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Market Overview
The market has is currently taking a breather after it slashed off $13 billion in than 24 hours. In the same way last week’s gains were ignited by Ripple, the declines this weeks are also led by Ripple which has dropped massively from around $0.7 to the current $0.45. Bitcoin (BTC) is has also deflated considerably from $6,800 to the intraday lows of $6,363. Most of the top 20 cryptocurrencies are recording losses of 2% to 10% on the day. Similarly, the trend is reflected across the board.
Ethereum (ETH)
The recent pull up of Ethereum price was a welcome breather for the bulls who have been suffering under the dominance of the bears in the past two months. Since the lifeline support at $300 was broken, Ethereum has been exploring the levels to the bottom of the daily chart. Earlier this month, the digital asset witnessed declines below $170 forming a low at the swing low. The buyers have been intent on ensuring a comeback, however, they often lack the momentum to sustain upside retracement.
For instance, the upward movement experienced last saw ETH/USD brush shoulders with $250. However, the bulls could hold the ground and keep the trice at this level leading to lower corrections. There was a support established at $240 over the weekend but this support was shuttered yesterday. Several support areas have been broken at $230, $220 and $210.
On the contrary, the buyers defended the short-term support at $205 prevent a slide to the primary support at $200. At the time of analysis, ETH/USD has made a slight pullback but the upside is capped by the 50% Fib level with the last upward swing at $257.3 to a low of $168.50. The chart shows that the trend is still highly bearish. Besides the MACD is still dipping deeper into the negative zone. Nonetheless, the RSI is pulling back up from the oversold, which means that the bulls are fighting for entry. The broken support at $220 will hinder retracement towards $ the previous swing high.
Litecoin (LTC)
Litecoin price retreated on the bulls failure to overcome the resistance at $64. The price is currently trading within a short-term descending channel on the 15’ timeframe chart. The declines come in the wake of an uptrend ignited in the mid-last week. From the support at $51 Litecoin was unstoppable above $60. Nevertheless, the price stalled short-off $64 as the trend turned bearish.
The crypto has been unable to clear the trendline resistance while the weak support at $58 battled to prevent declines on Monday but the bulls’ efforts went unrewarded. At the time of press, LTC/USD has found a balance at $54. Likewise, it is trading at $55 but the 50 simple moving average is limiting gains at $56. The trendline resistance is still a significant hurdle that must be broken to ensure that a break towards $60 occurs in the near-term.
Odyssey (OCN)
Odyssey is trading within an ascending channel as it defies the bear trend in the market. The bullish trend has been sustained since the first week of September. The swings that have been common in the market have not affected Odyssey, at least not as bad as it has with other cryptocurrencies.
In the interim, OCN/USD is trading at $0.00589 after it failed to sustain the recoil above $0.006. The hourly 50SMA provided support at $0.0055. A stronger support is highlighted the trendline support. In addition, $0.0050 is another key support area.
The Relative Strength Index is advancing towards the overbought while the MACD has maintained above the mean since September to show that the buyers have the grip. Moreover, OCN/USD is likely to continue breaking barriers on the upside.
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