This is a daily analysis of the Coendesk analyst and rented market technician Omkar Godbole.
Bitcoin (BTC) The technical perspective has deteriorated in the last 24 hours, with the prices that fall below a key mobile average for the first time since April. This breakdown has left BTC at a disadvantage compared to the main tokens such as the ether (Eth)XRP and Solana .
BTC loses 100 days Sma
BTC has fallen more than 1% in the last 24 hours, reaching a minimum of $ 109,172 at one point.
In the process, cryptocurrency has been submerged convincingly below the single mobile average of 100 days (SMA)A widely tracked moment indicator and a support/resistance line, for the first time since April 22.
In addition, prices have crossed under the Ichimoku cloud, indicating a bearish change in the impulse.
The dual breakdown has reinforced the bearish technical perspective suggested by the recent violation of the trend line of ascending slope of the minimum of April and the consecutive negative impressions in the most duration MACD histogram. Taken together, the recent pattern resembles the February breakdown that prepared the stage for a deeper sale at $ 75K.
The next key level to take into account is $ 105,390, which is the fibonacci setback of 38.2% of the April-July demonstration, followed by the 200-day SMA at $ 100,928.
The Bulls must exceed the maximum of $ 117,416 created on August 22 to deny the doping technical configuration.
- Endurance: $ 111,592, $ 117,416, $ 120,000
- Support: $ 105,390, $ 100,928, $ 100,000.
XRP, ETH and SOL MAINTAIN
While Bitcoin has suffered double breakdown, XRP continues to operate above its 100 -day SMA. However, prices are “stuck in the cloud of Ichimoku”, which refers to Token is quoting within an area of uncertainty and consolidation in which neither bulls nor bears are willing to lead the price action. It suggests indecision and lack of a strong trend.
Meanwhile, Ether and Sol continue to operate above their respective 100 -day SMA and Ichimoku clouds. Therefore, a potential risk could see that ETH and Sol exceed BTC and XRP.
Read more: Mass options of $ 14.6b Bitcoin and Ether The expiration shows bitch for Bitcoins protection
