Prices for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) are all trending in the green as the market hovers into bearish territory.
Ether is trending double digits in the red at the moment, while LTC and BCH look to follow suit.
The latest price declines come at a time three economists in Joseph Stiglitz, Nouriel Roubini, and Kenneth Rogoff cast doubts about Bitcoin’s chances of survival.
The three have argued that Bitcoin will not make it a global currency. Their basis is hinged upon the lack of any intrinsic value in the crypto as well as the high price volatility.
Bitcoin has broken below the key support area above $6,468 to hit a low of $6,320. The more than 5 percent dip in the last 24 hours sees its prices break into the red for the first time in a week.
Bitcoin bulls have failed to sustain momentum above $6,600 and could be set to test another support area near $6k.
It appears that the downtrend is likely to hold, even as an indication of a reversal formed. Nonetheless, the pullback may not happen unless buyers stream in to stop the decline.
BTC/USD has touched a high of $6,679 though, and it could yet see an upside to sit above the immediate resistance area of the last support zone.
The 100 SMA is still below the longer-term 200 SMA on the 1-day charts. It means that the downtrend presents the least resistance.
We are likely to see sellers take charge, stalling any immediate possibility of an upside reversal.
The RSI is pointing downward to mean that prices are likely to remain bearish in the short-term. The Stochastic oscillator is also pointing south to suggest that the sellers have seized control and that prices are likely to dip even further.
If the trend reverses and a mini-rally follows, BTC/USD could retest the main resistance area at $6,800.
ETH prices have experienced sharp declines in the last 24 hours. The 2nd ranked ETH has broken below consecutive support areas to fall to a low of $426.
It has seen sharp drops from an intraday high of $487 on July 9. As a result, the crypto has failed to realize any upside and could as well see more declines in the next few hours. The double-digit drop of 10% over the last 24 hours is the biggest among the top five coins.
ETH/USD currently trades near a key support zone at $438 and must find support to prevent breaking below June 13th price lows at $419.
The prices are holding above $435 for now, but if sellers consolidate their control, we could see prices dip even further. At the moment, the pair is trading below $450 and 100 SMA on the hourly charts.
More importantly, July 9’s highlighted bearish trend line has continued and it appears that today’s break below the trendline may lead to huge sell-offs. The ETH/USD pair has also crossed below the 50 SMA and the 21-day EMA, meaning we are descending into a deeper bearish zone.
If the pair breaks below the $430 support zone, it could trigger more declines towards the $415 support area.
Ripple continues yesterday’s highlighted decline, as the downside correction sees its value decline by 6 percent in the last 24 hours and 10 percent over the week.
XRP/USD has failed to make any upside moves and sees a series of lower lows from the July 8 $0.4880 swing high to today’s low of $0.441.
The XRP/USD pair has continued to decline and has broken below multiple support zones at $0.4750, $0.468, and $0.459.
The sharp decline has even seen the pair break below the 61.8% Fib retracement level from the previous wave at $0.4630 low to a $0.4880 swing high.
XRP currently trades at about $0.450 against the USD and is about 5 percent in the red over the day. The 100SMA is below the longer-term 200SMA to suggest that the pair will likely find the least resistance on a downtrend.
Current prices are trending close to a key demand zone at $0.445. If the sellers push it below this level, it will open up a new major support area at $0.432.
If the bulls reappear and rally, an upside could see it face resistance at $0.4630 and $0.480. XRP will likely rely on BTC picking up an uptrend before it sees an upside.
Bitcoin Cash (BCH)
Bitcoin Cash prices have declined further over the last 24 hours, losing about 8 percent against the US dollar. The BCH/USD pair is now trending double digits in the red over 7 days.
The pair has broken below the $730 support area and currently, is holding above $700. In the early trading hours, the coin touched a low of $688.
Even though it has since gained to climb back above the key support area, it remains weak and can dip below should the bears retake the initiative.
There’s a likelihood the crypto will correct lower due to weak support at the current demand zone.
BCH is trending into a bearish hold at the moment with the 100 SMA below the 200SMA on the hourly charts. The RSI is pointing downwards into oversold territory. Bulls must consolidate above $700 to see upsides materialize.
On the upside, should the bulls sustain momentum above current prices; the pair will run into resistance at $750 and $850.
A break above this is possible within the week and could open up a rally to $934. However, if selling pressure pushes it below the major support area at $700, then BCH/USD could decline to sink to support zones near $657.
Litecoin has dropped below yesterday’s prices above $80 after breaking out of the tight range that saw it trade between July 2 lows of $81 and high of $83.
The 6th ranked coin has seen its value drop by about 7 percent over the last 24 hours and about 12 percent over the last 7 days. The coin has shed about $5 from its price on July 9.
Litecoin prices declined to touch a low of $74.58 in the early Asian hours. it, however, recovered to reach a high of $80.56 before another decline took its prices tumbling below to the current levels around $76.
LTC/USD is currently trending below both moving averages and may thus experience further declines unless the buyers take initiative. The pair has broken below yesterday’s major support level and appears destined to hit below the $75 support level.
The technical picture for LTC/USD is trending towards the bearish zone. if the buyers continue staying on the fence, it could see its value drop to June 29 prices near $73.
On the other hand, the bulls must consolidate above $78 and break at the 50SMA and 100 hourly SMA, to sustain any recovery efforts.