Bitcoin [BTC/USD] and XRP [XRP/USD] Technical Analysis: Bears grasp #1 as XRP set to soar

Bitcoin [BTC] has seen a slow downwards slope over the past few days, as the bears take control of the market. Investors are hoping for a bullish break soon, even as the price mostly moves sideways.

XRP, however, saw a huge 114% spike in price over the last week. After seeing a huge correction, it is now facing uncertainty regarding its next movement.

Bitcoin:

1 hour:

The Relative Strength Indicator is still in the oversold zone, showing a constant selling pressure on the coin.

There is a bullish sign on the Klinger Volume Oscillator, with a crossover on the uptrend of the oscillator.

The price is slated for a breakout as seen by the triangle forming between the $6150 – $6380 and $6630 – $6640 marks. The 20-period exponential moving average provides a resistance at $6470.

4 hour:

The MACD indicator is diverging downwards, with the MA crossing below the signal line. The histogram also hints at a more downward movement, as seen by the value being below 0.

The Awesome Oscillator is below zero, a sign of a bearish run. This is only strengthening, as evidenced by the bigger peaks.

The floor for the descending triangle is set at $6330-80, with the ceiling forming at the $6580 – $6490 downtrend. The 20-period WMA is providing a resistance at $6570.

1 day:

Bollinger Bands are reflecting a generally volatile price movement which is on the cusp of settling down as evidenced by the bands moving closer together.

The trend line at $6220 – $6430 and $7350 – $6720 are indicative of a breakout to occur soon. The EMA is providing a resistance at $6560.

The stochastic is showing a recovery from the overbought zone, which is generally considered to be a sell signal.

XRP:

1 hour:

The MACD is flashing a bullish signal as the MA crosses above the signal line. The histogram is also moving above 0.

$0.69 – $0.57 and $0.52 – $0.47 trends are creating a channel and setting up a channel indicative of a breakout. The 20-period MA at $0.47 is providing a resistance.

4 hour:

The $0.33 – $0.67 uptrend provides a parallel to the $0.32 – $0.44 one. This is set to cross over the $0.51 – $0.45 downtrend to indicate a breakout. The 20 period DEMA is at $0.50, again providing a resistance for the coin.

The Stochastic Momentum Index is flashing a buy signal as the line crosses over the signal. It is worth noting that the coin has been in the oversold range for quite some time.

1 day:

The $0.27 – $0.54 provides a key resistance to break as the $0.57 – $0.49 downtrend contests it. The downtrend is a continued one from the $0.68 mark.

The CMF indicator is below 0, which indicates that the selling pressure still has not eased up.

The ADL indicator is confirming the current downtrend and is recovering from a spike in volume seen over the period of the price hike.

Conclusion:

Bitcoin seems slated for another slide downwards. Indicators are flashing bearish signs as the price struggles to find momentum. The $6200 level may be tested before the next run, with the $6000 line holding strong as the last line of defense.

XRP, on the other hand, seems poised to soar as momentum slowly builds. Easing the selling pressure may help the coin’s case, and the recent drop may drive investors to average down.