This is a daily analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin’s (BTC) Technical outlooks have worsened over the last 24 hours, with prices dropping under a key sliding average for the first time since April. This collapse has left BTC to a disadvantage compared to larger tokens such as ether (Eth)XRP and SOLANA .
BTC is losing 100-day SMA
BTC has fallen over 1% over the last 24 hours and hit a low level of $ 109,172 at one point.
In the process, cryptocurrency has convincingly dipped under the 100-day simple sliding average (SMA)A widely traced momentum indicator and support/resistance line, for the first time since April 22.
Furthermore, prices are crossed under the Ichimoku cloud, indicating a bearish shift in momentum.
The double collapse has strengthened the Bearish technical prospects suggested by the recent violation of the upward slope trend line from the April-Lavmanden and the consecutive negative pressure on the MACD histogram of longer duration. Overall, the recent pattern looks like the same collapse that sets the stage for a deeper sale to $ 75K.
The next key level to fit is $ 105,390, which is 38.2% Fibonacci retacement of April-July-Rally, followed by the 200-day SMA for $ 100,928.
Bulls have to overcome the lower height of $ 117,416 set up on August 22 to negate the bearish technical setup.
- Resistance: $ 111,592, $ 117,416, $ 120,000
- Support: $ 105,390, $ 100,928, $ 100,000.
Xrp, eth and sun hold ground
While Bitcoin has suffered the double breakdown, XRP continues to act over its 100-day SMA. However, the prices are “firm in the Ichimoku cloud”, which means that the token acts within a zone of uncertainty and consolidation, where neither bulls nor bears are willing to lead the price. It suggests indecision and lack of a strong trend.
Meanwhile, Ether and Sun continue to act over their respective 100-day SMAs and Ichimoku clouds. Therefore, a potential risk-on could see both Eth and Sun better than BTC and XRP.
Read more: Massive $ 14.6b Bitcoin and Ether Options Expiry Shows Bias to Bitcoin Protection
