Bitcoin’s spectacular movement to levels slightly below $11,000 has astonishingly hit the pause button. As discussed yesterday, the weekend session was enviable with Bitcoin breaking above the 50 Simple Moving Average (SMA) and the 100 SMA one-hour. Consequently, the break above $10,400 hurdle opened the door for gains above $10,700. This completed the leg from the former resistance at $10,200.
Ripple bears have returned in the market, this time with a precise intention; to revenge. This comes after a failed attempt to sustain gains above $0.2900. Following remarkable movement from the acute declines experienced last week, a high was formed at $0.2928.
At press time, Ripple is caught up in a bearish wave that risk breaking the bearish flag support. Besides, the price has corrected below the moving averages including the 50 Simple Moving Average (SMA), the 100 SMA and the 100 Exponential Moving Average (EMA).
Ethereum Classic is visibly the leading cryptocurrency among the top 20 cryptos. The $661 million crypto soared massively on Tuesday. The gains brighten the crypto market that is already a sea of red. Bitcoin continues to drag the major altcoins down following the failed attempt to correct above $11,000.
Ethereum Classic, on the other hand, is trading at $5.88 after a shallow correction from the highs achieved at $6.19. Prior to the remarkable movement, ETC was in consolidation within a range between $5.4 and $5.7. The declines that dominated the market last week found support at $5.3 allowing for a reversal.