Bitcoin Suffers Technical Setback, Loses 100-Day Average as XRP, ETH and SOL Hold Ground

2 hours ago

This is simply a regular investigation by CoinDesk expert and Chartered Market Technician Omkar Godbole.

Bitcoin's (BTC) method outlook has deteriorated implicit the past 24 hours, with prices dropping beneath a cardinal moving mean for the archetypal clip since April. This breakdown has near BTC astatine a disadvantage compared to large tokens specified arsenic Ether (ETH), XRP, and Solana (SOL).

BTC loses 100-day SMA

BTC has dropped implicit 1% successful the past 24 hours, hitting a debased of $109,172 astatine 1 point.

In the process, the cryptocurrency has convincingly dipped beneath the 100-day elemental moving mean (SMA), a wide tracked momentum indicator and support/resistance line, for the archetypal clip since April 22.

Further, prices person crossed beneath the Ichimoku cloud, indicating a bearish displacement successful momentum.

The dual breakdown has bolstered the bearish method outlook suggested by the caller usurpation of the upward-sloping trendline from the April lows and the consecutive antagonistic prints connected the longer-duration MACD histogram. Taken together, the caller signifier looks akin to the February breakdown that acceptable the signifier for a deeper sell-off to $75K.

BTC's regular chart. (TradingView/CoinDesk)

The adjacent cardinal level to ticker retired for is $105,390, which is the 38.2% Fibonacci retracement of the April-July rally, followed by the 200-day SMA astatine $100,928.

The bulls request to flooded the little precocious of $117,416 created connected Aug. 22 to negate the bearish method setup.

Resistance: $111,592, $117,416, $120,000
Support: $105,390, $100,928, $100,000.

XRP, ETH and SOL clasp ground

While bitcoin has suffered the dual breakdown, XRP continues to commercialized supra its 100-day SMA. However, prices are "stuck successful the Ichimoku cloud," whichmeans the token is trading wrong a portion of uncertainty and consolidation wherever neither bulls nor bears are consenting to pb the terms action. It suggests indecision and deficiency of a beardown trend.

Meanwhile, ether and SOL proceed to commercialized supra their respective 100-day SMAs and Ichimoku clouds. Therefore, a imaginable risk-on could spot some ETH and SOL outperform BTC and XRP.