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Bitcoin Drifts Down as Price Breaks Below Key $7.8K Support

Bitcoin bears may be in the midst of taking an upper-hand.

At press time, BTC is changing hands at $7,536 on Bitfinex, down 6.9 percent on the day, a figure that also finds the price breaking a key support level at $7,800.

The world’s largest cryptocurrency by market capitalization has been largely confined to a narrow price range of $7,673–$7,800, since it broke $8,000 yesterday. However, mounting sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking to take back the reins.

As such, bulls now are looking for 24-hour volume in excess of 2.4 billion, a threshold that would inspire hope of a reversal. 

Hourly Chart

For those eyeing the charts, the extenuated bearish MACD demonstrates high price volatility and negative price action with the signal line (orange line) continuing to plow under.

The above chart shows:

  • Topside resistance began at $7,987, with the 55-period exponential moving average acting as a barrier.
  • Prices quickly fell away from between $7,987 and $7,802 with a massive spike in sell volume.
  • A cascading downside break from the trading range – bearish pattern
  • RSI is oversold at 22.9l; it could either turn bearish by dropping lower or it could create a bullish divergence whereby prices continue to drop from the previous hours but the RSI creates a higher high.
  • Extenuated bearish MACD – the extension created from the sell-off risks a possible drop further as the bearish histogram continues to play out.

Hourly RSI

The hourly Relative Strength Index (RSI) tells of a fight currently playing out between the bulls and bears as it hangs at 23.142 at press time, presenting a possible weak bullish divergence before the closing period.

If it drops below 22.745 it would expose the lowest levels in three weeks – since July 10. This would create a short-term rebound whereby price action would need to be reassessed.

View

  • A drop below 22.745 RSI levels would likely expose bitcoin to a short-term rebound whereby price action would need to be re-analyzed
  • An extended MACD creates a new bearish cycle on the histogram – extending the sell-off period by a couple of hours.
  • A daily close (as per UTC) below $7,600 presents a bullish-to-bearish trend change and risks toppling the recent two-week climb.

Disclosure: The author hold USDT at the time of writing.

Bitcoin image via Shutterstock

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Rippe Price On the Right Gaining Path: XRP/USD

Ripple is on the right track to gain as it stabilizes over the $0.2000 supportive level. The momentum of increase needs to continue over $0.2100 to make a change.

Ripple price is remaining on the bullish zone against the US Dollar as it cleared the major $0.2040 resistance mark on the gaining triangle pattern.

ripple fture

It corrected nicely from the $0.1900 swing low and also moved above the 38.2% Fib retracement level of the last leg down from the $0.2240 high to $0.1898 low.

However, the price seems to be finding sellers near the $0.2080 and $0.2100 levels.  On the other hand, as per the moment, the pair XRP/USD is trading around $0.21180 which as predicted made-sure a continuation of price recovery since the major dip.

The next mark to pass or stop for buyers would be $0.2200. [Support – $0.2100 – $0.2040]

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Ripple Takes 3rd Place Surpasses Bitcoin Cash – XRP Price Analysis: Prediction

Ripple price recovery rally was slowed down and stopped by the complete market declining trend. XRP/USD now is back on increasing with retesting $0.2000.

Ripple against the US Dollar – XRP/USD Sep 30

Ripple price followed Bitcoin, Ethereum and Bitcoin Cash on the trend to move over major psychological levels – for XRP it was $0.2000 on Sep 27 but could not close successfully above to continue increasing. Sellers were met at that specific point and a gradual declining phase emerged as it returned again where the rally started – at $0.18800.

On the attempt to clear the $0.2000 important level, the resistance of $0.19537 was broken which opened doors for more gains. News that South Korea potentially banning ICO’s and quick-term profit making did put the value under downward pressure as explained above.

Ripple forecast future

However, now the market is returning up and the pair XRP/USD has again broken above the $0.19537 which gives the expectation towards a momentum gained to retest the major $0.2200 levels.

Today’s development brought Ripple back up to its original third place on the list of the top-ten cryptocurrencies by market cap before Bitcoin Cash took stage in the crypto-world. Ripple with a market cap of $7.6 bln is on 3.44% gain in the last 24-hours.

Traders who are long on our previous recommendation should maintain their stop loss at $0.16500. They should raise the stops to $0.18500 once Ripple breaks out of $0.22000. The target objective is $0.25000.

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