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September 28, 2020
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Guide & Analysis

Price forecast: Bitcoin (BTC), Ripple (XRP) and ICX

Bitcoin price analysis: BTC hourly chart has changed to a bearish formation

Bitcoin has been trading in a downward pattern since the market failed to break the 10,000 mark on May 7. There is now a clear pattern of lower lows and maximums since the red support zone at 9289.57 was removed. The main low wave is still at 9120 and this could be an important resistance zone in the future.

The main highlight on the chart is the descending wedge pattern. The support was used very well and on Monday the market went up again. The top of the pattern may now be a resistance zone, but above that, if the price is high, we may have an important signal.

The price is below the 200 and 55 moving averages, which is also a bearish signal. Closer to the price is the exponential moving average of 55 and could be a resistance zone. The RSI indicator has just passed the midline 50, a bullish signal, but generally within intraday terms, the market is quite volatile.

1-hour BTC / USD Chart

Ripple price analysis: XRP forms a bearish head and shoulders pattern

The XRP went higher on Monday, but overall it looks like a bearish moment. The 4-hour chart below shows a fairly large pattern of head and shoulders, but the neckline is far from the current price level.

A 0.1800 break will be a sign of confirmation that the price is falling lower, but the psychological level has held steady a few times in the past. In addition, the price is trading below the simple moving average of 200, and the RSI indicator was below the average line of 50. Finally, the volume is still looking weak and it would be good to see a resumption of interest.

4-hour XRP / USD chart

XRP head and shoulders pattern

ICX price analysis: ICX / USD rose more than 180% in 73 days

ICX is fast becoming a crypto favorite, outpacing the rest of the market. As you can see on the 4-hour chart below, the price is rising more in line with the purple channel. The 0.3500 mark is now a fundamental resistance point and, although the price was above that level, it was not possible to close higher.

On the negative side, 0.300 provided some support in the short term and it appears to be the level to be beaten by bears. The big red arrow at the bottom shows that the volume has also increased and that bodes well for bulls. It is always a good sign of confirmation that, when the market goes up, there is a good volume supporting change.

4-hour ICX / USD chart

ICON ICX / USD pushed 180% higher in 73 days

Source: FXStreet

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