The market is finally at relief after the selloff of that occurred during this week. The majority of the assets are battling to detangle from the hands of the bears. The market has turned green at the moment, although Dash (DASH) price and NEM (XEM) are still in the red. However, cryptocurrencies are still far from trading the highs in June. Moreover, July has been a roller coaster where a bullish momentum turned bearish at the beginning of the week.
Bitcoin (BTC) Price Analysis
Bitcoin price is trading a classic rising wedge pattern which also means that it is prime for more losses in the short-term. The trend is bullish at the moment but bearish pressure is still present. Bitcoin rejected a couple of support areas at $6,600 and $6,400 during the trading session on Tuesday 10, plummeting further down.
BTC/USD is embracing the support at $6,300, while the intraday cap is at $6,400. The moving average gap is narrowing on the 1-hour timeframe chart, showing that the buyers have the influence in the short-term. Both the stochastic and the RSI technical indicators are pointing up while advancing further into the overbought levels to signal for more buying entries as well.
On the upside, Bitcoin will face resistance at the 38.2% Fib retracement level with the previous swing high of $7,733 and a swing low of $5,775 near $6,500. The area at $6,600 is the current immediate upper supply zone and also represents the next breakout target towards the critical resistance level at $7,000. The support at $6,300 will continue to hold in the short-term, but due to the looming selling activity, $6,000 is well within reach.
Ethereum Classic (ETC) Price Analysis
The cryptocurrency broke out of the ascending channel in the course of the trading session on Tuesday 10. There was a sharp descent that butchered its way past several support areas, for instance, at $18.00, 17.00 and $16.00 respectively. ETC/USD has, however, managed to bounce back past the short-term resistance highlighted by the 61.8% Fib retracement level with highs of $18.72 and lows of $12.19, slightly above the immediate support at $16.00.
Ethereum Classic trend is bullish at the moment, besides applying technical indicators like the RSI and the Stochastic, it is apparent that the bulls have the control. On the flipside, the bears are not done yet, similarly, they are fighting to regain control. The buyers must, therefore, keep the price above the 61.8% Fibo to prevent another breakdown at $16.00 which could test another support at $15.00.
Ripple (XRP) Price Analysis
Ripple price, on the other hand, is making subtle gains but the selling activity is overwhelming the effort of the buyers. The upside movements have been capped below $0.45 since the declines that occurred yesterday. XRP/USD is also flirting with the resistance at the 23.6% Fib retracement level with the last high swing of $0.51 and a low $0.42.
On the upside, $0.460 is a breakout target, and trading above this level could pave the way for a further retracement to $0.50. However, before that, $0.48 is a key hurdle and will limit the gains in the medium-term. There are a couple of highlighted support zones at $0.440 and $0.43, furthermore, it is likely that Ripple price could test $0.400 if the current declines continue.