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Bitcoin and XRP – Temporary Price Recovery Coming?

Yaron Mazor
Updated

Bitcoin price analysis

Bitcoin (BTC/USD) is consolidating above its key mid and long-term support levels. The current level has been successfully tested one time after the other, since November 2017. The leading cryptocurrency quarterly price average is about to cross its monthly price average from the upside towards the downside, suggesting a temporary price recovery.

{alt}
Bitcoin Daily Chart

  • Support levels:

Week: 6,200          Strong: 6,000                   Key: 5,800

  • Resistance levels:

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Week: 6,600          Strong: 6,800                   Key: 7,300

  • Average prices:

Month: 6,717                    Quarter: 6,744                  Year: 8,222

Bitcoin Cash price analysis

Bitcoin Cash (BCH/USD) has formed a strong price resistance level between 600 and 800 and keeps trading near year lows.

{alt}
Bitcoin Cash Daily Chart

  • Support levels:

Week: 400.0          Strong: 350.0                   Key: 280.0

  • Resistance levels:

Week: 460.0          Strong: 520.0                   Key: 650.0

  • Average prices:

Month: 519.29                  Quarter: 573.85                Year: 1028.80

Ethereum price analysis

Ethereum (ETH/USD) has formed a clear downward trend channel since May 2018 and has not been able to recover amid a lack of positive catalyst.

{alt}
Ethereum Daily Chart

  • Support levels:

Week: 170.0          Strong: 136.0                   Key: 100.0

  • Resistance levels:

Week: 210.0                     Strong: 240.0                   Key: 300.0

  • Average prices:

Month: 242.42                  Quarter: 299.05                Year: 598.74

Litecoin price analysis

Litecoin (LTC/USD) is still battling to hold its temporary fragile short-term support around the 50 mark with no technical recovery signs.

{alt}
Litecoin Daily Chart

  • Support levels:

Week: 45.00          Strong: 40.00                   Key: 35.00

  • Resistance levels:

Week: 56.00          Strong: 64.00                   Key: 70.00

  • Average prices:

Month: 58.68                    Quarter: 61.81                  Year: 126.94

XRP price analysis

XRP (XRP/USD) is steadily trading within a downward trend channel, however, it has been forming an inverted head and shoulder pattern that is cueing a possible price rebound.

{alt}
XRP Daily Chart

  • Support levels:

Week: 0.246          Strong: 0.200                   Key: 0.129

  • Resistance levels:

Week: 0.280          Strong: 0.310                   Key: 0.360

  • Average prices:

Month: 0.304                    Quarter: 0.334                  Year: 0.693

*Any views and opinions presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading.

This article was written by Yaron Mazor, a senior analyst at DX.Exchange 

This article was originally posted on FX Empire

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