As at press time, the top three digital currencies (BTC, ETH, and XRP) were in the red. Consolidations have been volatile and have lead to unexplained declines and rallies. There isn’t any specific reason for this fall, but the overall outlook is optimistic and encouraging. Differences sectors are looking for ways to use Blockchain technology to improve accountability and productivity. Central banks are looking at the idea of developing their digital currency. Let’s see how the market looks.
BTC/USD Price Analysis
Bitcoin was closer to the 7,941.68 USD support which has broken below 7,700 USD level, indicating strong selling pressure. There are two scenarios at play here; firstly the bulls will pull above the 7,900 USD level after a fast break, catching the bears without warning and the second prices breakdown below the 7,900 USD level and slide to 7,000 USD. It’s difficult to determine which scenario will play out. The best trade approach here is to wait and watch market trends for a few days.
ETH/USD Price Analysis
Ether broke below the head and shoulders trendline briefly before extending the decline, shifting beneath the 50-day SMA and 50% percent Fibonacci retracement from the latest rally. There’s support at 544.45 USD, at the 61.8% Fibonacci retracement level and below was a plunge to 418 USD is likely. The pair will be positive above the 745 USD level. Hence it is suggested that you wait for the end of the decline before attempting buying.
XRP/USD Price Analysis
Ripple is approaching the bottom side of the broad range quickly. The support of 0.56270 USD has broken down as of March and didn’t find sellers at the lower levels, but prices climbed back to the range April 12. The bulls will try to defend the 0.56 USD levels. If this level hold, the XRP/USD pair can rally to the 0.93 USD and 1.22 USD levels. Hence you should wait for a few days to verify that the decline has genuinely ended before buying.