The price analysis for Bitcoin was bullish by the start of 2018. Optimists placed Bitcoin and many other cryptocurrencies on a pedestal of greatness. Almost six months later and the story has changed. Bitcoin and other cryptocurrencies have reached new lows since January, and the long-anticipated sharp return to greatness is yet to start. So, how are the top four cryptocurrencies doing today:
Bitcoin BTC Price Analysis
The leading cryptocurrency in the market, Bitcoin, is having difficulty crossing the 20-day EMA. The price of Bitcoin took another turn today with the moving averages and the relative strength index falling. If the trendline breaks, Bitcoin may fall to as low as $7,100. The Bitcoin to USD pair needs to break out and sustain above the 20-day simple moving average to indicate a positive recovery.
Ethereum ETH Price Analysis
The buy levels for Ether was not triggered at $630 as we thought it would. Instead, Ether has rejected the 20-day EMA and crossed the trendline support. The price is trying to stay above the descending channel of the resistance line. If it breaks and enters that channel again, the price of Ether may fall to $540. The Ether to USD trading pair is struggling to break out of the 50-day simple moving average.
Ripple (XRP) Price Analysis
Ripple XRP was able to hold the 20-day EMA for above five days but failed to hold it any longer. Over the past two days, the coin has been trading in a tiny range. The two moving averages are flat confirming a short-term price consolidation. If the price breaks below $0.633, it may fall as low as $0.56 but if it is able to move above $0.75 it will move toward the downtrend line of a descending triangle. This will make a way for a bullish takeover.
Bitcoin Cash BCH Price Analysis
Bitcoin Cash was able to hold the 20-day EMA for two days. However, the bears pushed the prices below it today. The relative strength index is near the midline, the short-term MAs are flat, the long-term MAs are flat, and there is a possibility of a price consolidation soon.
If the Bitcoin Cash price breaks below the $1060 level, the bears will have control, but if it breaks above $1306, the bulls will have an advantage.