the top coins, now
trending sideways following the hint of a strong pullback action. The
coin against the dollar has almost negated the losses it faced during
the bearish correction. It is now hinting a sideways action while
keeping its eyes on a potential selling action towards. Should that
happen, the near-term rising trendline coinciding with the 100-period
SMA could provide a decent support for a potential bounce back. A
further break and the same pressure would fall on the medium-term
support further below.
The cryptocurrency market as a whole witnessed their uptrends getting
stalled. Other top performers during the previous rally, including
stellar (XLM), bitcoin cash (BCH) and EOS, underwent a sharp
pullback action. However, they managed to hold on to some of their
gains despite being unable to sustain their prevailing bullish
momentum.
The crypto correction coincided with the pullback session of US
stocks. The S&P 500 and the Nasdaq also rebounded from their rallies
as dollar regained strength ahead of the Fed meeting. While a direct
correlation between the dollar and crypto markets is difficult to
establish, the fact that both the new and the old market corrected in
sync with each other raises questions, anyway.
With the strongest altcoins holding above their medium-term supports,
their fiat-enabled pairs could also be forming bull flags. It means that
a bearish correction could have been caused by day traders exiting
their long positions, suggesting that an upside trend should resume
after locating an interim support — a bounce back level.
SOURCE: TRADINGVIEW.COM
XRP, for instance, became one of the best performing crypto
assets after rising 26.94 percent, from $0.449 to $0.570. The coin
later erased circa 14 percent from its gains, now trading at $0.507,
which also happens to be above the rising channel support, depicted in
orange to the downside. The interim mood should start to favoring
bears upon a successful breakdown action below the said rising support
level.
There were also reports that XRP rallied after the news of its
integration into a global payment standard SWIFT, and corrected after
the agency dismissed the rumor altogether. Any such correlation could
not be established by the time of this writing.
Bitcoin Upside Capped
SOURCE: TRADINGVIEW.COM
The cryptocurrency locomotive bitcoin also found its rally capped by
its 100-period simple moving average — the third time now. The
average is depicted in sky blue in the daily chart above, defining
bitcoin’s inability to recapture the bulls near such resistance levels.
Nevertheless, the pullback is not that severe, but can certainly extend
towards the range support defined by $6,203. A breakout, on the other
hand, puts the next resistance pressure on $6,600, followed by $6,750
and $7,000 in medium-term.
High Volume in BCH/USD Market
Unlike XRP and bitcoin, bitcoin cash is witnessing a surge in volume
in the time of its pullback action. It should appear natural ahead of an
impending fork event that would split the BCH blockchain into two
separate networks. Traders are likely to hold BCH coins in hopes to
receive airdropped tokens that may or may not have some value in the
future.
SOURCE: TRADINGVIEW.COM
As of now, bitcoin cash is looking to attempt a breakout action above
the latest medium-term descending triangle resistance. It would allow
the pair to test $663 as its potential upside target while eyeing
$788 to confirm a longer bullish bias. To the downside, an extended
pullback would pull the value towards the 100-period moving average (sky
blue), a support level, while setting $407 as the primary downside
target.
Stellar Strongest among Top 10
SOURCE: TRADINGVIEW.COM
Stellar is comparatively stronger than the rest of the top coins, now
trending sideways following the hint of a strong pullback action. The
coin against the dollar has almost negated the losses it faced during
the bearish correction. It is now hinting a sideways action while
keeping its eyes on a potential selling action towards. Should that
happen, the near-term rising trendline coinciding with the 100-period
SMA could provide a decent support for a potential bounce back. A
further break and the same pressure would fall on the medium-term
support further below.
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