At the moment, the cryptocurrencies Bitcoin, Ethereum and Ripple are holding themselves sideways and seem to be reluctant to move. However, all three cryptocurrencies mentioned are still above their support levels. Where will the journey go? In the cryptoscene, Google’s search queries for cryptocurrency trends have declined during the recent downturn. However, experts believe that the trend towards cryptocurrencies will not be interrupted. The technology behind it alone is very interesting for many people.
Bitcoin is currently above its support at $9,200. At the moment, it is also above the downward trend from January and has rising lows. This is usually a good indication that the price could rise further. However, the general weakness of the cryptocurrencies is to be enjoyed with caution. Bitcoin must absolutely stay above its support. If BTC/USD falls below its downtrend, this is more likely to be a clear sale, and then further price losses are to be feared.
At Ethereum we have a similar situation. ETH/USD is currently keeping above its support, but below its downward trend. What gives cause for concern are the falling highs. This means that the peaks within the day are lower than the previous day. Such a situation usually indicates that there are currently few buyers on the market. Like Bitcoin, Ethereum according to chart technique should be treated with caution. Here too, a further slide in the brand would signal a sale.
Even the third-largest cryptocurrency, the Ripple, is not immune to the general situation and remains at a very low level. In addition, the litigation between Ripple and R3 Holdco was initially negative for Ripple. Here too, it remains to be seen what happens next. If the creeping downward trend persists, we will soon see Ripple at 0.62 dollars.