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BTC Dominance

Technical analysis
BITCOIN (BTC), ETHEREUM (ETH), AND RIPPLE (XRP) reacting at Critical Level. Time to buy the dip?
in Technical analysis
Reading Time: 5min read

As the price of the major Cryptocurrencies plunges during the trading hours of Monday, prices are now at a critical demand area. The demand area that skyrocketed the price of Bitcoin to reach the all-time high is where the price is now at. Should we be looking forward to seeing another strong push from this demand area?

As it can be seen on the 4hr chart below, the price of BTC is still above the 200EMA, which is a good sign for buyers. With price testing back at the demand area (the green circled area), buy orders might have been filled as the price jumped up from this area and likely rise to the previous $42k high. 

Bitcoin is now trading at $35k above the $30K low that was reached during the trading hours of yesterday. 

Ethereum on the other hand was few points away from the all-time high before the price took a dive to the next demand area. The demand area that pushed price up to the highest point in two years, $1,352, just got tested again during the trading hours of Monday. Price has jumped from this area and looking ready to reach the recent high or to the all-time high area. With the current momentum, and it's not even the active trading hours yet, the price of ETH might reach an all-time high or above. ETH is now trading at $1094 above yesterday's low of $911. 

With the price of ETH presently trading above the 200 EMA, long-term holders shouldn't be worried because bulls are still in control and more upward movement is very possible.

Ripple also dived as other cryptocurrencies plunge during trading hours of Monday. Ripple has suffered some losses in the past few weeks is now recovering from the crash as it gained last week as other cryptos soar. The price of Ripple now doing what other cryptos are doing might come to gather momentum as it is reacting from a critical demand area. The price of Ripple that reached a daily low of $0.25 during the trading hours of Monday, is now trading at $0.28. 

This might be the best time to add more positions or buy more cryptos as the market just gave a massive discount at the beginning of the week. 

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Tobi Ismail

Tobi is a full time day/swing trader with 3 years’ experience in the currency and commodity market. He is interested in cryptocurrencies in combination to the current financial system. Tobi holds a bachelor's degree in Agriculture.

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