Technical analysis of the Ripple, Bitcoin, Bitcoin Cash price Thursday, March 22, 2018

Technical analysis of Ripple

The price of the Ripple reports a retreat of 6.59%, dragging the value below $ 0.66 cents.

Key points in the analysis

  • The Ripple price is maintaining an important level of support near $ 0.6550 against the US dollar.
  • There is a short-term declining channel that is formed with a resistance close to $ 0.6900 on the hourly chart of the XRP / USD pair.
  • The pair continues to have support to the downside above the level of $ 0.6500 and the simple moving average of 100 hours.
  • The fluctuation price is consolidating gains against the US dollar and Bitcoin. XRP / USD can submerge some points, but remains compatible above the $ 0.6500 level.

Price trend of the XRP

There was a slow and steady upward movement in the XRP price above $ 0.6200 against the US dollar. The price was negotiated higher and moved above the $ 0.7000 level. It is now trading in a bullish area above the $ 0.6560 level and the 100-hour simple moving average. The recent high was formed at $ 0.7258 from where a downward correction was initiated.

The price of XRP has moved below the Fibonacci retracement level of 23.6% of the last wave from the minimum of $ 0.5342 to the high of $ 0.7258. There is also a short-term declining channel that is formed with a resistance close to $ 0.6900 on the XRP / USD pair time chart. However, the pair continues to have support above the $ 0.6500 level and the SMA of 100 hours. The established support of $ 0.6500 is also close to the 38.2% retracement level of the last wave from the minimum of $ 0.5342 to the high of $ 0.7258. Therefore, any significant drop in current levels could find buyers above $ 0.6500.

A break below the support of $ 0.6500 and a close below the SMA of 100 hours can bring the price to a bearish zone. On the positive side, the channel’s resistance at $ 0.6900 must be violated for a new $ 0.7250 test. Above $ 0.7250, the price may rise to the level of $ 0.7400.

Technical indicators

  • MACD per hour: the MACD for XRP / USD is about to move towards the bullish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is currently just below level 50.
  • Main support level: $ 0.6500
  • Highest resistance level – $ 0.6900

Technical analysis of Bitcoin

The price of Bitcoin reports a decline of 3.90 which causes the price to fall back below $ 8700.

BTC highlights today

  • The price of Bitcoin has formed lower highs and lows to create a symmetrical triangle on the 4 hour chart.
  • The price is bouncing on the support and could be due to a return to resistance movement of around $ 10,000-11,000.
  • You can draw a small upward trend line to connect the latest lows, but the technical indicators give bearish tracks.

Bitcoin’s price is bouncing off its symmetric triangular support and could be seeing resistance from here.

Technical indicators

The 100 SMA is below the 200 SMA in the longer term to indicate that the path of least resistance is to the downside. This means that liquidation is likely to resume rather than reverse. In addition, the 100 SMA remains as dynamic resistance at this time and could push the price of Bitcoin back to the bottom of the triangle or lower.

A break below the support could lower the price of Bitcoin at the same height of the triangle, which ranges from $ 6,000 to almost $ 13,000. Stochastic indicates overbought conditions and seems to be starting its move southward, so the price of Bitcoin could follow the same path.

The RSI has room to climb, so the Bitcoin bulls could stay in the game a little longer. However, this oscillator is also approaching overbought levels, so nearby areas of interest could be maintained as resistance, including the dynamic inflection point of 200 SMA.

Market factors

The dollar weakened in the FOMC statement even after the central bank of the US. UU Rose the rates. It turns out that traders were disappointed by the lack of hard-line advice, particularly when it came to the plot of points in the rate hike forecasts.

Fortunately, the Bitcoin price was able to take advantage of this, along with the increase in appetite for risk. So far, there are still no negative updates from the G20 Summit, which reassures investors.

The statements of the CEO of Twitter to mention that Bitcoin would be the only currency in the world also raised the price of Bitcoin. In an interview with The Times, Dorsey said:

“The world will finally have a single currency, the Internet will have a single currency. Personally I think it will be Bitcoin. ”

 

Technical analysis of Bitcoin Cash

The price of Bitcoin Cash is positioned above $ 1000 dollars, the BCH has managed to maintain that line of resistance. He is currently struggling against a 4% setback.

Key points in the analysis

  • The price of Bitcoin Cash is trading very well above the support level of $ 1,040 against the US dollar.
  • There was a break above a declining key channel with a resistance of $ 960 on the hourly chart of the BCH / USD pair.
  • The pair currently trades in a positive zone above $ 1,040 and the simple moving average of 100 hours.
  • The price of the BCH is stable and is well above $ 1,000 against the US dollar. BCH / USD has to clear the resistance area of $ 1,100 to gain bullish momentum.

Resistance of Bitcoin Cash

There was a small downward correction initiated from the $ 1,080 oscillation in the Bitcoin Cash price against the US dollar. The price was negotiated a few points below, but the downward movement was supported above the $ 1,000 level. Later, he began to move higher once more and managed to settle above the $ 1,040 level and the simple 100-hour moving average.

During the recent increase, there was a break above a declining key channel with a resistance of $ 960 on the hourly chart of the BCH / USD pair. The pair traded up to $ 1,087 before a minor negative reaction. He tested the 23.6% retracement level of the last wave, from the low of $ 844 to $ 1,087. However, the disadvantage was limited and the price is now above $ 1,050 and 100 SMA per hour. On the positive side, the pair faces a couple of major obstacles near the $ 1,100 and $ 1,140 levels.

A break above the $ 1,100 level may require a test of $ 1,140. Above $ 1,140, the price will probably challenge the $ 1,200 level. On the downside, below $ 1,040, there could be a proof of the 50% Fibonacci retracement level of the last wave, from the low of $ 844 to $ 1,087 high to $ 965.

Important technical indicators

  • MACD per hour: MACD for BCH / USD is slightly located in the bullish zone.
  • Hourly RSI (relative strength index): the RSI for BCH / USD is moving higher towards level 60.
  • Main support level – $ 1,040
  • Highest resistance level – $ 1,110