Breakdown

Bitcoin Cash has a breakdown as it falls from a high of $350 to a low of $250 on March 7. The market has remained in consolidation since after the breakdown. All the positive moves to breach the breakout level of $360 were dashed. The downtrend has broken important support levels like $306 and $270.

Today, Bitcoin is now trading and consolidating above $7,800 after a disappointing fall from the $9,200 resistance. The bulls have earlier attempted to breach the resistance at $9,200 before they were repelled. Now from the current support, will BTC continue its downward move? Yes, based on the previous price action. Nevertheless, at this moment, it is unlikely because BTC is already in the oversold region of the market.

Surprisingly, after an impressive upward move to a high of $64, the bears struck and a breakdown occurred. From a high of $64, the downward move extended to a low of $48. At the low of $48, the bulls pulled back above $50.

In the previous analysis, Ripple was in a period of consolidation above $0.24 for almost two weeks. On March 7, the consolidation was broken by the bears. Ripple fell to the low of $0.20 and resumed another round of sideways movement. Nevertheless, at the breakdown point of fall, the price reached the oversold region.

The bears have successfully defended the resistance levels, including $9,800, as the market drops to an $8,600 low. Further downward move or an upward move has been put on hold as Bitcoin resumes consolidation. The bears have not been able to push below $8,400. In the same vein, the bulls have not been able to push above $8,800. In other words, Bitcoin fluctuates between $8,400 and $8,800.

Today, Bitcoin is currently facing price rejection at the $10,000 resistance. Bitcoin has a price breakdown that resulted in the $9,290 low on February 19. The bulls embarked on another move to revisit or retest the $10,400 overhead resistance. The upward move was short-lived as the bulls were repelled at the $10,000 minor resistance.

After its impressive runs, Ethereum forms a range at the top of the chart. Ether fluctuates between $238 and $288 as indicated by the blue horizontal lines. The range that was formed included two tops.

Yesterday, the bulls failed to push the price above the minor resistance of $10,200. The resulting effect on Bitcoin was another downward move. Just 48 hours ago, BTC survived an earlier downward move where it failed to break above $10,400 overhead resistance. The bears succeeded in breaching the support levels of $10,200 and $9,800 but were stopped at $9,600.

The bulls and bears are at the moment undecided about the direction of price. The market has remained the same above $9,200 since January 28. From the price action, BTC fluctuates between $9,200 and $9,600. The price action is represented with small body candlesticks like Doji and Spinning tops. These candlesticks describe the indecision between buyers and sellers about the direction of price.