By the end of this week, the bears are increasing the pressure on alternative cryptocurrency prices.
XRP / USD
At the time of the market review, Ripple is trading at $ 0.3185 above the lower limit of the weekly range of $ 0.3280-0.3156. The horizontal orientation of the market reflects the uncertainty of traders, but multiple testing of the key support level indicates the advantage of the bearish sentiment on the cryptocurrency market.
Given the nature of the Ripple price movement and data from technical indicators, bears should be expected to “gnaw” price support and achieve goals at least at the second key support level of $ 0.3057.
The advantage of bears at the XRP / USD pair is confirmed by the relative strength index data: the index values are consistently kept below 50 on the indicator chart, the RSI14 line in the short term is aimed at breaking down from the top of the active sales area.
Low-risk short-term sales of Ripple are recommended for the breakdown of the key support level of $ 0.3156 with targets of $ 0.3110 and $ 0.3080.
BCH / USD
The price of Bitcoin Cash on January 22 made a breakthrough above the reversal level of the short-term trend of $ 126.00. Bears formed resistance to further growth of the BCH / USD pair at the key level of R1- $ 132.50.
At the time of market analysis, the pair is trading at $ 126.10 in a narrowing range. From the four-hour BCH / USD chart, it is obvious that the bears are aimed at breaking the price support at $ 126.00, which is confirmed by the data of technical indicators.
The current price is below the moving average EMA14, the value of the relative strength index is kept below the neutral level and the RSI14 line is downward. Considering the advantage of Bitcoin Cash sellers in the short-term cryptocurrency market, we should expect a price decrease of at least to the local support level of $ 123.00.
BCH / USD sales are possible at the top-down breakdown of the support level of $ 126.00 with targets of $ 123.00 and $ 120.50.
LTC / USD
Lightcoin, at the time of the market review, is trading at $ 32.68 at the dynamic support level, formed along the line of the EMA14 moving average.
The bulls could not overcome sales resistance at a key level of $ 33.35. The current decline in quotations can be regarded as a correction of the short-term upward movement until the moment when the support price for the EMA14 line is broken down – $ 32.70.
In the event of a breakdown of the indicated support level, in a short period of time the quotes of the LTC / USD pair will reach the trend reversal level of $ 31.90.
LTC / USD sales are possible from the current price level with targets of $ 31.90 and $ 31.50. Protect short positions should be orders not below the key resistance level of $ 33.35.
Trading recommendations are not a guide to action. Following the recommendations, you assume the associated risk of loss of funds.