Bitcoin (BTC) price is has broken out of the ranging channel it had been confined in since the drop that took place during the Asian trading hours on Monday morning. The cryptocurrency has recovered the losses it had incurred after opening the session with highs of $8,694. However, selling pressure engulfed Bitcoin price breaching key support areas at $8,500 and $8,400 respectively. Moreover, BTC/USD tested the support at $8,300 before it commenced the recovery, although the movements had been limited at $8,450.
At 13.30 GMT Bitcoin price embarked on another upside roll, only this time it was almost unstoppable gaining approximately $400 in thirty minutes. At the time of writing, BTC/USD is exchanging at $8,750, while a short-term support has been formed at $8,700. The indicators on the charts like the Relative Strength Index (RSI) are at the 70 mark, heading into the overbought levels while the Simple Moving Averages on the same chart are beginning to change direction upwards signalling that the buyers have the upper hand.
Bitcoin (BTC) price is eyeing $8,800, although the buyers must overcome the selling pressure at $8,750. On the downside, if the immediate support at $8,700 fails to hold the price in case of a trend reversal, $8,650 and $8,600 will offer more support. However, the major support for BTC/USD is at $8,400 considering that the crypto is still in danger of extended downside correction.
Ethereum Price Analysis
All of the top three cryptos are correcting higher, Bitcoin is up 1.72%, Ripple 3.45% while Ethereum (ETH) price is up $2.34%. ETH/USD is climbing in spite of extended selling pressure that saw it test the major support level at $640 during the weekend trading sessions. The upside movement was initiated around $645 which paved the way for additional momentum breaching $680, 700 and $730 resistance areas.
The upside has however been capped below $740 since yesterday. The crypto has also been battling to retrace higher today even brushing shoulders with $730 lacking a fresh a catalyst to push the price towards $740 and $760. At the moment, ETH/USD is trading at $722, with immediate support area at $700. Consequently, the moving averages on the 1-hour timeframe chart have crossed at $700, signalling that Ethereum price could consolidate above $700.If the support level at $700 is breached, $680 will also provide support, $640 is another target on the downside.
Verge Price Analysis
Verge (XVG) price, on the other hand, is also on a recovery journey after sliding to trade below $0.055. The digital asset has been trading lock-step while the upside has been limited at $ 0.0627. Another brief sharp decent occurred on Monday Asian trading hours but XVG/USD found support above $0.0560.
At the moment, Verge (XVG) price is exchanging at $0.0605, besides the trend indicators are pointing towards a continued upside correction in the near-term. For instance, the gap between the 50 SMA and the 100 SMA is reducing signalling that the buyers have the upper hand. Moreover, the RSI is at the 60 mark and in an upward direction as well.
On the upside, XVG/USD will encounter selling pressure at $0.0627, although the buyers are aiming $0.065 during the intraday trading before the close of the session. Currently, Verge is supported at $0.060, but the moving averages will offer support towards the previous intraday support at $0.0560.