As of Tuesday morning, most of the cryptocurrencies are down moderately as the market continues to slide.
As mentioned yesterday, Bitcoin price was able to surpass the $11,500 level before pulling back later in the day. Currently, the coin is trading at just under $10,800. Two bearish trends were formed earlier, so a return above $11,500 is unlikely to occur anytime soon.
BTC is now testing a major support level at $10,700, while the pivotal $11,000 price point could be considered as a major resistance should a reversal materialize. Since BTC is sitting significantly below its 20-day moving average, chances are we’ll see the six-hour-long bearish trend come to a halt at some point today. The MACD indicator also is hinting at a reversal.
Ethereum fell sharply off last week’s high of $895, now trading at close to $820. A downward trend is forming for ETH, right after a head-and-shoulders pattern was established, and the coin now testing a major support at $815.
However, similar to Bitcoin, ETH is trading much lower than its 20-day moving average. A bullish signal is shown by the MACD indicator, so a bullish reversal could be imminent should the support level hold.
Bitcoin Cash dropped just below the $1,200 price level and is on a downward trend. A major support level is established at around $1,190. There’s a chance that BCH moves back above $1,200 as recent candlestick patterns are indicating a bullish reversal.
In addition, the MACD indicator and exponential moving averages are sending a bullish signal, so a move back to $1,200 is a possible outcome later in the day.
Another coin that crossed a critical price level was Litecoin, falling below $200. It’s now holding a resistance of $203 and support of $197. A head-and-shoulders pattern was formed in recent hours before a reversal pattern began to emerge.
Litecoin investors need to monitor the LTC price movement in the next hours to see if it could move past $200 once again. Encouragingly, the MACD indicator shows that this is likely to happen.
Amid rumors of Ripple striking a deal with Coinbase, its price fell under the $1.00 level, now trading at around $0.92. The major support level for the day is $0.91, while $0.935 is considered a resistance that needs to be broken through for another bounce up.
On the upside, XRP could be headed for $0.95 later today, especially as the MACD line is showing that the coin is in a bullish zone. But first, it needs to test the $0.935 resistance during the next bullish reversal.
Cardano is currently on a bearish trend, following up on its recent decline below the $0.30 mark. The coin is now hovering between $0.275 and $0.285, with a support level of $0.27 established.
On the positive side, ADA price could be headed for a minor breakout as indicated by the MACD and moving averages. This could see the coin test a major resistance level of $0.29.
Following a week of declines, NEO went on a bullish trend earlier, testing a resistance of $109. However, the candlestick patterns show that a bearish reversal is approaching, which could take the coin down to as low as $100.
The bearish reversal can also be confirmed by the MACD indicator. Investors will need to wait and see if NEO would be able to hold a support at $100. Failure to do so could take the coin further down to price levels experienced in early February.
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