Originally published by AxiTrader
Hot Topics:
* South Korea to relax cryptocurrency restrictions
* Japan extends crypto-exchange regulations to prevent another Coincheck situation
* Class-action lawsuit launched against Ripple
* Major market making company Virtu says will launch market making activities in (Bitcoin) once it is more regulated
What are the charts saying?
The cryptocurrencies are under pressure. Bitcoin failed again at the major resistance level at $10,000 and lost momentum. Furthermore, the daily chart shows a negative RSI divergence, another hint that the cryptocurrency is likely to test $8650 support in the near-term. BTC bulls need that level to hold, otherwise a further correction to at least $7500 could follow.
Ethereum broke below the major trendline support from the April low. A daily close below that line + support at $700 would signal a correction to at least $600. The failure to hold gains above $800 resistance and negative RSI divergence on the daily are further signals that the ETH rally might be over in the short-term.
Ripple is holding relatively well, considering the negative news around it in the recent 7 days. Nevertheless, trader should keep an eye on the triangle pattern on the daily. A clear break below it and $0.80 support would signal a move to at least $0.65.
