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Cryptocurrency

Cryptocurrency Market Update: Calm after the storm, Bitcoin Ethereum and Ripple motionless

  • Bitcoin is ready for consolidation above $9,200 ahead of a weekend session that could be characterized by increased volatility.
  • Ethereum price settles above $230 after $235 became impenetrable.
  • Ripple recovered from levels explored on Thursday under $0.18 but gains cut short under $0.1850 hurdle.

The digital asset market is experiencing some calm after a couple of days with rollercoaster rides left, right and center. It is, however, unknown how long the calmness will last due to the fact that Bitcoin futures contracts are set to expire on Friday. As reported on Thursday there would be about $1 billion in contracts ceasing trading across exchanges such as CME, Deribit and BitMEX.

Bitcoin market update

Bitcoin is trading 0.28% lower on the day after correcting from $9,239.79 (opening value) to $9,217 (prevailing market value). An intraday high has been reached at $9,389.31 due to the seller congestion at $9,300. Thursday’s recovery from the areas explored under $9,000 did step above $9,300 but buyers couldn’t’ sustain the price action.

The 2-hour chart, clearly shows that sellers are outperforming the bulls, leaving them to play defense tactics. The price is below the 100 SMA at $9,391and the 50 SMA at $9,440. Glancing higher, resistance is also anticipated at $9,600 as well as the descending trendline. On the downside, support is expected at $9,200 and $9,000. The technical picture is likely to favor sideways price actions in the current and coming sessions.

BTC/USD 2-hour chart

BTC/USD price chart

Ethereum market update

After dropping below $230 from highs around $250 in two days, Ether found support above $225. Recovery ensued reclaiming the position above $230, however, it was not able to clear the resistance at $235. At the moment, ETH/USD is dancing at $232 while most of the attention is channeled towards defending support at $230.

From a technical perspective, buyers will have to work a little harder in order to resume the uptrend towards $250 psychological resistance. The technical picture is drab and will need to be tweaked for more buyers to join the market. For now, holding above $230 and the 50-day SMA will go a long way in saving the bulls another uncontrolled trip to $200.

ETH/USD daily chart

ETH/USD price chart

Ripple market update

Ripple performance has not been impressive this week. Instead of pulling closer to $0.20, XRP explored the levels under $0.17. Attempts for recovery have not been yielding either with price action cut short at $0.1850 resistance zone. For now, Ripple is trading at $0.1821 amid a building bullish trend and expanding volatility.

Moreover, the upside is limited by a descending trendline resistance. Other hurdles anticipated towards $0.20 include $0.19, the 100-day SMA at $0.1933 and the 50-day SMA at $0.1982. Consolidation could take place based on the sideways movement witnessed with the RSI and the MACD.

XRP/USD daily chart

XRP/USD price chart
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