This is a sunny review of CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin’s (BTC) The technical perspective has deteriorated over the past 24 hours, with prices decreasing below an average move for the first time since April. This breakdown left BTC in a disadvantage compared to major tokens such as Ether (Et)XRP, and Solana .
BTC has lost 100-day SMA
BTC dropped by more than 1% in the past 24 hours, hitting a low $ 109,172 at one point.
In the process, cryptocurrency convinces to sink below 100-day simple moving average (SMA)A widely monitored indicator of momentum and support/resistance line, at the first time from April 22th.
Plus, prices crossed under the cloud of Ichimoku, indicating a bearish shift to momentum.
Dual breakdown is bolstered The technical bearish perspective The recent violation of the upward trend suggested from April lows and subsequent negative copies to the longer duration of the MacD histogram. Taken, the recent pattern looks like the February breakdown setting the stage for a deeper sale-off up to $ 75k.
The next key level to guard the $ 105,390, which is the 38.2% fibonacci retracement of the April-July rally, followed by the 200-day SMA at $ 100,928.
The Bulls will have to overcome the lower $ 117,416 created on August 22 to neglect the technical scheme.
- Resistance: $ 111,592, $ 117,416, $ 120,000
- Support: $ 105,390, $ 100,928, $ 100,000.
XRP, ETH and SOL HOLD GROUND
While Bitcoin suffered from dual damage, the XRP continued to trade above the 100-day SMA. However, prices are “stuck to the Ichimoku cloud,” in which the token traded within a zone of uncertainty and integration where the bulls or bears are willing to rule out price action. It suggests anesthesia and lack of a strong trend.
Meanwhile, Ether and Sol continue to trade above their 100-day SMAs and Ichimoku clouds. Therefore, a potential risk can see both ETH and SOL Outperform BTC and XRP.
Read more: Massive $ 14.6b bitcoin and ether options expiry show bias for bitcoin protection
