TradingView’s aggregated blend of technical indicators suggests Bitcoin, Ethereum and XRP will not move in lockstep in the near term.
The top social network for traders uses a variety of measures including moving averages, oscillators and pivots to gauge the strength and trajectories of top crypto assets.
At time of publishing, Bitcoin (BTC) has a “buy” rating on the 1-day, 1-week and 1-month timeframes.
In comparison, Ethereum (ETH) is a mixed bag, with a “sell” rating on the 1-day, and a “buy” on the 1-week and 1-month.
XRP fares the worst, labeled a “sell” rating on the 1-day and 1-week, with a “strong sell” on the 1-month timeframe.
Cryptocurrency trader and analyst Josh Rager says Bitcoin is showing signs that it may have hit a short-term ceiling at $9,550. He says BTC will have to move back above $9,550 to resume an upward trend.
“There’s the breakdown and bounce in low $9,000’s. Nice wick, watching for a close back above $9,550 If not, then likely a sign that this was a local top.”
After seeing Bitcoin break below the $9,400 mark in the last 24 hours, analyst Tone Vays says he’s expecting BTC to trend lower.
“Based on the 4-hour chart, what’s the likely area of Bitcoin support? It’s in this vicinity of $8,900. You have a setup trendline and you have the prior area of the breakout.”
Bitcoin is down 4.11% at time of publishing at $9,269 according to CoinMarketCap. Ethereum is down 4.44% at $193.84 and XRP is down 2.89% at $0.1974.