The Bitcoin price fell further back

Bitcoin, Ethereum and Ripple – Price analysis 10.07.2018

The Bitcoin price fell further back, breaking through support levels of $6,680 and $6,600 respectively.
The trend line with resistance at $6,700 on the hourly chart is intact
BTC must stay above support level of $6,550 to avoid further declines in the short term
Technical Indicators Signals
The Bitcoin price began a downward move from the $6,840 high. BTC dropped back and breached the support level at $6,700. On the other hand, there is a bullish trend line with support at $6,560 on the hourly chart. If Bitcoin breaches the support level of the trend line at $6,550 an ounce, there is a risk of further price losses. Below this level, the price could potentially move towards $6,500 and $6,450 an ounce. On the bullish side, the $6,700 resistance must be breached to regain momentum.

Bitcoin Chart from TradingView

Bitcoin Price Analysis

Looking at the chart, yesterday’s trend line is intact. A break above $6,700 is necessary to initiate a recovery. The nearest resistance zones are $6,750 and $6,800. The MACD is strongly in the bearish zone. The RSI is moving towards 20 and reaching oversold conditions, reflecting the exhaustion of sellers and allowing Bitcoin to correct slightly higher in the near future. The important support level is at $6,550 an ounce, while resistance is at $6,700 an ounce.

Ethereum Price Highlights
The ether price fell sharply and broke an important support at $478 an ounce
Yesterday’s important bullish trend line with support at $476 on the hourly chart has been breached
ETH now trades well below $475 support and 100-hour SMA
The Ethereum price made a strong downward move. ETH may fall further if sellers keep control below $475 an ounce.

Technical Indicators Signals

A new correction wave was triggered from the $496 high. ETH could not maintain the important support level at $475. Ether fell sharply and is below the $475 support and 100-hour SMA. Yesterday’s important bullish trend line with support at $475 on the hourly chart was breached. It appears that the recent break below the trend line and the 100 SMA has pushed the price back into a bearish zone. A break below $460 could mean a drop towards $450.

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