After a few days of strong bullish action, many have awoken to discover significant losses in their portfolios. Bitcoin (BTC) is down %2, hovering around $6600. Ethereum, once testing $260, has pulled back to $230s, down slightly over %5. Ripple (XRP), now in 3rd place again on Coinmarketcap, has shed over %10 and is trading at $.52. What does this all mean for these coins?
Bitcoin (BTC) tried breaking out of it’s current trend by pushing past $6800 for a little while. A failure to hold and capture the short-term moving averages means it is still trading in the trend. Though shorts would probably want to see more weakness over time to confirm a breakout failure. The short-term channel seems to be in the range of $6100 to $6800. Right now, in the short-term, it would be great for bulls to see the price hold above $6200 – $6300. A failure wold indicate the bears are in control if those lower prices hold for awhile. Bulls hope the price can consolidate here for a strong push above $6800.
As written before, Ethereum (ETH) seems to be trading in a new range right now. That range seems to be $167 to $260. It is a large range, good for short-term traders, but if it holds, the coin may be ready to stake another step down to find a new lower range to trade in. Like Bitcoin (BTC), Ethereum has a short-term support level of roughly $227 that the bulls need to hold. A strong move and hold below that and the bears will be in control with the lower range still intact. Again, the $260 level will be difficult to break without strong volume which may require some hype around the coin or the market.
Ripple (XRP), had a nice breakout to test $.80 and find range from $.50 to $.60. As of right now, it looks to be forming a bullish flag or pennant. However, bulls need to have the $.45 to $.50 area hold and any weakness below this area needs to be fairly temporary. Basically short-term profit takers need to be met with traders looking for another opportunity and quick trade. With the current crypto climate being very bullish, lots of interest forming again and positive news surrounding Ripple (XRP), there is no reason we shouldn’t see another test of $.80, but only time, price and volume will tell.