Technical analysis of the Ripple, Bitcoin, Ethereum, Eos price Friday, May 11, 2018

The price of the Ripple (which really is called XRP) reducing the value of the token below $ 0.70, the price is under a lot of pressure in this market “sudden” bearish.

Highlights

  • The price of the XRP did not move above the resistance levels of $ 0.8000 and $ 0.8100 and decreased against the US dollar.
  • There is a new bearish connection trend line that is formed with a resistance of $ 0.7800 on the hourly chart of the XRP / USD pair.
  • The pair may correct higher in the short term, but may face sellers close to $ 0.7800 and $ 0.7900.

The price of Ripple decreased sharply against the US dollar and Bitcoin. XRP / USD is currently trading well below the $ 0.8000 level and is in a bearish zone.

Resistance to the price of XRP

Yesterday, we discussed a big obstacle close to $ 0.8100 in the price of the XRP against the US dollar. The price could not break the $ 0.8100 resistance set below the $ 0.8000 level. It dropped drastically and moved below support levels of $ 0.7800 and $ 0.7500. There was a large increase in selling pressure, which resulted in a close below support of $ 0.7800 and a simple moving average of 100 hours.

A minimum was formed at $ 0.7234 before the buyers showed up. At the moment, the price is recovering and is trading near the resistance of $ 0.7450-0.7500. In addition, the Fibonacci retracement level of 23.6% of the last decline from the minimum of $ 0.8165 to $ 0.7234 is also close to $ 0.7450. Above the mentioned level, the next resistance is $ 0.7600, which was a previous support. In addition, a new bearish trend line with resistance to $ 0.7800 is forming on the XRP / USD time chart.

Looking at the graph, the price can correct some points towards $ 0.7600 and $ 0.7800. However, an adequate break above $ 0.7800 and the Fibonacci retracement level of 61.8% of the last decline is needed, from the minimum of $ 0.8165 to $ 0.7234 to get more profits. On the downside, if the price breaks the $ 0.7234 minimum, it could test $ 0.7000.

Technical indicators

  • MACD per hour: MACD for XRP / USD is strongly placed in the bearish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is at the oversold levels.
  • Main support level: $ 0.7250
  • Highest resistance level – $ 0.7800

Technical analysis of Ethereum

The Ethereum price, like the rest of the market, is under a lot of pressure. Report a reduction according to the Market Cap of% by dragging the price below $ 700.

Highlights

  • The ETH price did not move above the resistance of $ 770 and fell sharply against the US dollar.
  • A hiring triangle with support for $ 718 is forming on the ETH / USD hourly chart.
  • The pair is currently at risk of more losses below the support levels of $ 718 and $ 700.

The Ethereum price fell sharply against the US dollar and Bitcoin. ETH / USD can continue to move down if it does not stay above the support level of $ 718.

Decline in Ethereum price

There was a strong bearish reaction of resistance of $ 770 in the ETH price against the US dollar. The price started a downward move and fell sharply below $ 750. It broke many support levels like $ 750, $ 735 and $ 728. The decline points towards a sign of rejection from the $ 770 level since the price it was below the simple 100-hour moving average. He even broke the 50% Fibonacci retracement level in the last wave, from $ 706 to $ 766 high.

It was negotiated close to the $ 710 level before buyers showed up. The downward movement was protected by the Fibonacci retracement level of 76.4% of the last wave from the low of $ 706 to $ 766 high. For now, it is consolidating losses close to $ 720. Initial resistance is close to the $ 728 level, which was a previous support. It seems that a contract triangle with support for $ 718 is forming on the ETH / USD hourly chart. If the price does not move above the levels of $ 728 and $ 735, there may be a break to the downside.

Looking at the chart, the price should stay above the support level of $ 718. If it does not stay above $ 718, it could decrease further towards the $ 700 level. On the other hand, above $ 735, The 100-hour SMA can act as an obstacle near the $ 750 level.

Technical indicators

  • MACD per hour: the MACD is currently in the bearish zone.
  • RSI per hour: the RSI is now in the oversold levels.
  • Main support level: $ 718
  • Highest resistance level – $ 735

 

Technical analysis of Bitcoin

The price of Bitcoin failed to break the resistance near $ 9400. Then it has a decline of 6.37% sending the price below $ 8700.

Highlights

  • The price of Bitcoin failed to break a major resistance zone near $ 9,400 and was drastically reduced against the US dollar.
  • There is an important downtrend line that is formed with a resistance of $ 9,380 on the hourly chart of the BTC / USD pair.
  • The pair is now trading well below the support of $ 9,050, which is a bearish sign in the short term.

The price of Bitcoin became bearish below $ 9,050 against the US dollar. BTC / USD may continue to move down as long as it is below $ 9,000-9,050.

Bitcoin price analysis

Yesterday, we discussed an area of ​​greater resistance near $ 9,450 in Bitcoin price against the US dollar. The price was quoted with a positive bias, but buyers did not push the price above $ 9,400 and $ 9,450, which resulted in a downward movement. There was a strong bearish reaction and the price fell below the support levels of $ 9,050 and $ 9,000. The recent drop to the downside seems real since the price was below the price of $ 9,000 and the simple moving average of 100 hours.

It was trading as low as $ 8,696 and is currently consolidating losses. An initial resistance is close to the Fibonacci retracement level of 23.6% of the last decline, from the maximum of $ 9,465 to the minimum of $ 8,696. However, the most important resistance is close to $ 9,050, which was a previous support. In addition, the 50% Fibonacci retracement level of the last decline, from the high of $ 9,465 to $ 8,696, is $ 9,050 to avoid gains. An impulse above $ 9,050 could decrease the current bearish pressure in the short term.

As for the hourly chart, a bearish trend line with resistance is forming at $ 9,380. On the downside, a break and a close below $ 8,600 may open the door for more losses towards the $ 8,200 level in the short term.

Technical indicators

  • MACD per hour: the MACD for BTC / USD is gaining momentum in the bearish zone.
  • Hourly RSI (relative strength index): the RSI is currently close to extreme oversold levels.
  • Main support level: $ 8,600
  • Highest resistance level – $ 9,050

Technical analysis of the EOS

 

The price of the EOS reports a decline of 14.40% in the day of today Friday, the price is quoted below $ 16.

Highlights

  • EOS has formed lower and lower levels to create a symmetrical triangle on its 1 hour chart.
  • Currently, the price is testing the support and it may be necessary to return to the top.
  • The technical indicators point to the bearish exhaustion, but the stricter consolidation suggests a possible break soon.

EOS is consolidating within a symmetrical triangle in the short-term chart, but a break could occur as it approaches the peak.

Technical indicators

The moving averages are oscillating, but the 100 SMA seems essential for a descending crossover that indicates that the path of least resistance is to the downside. This could mean that a collapse is more likely to occur than a rebound.

Note that the triangle pattern covers 16.5 to 19.5 so the resulting break could last the same height. Similarly, a break beyond the top at 18.5 could lead to a rally of the same size.

RSI goes below to show that sellers are in control, but the oscillator also seems to be bottoming out. Turning higher could attract the bulls backwards and bring a rebound to the resistance of the triangle. Similarly, the stochastic is becoming higher and showing a bit of bullish divergence to indicate a return on the buying impulse.

Market factors

The cryptocurrencies seem to have ignored the fall of the dollar, which indicates that they are moving in conjunction with the assumption of risk. So far, geopolitical risk has decreased the demand for higher-yielding assets after Trump announced his decision to remove the United States from the agreement with Iran. The worsening tensions in the region could keep investors on edge.

EOS is preparing for the release of Dawn 4.0, first in trial mode and then on the mainnet on June 1. In addition, the Livecoin exchange plans an exclusion to avoid the complexities of handling the new token, which explains the current consolidation. The official site announced:

“Within 23 hours after the end of the final period of June 1, 2018, at 22:59:59 UTC, all EOS records will be fixed (ie, frozen) and will become non-transferable in the chain of Ethereum blocks “.