- All the major cryptocurrencies are trading in the red on Thursday.
The daily Bitcoin chart remains in a downtrend, however, the bears haven’t seen a lot of action either. The RSI is almost oversold and could help the bulls in the short term. The MACD is still bearish but any decent move to the upside can change the indicator quickly. There is a lot of support at the 9,231, the low on June 17 and 8,899, the daily low. Buyers can find more support at 8,637 and $8,105, the low of May 10. Besides the daily EMAs, bulls are facing a tough resistance level at $10,000.
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XRP/USD is trading lower with the chart structure looking pretty bearish. There is a trendline that needs to break if the bears are to take charge but it is not the strongest as it has only two touches. If 0.18 breaks to the downside, The price is also trading under the 200 and 55 moving averages which adds to the bearish woes. The technical indicators are also looking bearish. The Relative Strength Index is under the 50 line and nearly in the oversold area. The MACD histogram is under the zero line in the red and signal lines are also under the mid-point, so it seems all signs are lower.
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Litecoin – There is a head and shoulders pattern that has emerged on the hourly chart which could send the price lower. But stopping this there is also a stubborn support level at 43.50 which the bears need to crack. To add it the bearish woes the price is also trading below the 55 and 200 moving averages. For the bearishness to be confirmed the black trendline at the bottom of the chart will also need to be taken out. Looking at the technical indicators the MACD and the Relative Strength Index are also looking bearish.
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