Price Analysis of XRP/USD and BCH/USD
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Price Analysis of XRP/USD and BCH/USD

January 28, 2020      Sandeep Kumar Mishra

The performance of XRP was such that its price declined beneath the neckline of the inverted head and shoulders (H&S) pattern while the buyers were able to defend the 50-day SMA at $0.21. On January 26, the price was returned to over the neckline, suggesting buying at lower levels.

Nevertheless, the rebound is being resisted at $0.2326. The turning down of the price from the levels at the moment is going to strengthen the sellers to try to take the price beneath the 50-day SMA and the support at $0.20041.

The pair could consolidate for some days if the support level holds. The moving averages are flat while the RSI is over 50 level thereby suggesting actions within a range.

However, a successful push of the price over $0.2326 could bring forth a move to $0.25401. The ability of the price to surge pass this level could lead to an extension of the rally towards $0.31503.

As for BCH against the USD, there was a sharp rally within the previous two days and the price was able to break out of the overhead barrier at $360. It is positive for the pair because it reveals the use of the latest correction beneath $306.78 in building long positions.

The moving averages are sloping up while the RSI is near the overbought zone, suggesting that buyers are now in control.

Traders should focus $403.88 on the upside. A push in price over this level could bring on a rally to $480. The bullish perspective will not hold following the turning down of the price and a break beneath $296.13.

 

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Sandeep Kumar Mishra
Sandeep Kumar Mishra

Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.