This is a daily analysis of Coindesk analyst and the approved market technician Omkar Godbole.
Bitcoin (BTC) The technical perspectives have deteriorated in the last 24 hours, the prices falling below a key mobile average for the first time since April. This ventilation left BTC to a disadvantage compared to the main tokens such as ether (Eth)XRP and Solana .
BTC loses 100 days SMA
BTC fell by more than 1% in the past 24 hours, reaching a hollow of $ 109,172 at a given time.
In the process, the cryptocurrency has plunged convincingly below the 100-day simple mobile average (SMA)A widely followed momentum indicator and a support / resistance line, for the first time since April 22.
In addition, prices have crossed the cloud of Ichimoku, indicating a lower change in the momentum.
The double distribution has strengthened the technical lowering prospects suggested by the recent violation of the line of trend to research upwards in April and the consecutive negative impressions on the MacD histogram of longer Desture. Overall, the recent model resembles the February ventilation which prepared the land for a deeper sale at $ 75,000.
The following key level to monitor is $ 105,390, which is the Fibonacci’s retrace of 38.2% of the April-July rally, followed by the 200-day SMA at $ 100,928.
The Bulls must overcome the lower summit of $ 117,416 created on August 22 to cancel the downward technical configuration.
- Resistance: $ 111,592, $ 117,416, $ 120,000
- Support: $ 105,390, $ 100,928, $ 100,000.
XRP, ETH and Sol Hold Ground
While Bitcoin suffered the double distribution, XRP continues to negotiate above its SMA at 100 days. However, prices are “stuck in the Ichimoku cloud”, which makes the token are negotiating in an area of uncertainty and consolidation where neither the bulls nor the bear are ready to carry out prices. He suggests indecision and the lack of a strong trend.
Meanwhile, Ether and Sol continue to negotiate over their respective clouds of respective Smas and Ichimoku. Therefore, a potential risk could see both eth and ground surpass BTC and XRP.
Read more: Massive expiration of $ 14.6 billion on Bitcoin and Ether options displays prejudices for Bitcoin protection
