Bitcoin is definitely running into resistance. After the 50-day EMA smacked it down around $113,621 yesterday, we're now hanging out near $108,500 this morning.
Remember that good bounce we had on Monday? We picked up about 4% after finding support right at the 61.8% Fibonacci retracement (that was at $106,453) over the weekend. But Tuesday saw a 2% dip after the 50-day EMA at $113,606 rejected the rally. Today, we’re sitting at $108,100.
My Take on BTC: If we keep correcting, I’m watching that $106,453 level very closely. A solid close below the 61.8% Fib could trigger a slide down past the October 10 low of $102,000. The only way up is if we can close above the rising trendline; that would put the 50-day EMA at $113,608 back in play.
Ethereum (ETH) is Getting Weaker
Ethereum still looks weak. It’s trading below $4,151 and has been rejected at key levels. We dropped over 4% last week, hitting resistance at the $4,232 daily high, and then fell another 3% through Tuesday. Right now, ETH is hovering around $3,847.
My Take on ETH: If the selling continues, I think we're heading toward the 61.8% Fibonacci retracement at $3,593, which also happens to be where the 200-day EMA is lurking. That's a huge support level. To turn things around, we need a clean rebound to retest that daily resistance at $4,232.
XRP is Testing Support
XRP is nearing a critical support level. We lost more than 5% last week after running into resistance at the bottom trendline of a falling wedge pattern. We did pop above the daily barrier at $2.35 on Monday, but then gave back about 3% the next day. Today, we're around $2.41, meaning we're almost touching the key support.
My Take on XRP: The big level to watch is $2.35. If we close below that, I expect more correction, with the next major support way down at $1.96. The optimistic scenario is a bounce that takes us back toward the 50-day EMA near $2.72
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