After a promising start into the year, tables have turned and a Bearish momentum has once again engulfed the markets. Bitcoin, Ripple as well as Ethereum were all punctuated with a downturn in the course of the week. In the markets, investor sentiments were low at the beginning of the week. Most RSIs were at the ‘oversold’ area. As the week wore on however, there were positive investor sentiments before the same took a dip.
Bitcoin started off the week selling at $3590 and is now at $3575. This represents a minimal 0.4% drop in its price with a strong support at the $3560 point and resistance at $3850. Throughout the week, there’re was a mixed performance for BTC. It shot upwards at some instances before taking a dip which has seen it drop negligibly. This is contrary to earlier predictions that BTC would undergo market correction towards the $6,000 mark.
As seen in the RSI (A), it went into the ‘undersold’ area before nose diving into the ‘oversold’ area today. This signals strained investor confidence in BTC.
At the moment, the 7 day EMA (B) is above the 21 day EMA (C) which shows that the bearish trend may continue for some time.
Ripple started off the week selling at $0.3264 against the current rate of $0.31962. This represents a 2% drop in Ripple’s price. The week started in a Bullish momentum after long bouts of a downward momentum with the RSI (A) at the ‘oversold’ area. However, investor sentiments soon picked and the RSI rising steadily before nose diving again.
The 30 day EMA (C) started off the week above the 9 day EMA (B) signaling a robust Bearish momentum. However, the 9 day EMA soon crossed over and is today down again and acting as the price support at the $0.31976 mark. This shows the Bearish momentum will continue for longer.
The Bearish market has not spared the ETH/USD pair. It is down by 0.79% after dropping from $117.94 to $117. The 30 day moving average (B) is above the 9 day moving average (C) which shows that the bearish drop may continue for some time.
In the markets, the RSI (A) has been on an upward trend with since the week began before dropping over the weekend due to reduced market activity.