The cryptocurrency market is still in turmoil. As of press time, Bitcoin is trading at $6,090 trying to hold support, Bitcoin dominance is at 42%, and total market capitalization is sitting at the $245 million level. These numbers indicate that as Bitcoin price continues to struggle, altcoins are likewise experiencing a slump. Here are the technical analyses for the Top 4 altcoins trading over Bitcoin – Ethereum, Ripple, Bitcoin Cash, and EOS.
As of press time, Ethereum is trading at 0.711 BTC. The price failed to continue along the upward trend and plummeted back to the downward trend. Ethereum was able to bounce from the 1.00 Fibonacci level , but the 0.786 Fibonacci level acts as strong resistance. The MACD crossed below the signal line indicating downward momentum as of the moment. The RSI is currently slightly above the oversold region. Without volume confirmation in the next days, ETH may continue losing ground.
On the XRP/BTC trading pair, Ripple is currently at 0.0000754 BTC mark. Price is struggling to stay around the 0.786 Fibonacci level. The next support level is the 1.00 Fibonacci level at 0.0000686 BTC mark. The MACD is currently below the signal line, which indicates bearish momentum. The RSI currently sits at the oversold region. Ripple seems to struggle afloat and may see further declines in the next few days, unless more volume comes in.
Bitcoin Cash is trading on a downtrend at 0.115 BTC level as of press time. Price failed to hold at the 0.618 Fibonacci support level. The next support level is at the 0.786 Fibonacci level around the 0.111 BTC mark. The MACD is below the signal line, which means that momentum is currently bearish. The RSI is currently at the oversold region. Bitcoin Cash is not seeing any signs of recovery as of the moment.
EOS is also struggling to hold ground. As of press time, EOS is trading at 0.00123 BTC mark. Price is currently on a downtrend with strong resistance at the 1.00 Fibonacci level. Strong support is seen at the 0.0012 BTC level. The MACD is far below the signal line, which means that current market sentiment is bearish. The RSI is currently heading towards the oversold region. Price recovery for EOS will require more trade volume in the coming days favoring the buying sentiment.
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)