Today, the cryptocurrency market is mostly in red territory, with the market capitalization dropping from the $250 billion mark to the $244 billion mark. EOS (EOS) is the only coin located in the green; however, it is unlikely to build any resistance if the bearish wave continues.
Below is the main data on how the top 3 coins are looking today:
Our earlier scenario about Bitcoin (BTC) reaching the $8,750 level has come true. With the start of the expected correction, the Bulls have been unable to fix above the $9,000 mark.
The price of the leading crypto fell below the 200-Day Moving Average (MA) to $9,180, which has been serving as a level of support for almost two weeks. Having overcome the crucial $9,000, BTC found short-term support in the form of the 100-Day MA on the 4H chart, forming the downward triangle’s lower border.
BTC will soon be testing the $8,400-$8,600 area, with lower border corresponding to a Fibonacci ratio of 61.8%.
At press time, BTC is trading at $9,012.
Even though Ethereum (ETH) is in a much better position than BTC, it has been unable to withstand the general bearish trend.
Looking at the 1D chart, ETH is located between the $165 support level and the $195 resistance level. Looking at a short-term scenario, ETH is about to retest the support level because the trading volume is decreasing steadily. What is more, the Ichimoku Cloud is bearish, confirming an upcoming decline.
At press time, ETH is trading at $183.44.
In comparison to BTC and ETH, XRP (XRP) is today’s biggest loser. Its rate has plummeted around 4% since yesterday.
Of the top 3 coins, XRP is only coin whose trading volume remains relatively high against the ongoing drop. XPP is also about to meet resistance at the $0.2650 mark. If the rate does not go below it, then one is likely to see an upswing to $0.30.
At press time, XRP is trading at $0.2771.
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