Bitcoin (BTC) dropped like a stone after a failed attempt to clear the local resistance created by 1-hour SMA100 at $11,650. At the time of writing, BTC/USD is changing hands at $11,460 and the downside momentum is gaining traction. The coin has lost over 2.5% since the start of the day, more sell-off ahead, unless the price manages to recover above $11,500 (upper line of 30-min Bollinger Band) in the nearest future.
Ethereum’s ETH stopped the sell-off on approach to $387.00. At the time of writing, ETH/USD is changing hands at $391.00, down over 4% since the start of the day. Notably, the second-largest digital asset has been moving in sync with the market, mostly influenced by Bitcoin’s bearish move that took the first cryptocurrency below $11,500.
Ripple’s XRP tested the intraday low of $0.2800 amid major sell-off on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.2811, down 2.6% since the start of the day. On the intraday chart, the local resistance is created by 1-hour SMA100 on approach to $0.2840. Once it is out of the way, the upside is likely to gain traction with the next focus on a combination of 1-hour SMA50 and the middle line of the 1-hour Bollinger Band at $0.2860. This barrier stopped XRP’s recovery earlier during the day.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.