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Bitcoin (BTC) price technical analysis: BTC/USD runs into strong resistance within the $11,500 region

Bitcoin (BTC) price has been edging lower during early trading on Tuesday, seen down as much as 5%, after being knocked lower by strong resistance into the $11,500 region. In proximity the 50% Fibonacci can be observed, where the price has respected this firmly on three occasions this year; 28th January, 20th February and 5th March. Given the price failing to break this area, eyes look to be on another potential test of the $10,000 level to the downside for support. A breach of $10,000 would then see the 61.8% come into possible play, $9500 where this currently tracks.

Bitcoin/USD
Bitcoin/USD Chart by tradingview.com

Ethereum price technical analysis: ETH/USD head and shoulders formation eyed on the daily time frame

Ethereum (ETH)
ETH/usd chart by tradingview.com

Ethereum (ETH) price is seen down around 4% in opening stages of Tuesday, continuing to move south since giving up the phycological $900 level. Given the bearish momentum seen so far, $800 could look to be challenged to the downside, which could open flood gates to more selling pressure. There is a demand zone which is in proximity to current levels, a breach would see the next area of support come into play, within the mid $600 range. A neckline can be seen around $560, where lows were produced on 24th December 2017 and 6th February. This could be looked at as a potential head and shoulders formation on the daily time frame. The strength of the neckline may be tested, a breakthrough could see ETH/USD back at $390 if fails to hold, otherwise a bounce back up to $800 could also play out if neckline is not broken.

 

Ripple price technical analysis: XRP/USD looking to test key support at $0.85

Ripple (XRP)
XRP/USD chart by tradingview.com

Ripple (XRP) price is on the backfoot on Tuesday, down around 7%, a noteworthy underperformer in comparison to some of the other major cryptos. The pressure came late on Monday, after Coinbase denied rumors that they were adding new instruments to their platform, this follows the speculation early on Monday, that Ripple was to be introduced by the exchange. XRP/USD touched highs initially around $1.0850, before encountering heavy selling pressure. Ripple price has again taken out a supporting trend line, which came to the rescue during the extreme lows seen in February at around $0.58. Given the momentum is back with the bears, eyes will be on to see if the evidently key support at $0.85 will catch the falling price. If this fails to hold, then $0.64 will be the next potential safety net, where the price has been supported on a number of occasions over the last three months.

 


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