The slight market recovery that started on the first week of July is currently seeing a corrective move. As of press time, total market capitalization is back to the $250 billion level. The top 20 cryptocurrencies listed on CoinMarketCap is currently in the red. Bitcoin price is heading back to the triple bottom support and Ethereum resumes the downtrend.
Looking at the BTC/USD price action, Bitcoin found strong support around the $5,800 level, which serves as the triple bottom mark. As of press time, Bitcoin is trading at the $6,300 level. Price made a break through the major downtrend that started on May 2018, but is currently struggling to hold support. There is resistance around the 0.236 Fibonacci level at the $6,800 mark, which coincides with the previous key resistance level. The MACD is slightly crossing below the signal line, which indicates a downward shift of momentum. The RSI is struggling to hold support and continue upward movement. All in all, Bitcoin is making a corrective move, which could fall back to the $5,800 level if price does not hold at the $6,100 level.
As of press time, Ethereum is trading at 0.0683 BTC. The price failed to continue along the upward trend and plummeted back to the downward trend that started on May 20. Ethereum struggles to hold the 0.0684 BTC mark. The MACD crossed below the signal line indicating downward momentum. The faced resistance and failed to continue upward movement, which means that the buying sentiment in the market is currently weak. If the support at 0.0684 BTC level fails to hold, price could plummet back to the 0.066 BTC level, which is the next support level.
On the ETH/USD trading pair, ETH price failed to hold at 0.786 Fibonacci level, which is a key support level. As of press time, ETH trades around the $430 mark with the 0.786 Fibonacci level currently acting as resistance. This resistance level also coincides with the November 2017 resistance line and June 2018 support line. The MACD is currently on a downward move, which means that momentum is shifting downward. RSI faced resistance and slumped back indicating that there are currently low buying sentiments from the market. If Ethereum fails to hold at the $420 mark, we may see further declines retesting the $400 mark.
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)