This is an analysis analysis of the Coendesk analyst and rented market technician Omkar Godbole.
Alternative cryptocurrencies generally move together with Bitcoin But the magnitude of its price changes often differs.
Take the XRP focused on payments as an example. Since July, each rise in Bitcoin has activated manifestations in XRP; However, XRP has constantly produced “lower”. There is a lower maximum when a price peak is lower than the previous one, which indicates weakening the purchase pressure.
This persistent pattern of lower maximums in XRP, together with the new Bitcoin maximums, points out the underlying weakness in the XRP impulse, a less conviction between XRP buyers compared to BTC. It suggests that XRP can be vulnerable to the most clear losses during Bitcoin setbacks.
Bitcoin embarked on a strong demonstration at the end of September, reaching a new maximum of more than $ 126,000 on Monday. XRP also saw purchase interests, but its increase reached a maximum of $ 3.10, well below its maximum of September of $ 3.19.
XRP had formed a similar maximum in mid -August, when Bitcoin rose to its maximum time of all $ 124,000.
This lower series of maximums in XRP since July, which occurs against the horizontal support zone of $ 2.65– $ 2.70, suggests weakening the buyer’s strength.
In other words, with each lowest high, the probability that XRP breaks under this support zone and potentially triggers a deeper sales sale to $ 2.00 increases.
Prices must exceed the last lower lower of $ 3.10 with high volumes to invalidate the bearish configuration.
That said, from now on, the weekly MACD histogram, a key indicator to evaluate the resistance to trend and potential reversions, supports the bassist perspective. He crossed below the zero line last month and is now producing progressively deeper bars below zero, which indicates strengthening the impulse down.
