The top coins in the market are trending in the red over 24h charts. The technical indicators show that we are likely to see the bears take dictate sentiment.
The bearish trend may continue for the next couple of days as regulatory fears abound.
BTC/USD is trading at $6129 as a small green candle suggests very weak support accompanies the current support zone just above $6,000.
This is in contrast to the sharp decline witnessed yesterday. Bitcoin dropped sharply from a high of $6,747 to a low of $6,080.
It crashed past its support lines along $6,500, $6,389, and $6,250.
Today, it has tested a high of $6189 and a low of $6040. There is a slight hint of an upward momentum that can only be triggered if the bulls come in.
Furthermore, that must be sustained for it to break above the key resistance area at $6,200. Bitcoin is still firmly in the bearish hold and could yet fail to rally.
At press time, BTC/USD is changing hands at $6,129. If it drops below the immediate support area, we’ll see it trade under $6k for the first time since last November.
The coin’s 100SMA cuts below the 200 SMA, which suggests that BTC is likely to find the least resistance on a downtrend.
What this means is that we are likely to see a sell-off resume as opposed to having a reverse.
Ethereum is trending along a very weak support line just below the descending channel between $503 and $460.
The current price momentum is showing a slight green candle, but there’s no major impetus meaning that sellers are still in charge.
Even though the bulls have made a move to stop the further decline, the momentum isn’t strong enough. Any further moves below will likely be dependent on what happens in the next few hours.
ETH/USD has crossed below the MA (20) and MA (50), suggesting the sellers are haven’t surrendered initiative.
The bulls will face stiff resistance at prices above $500. However, if the downtrend continues and the bears push it below the $450 price level, it has major support at $460, and below that, we’d see $368 and $331.
The longer-term outlook suggests it can still break below its 2018 low before rebounding to break above June 14 prices.
XRP technical indicators show that it’s likely to trend in the negative short-term.
Ripple has lost about 30% of its value in the last since mid-May.
The continued decline has negated any positive sentiment. The crypto has had a series of lower lows as it broke below $0.50 to trade at $0.487 at the time of writing.
There’s a heavy bearish momentum around XRP. Dropping below the $50 price level has seen it come under heavy selling pressure.
If the bears have their way, it could end up trading even lower if it breaks below $0.45.
This will open up for another sharp decline, possibly retracing to lows of $0.20.
The downtrend will continue and the coin can only stay above the $0.38 support zone if positive news hits the market.
At the moment, XRP/USD is trading below all the Moving Averages which puts sellers in charge. The Relative Strength Index indicator suggests it’s a good time to buy.
Litecoin has failed to sustain momentum above any of the immediate supporting zones and is in danger of sliding further below.
In a sharp decline, LTC has broken below its $92, $89 and $85 support zone to trend precariously just above $82.
LTC prices currently sit at the 0.78 Fibonacci retrace line, bearish trendline. The decline sees it fall under massive pressure and the risk remains that it will struggle to find any upside momentum.
It currently trades below the 20-day EMA and only a close above $85 could help it marshal any move the key resistance immediately above that.
If LTC/USD maintains the downtrend, it’s likely to drop below $77 and rely on a new major support line at the 1.618 Fib retracement level at around $76.
Further down, a break below that takes us to a low of $66, where it will have hit a bottom.
However, if prices correct upwards, it could test a major resistance point at $88 and above that, look to retest $93.