Bitcoin Schmitcoin

XRP-USD Price Analysis: Bullish Support Is Waning During Third Support Level Test

Summary:

  • XRP-USD is currently grinding its macro support level. The support level has held for two tests, and we are currently making a third test.
  • If we manage to close a new low on the weekly candles, we can expect to see a retest of the lower boundary of the 2017 trading range in the $0.14 region.
  • We are currently respecting the support level, but the bullish pressure is waning with each test of support.

XLM-BTC Price Analysis: Macro Support Breaks

Distributed Summary:

  • XLM-BTC saw a major break of macro support on the weekly and monthly time frames
  • Because we had a parabolic market in 2017, there was never a chance to establish macro support levels
  • The lack of support levels yields little-to-no support levels below the current price until the 750 satoshi price range

ETH Price Analysis: Breaking Support

Distributed Summary:

  • Ether broke support earlier this week on expanding volume and expanding spread
  • Because the support break is on the heels of a prolonged consolidation, it is likely that the downward move will continue to test support in the $90 range
  • If the $90 range doesn’t hold, we will most likely see a retest of the established lows in the mid-$80s

ETH Price Analysis: Why Gains Are Being Lost

Distributed Summary:

  • ETH-USD failed to break overhead resistance in the $160 range. This coincided with a failed retest of the supply and demand channel as the market saw a strongly overbought condition.
  • We are currently stuck between support and resistance, but it seems very likely that we will see a retest of the low $90s before any potential bullish pressure hits the markets. If, for whatever reason, we begin to rally, we need to see a decisive, strong close above the $160 level before any macro-trend-changing behavior is seen.