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A downside dip began on the BTC/USD pair from its $7,447 monthly high. The price tested the $7k to $7.1k key demand area, having returned to the upside recently.
Yesterday saw significant upswings over two barrier levels ($7k and $7.2k). Having cleared the $7.4k level, it was however can reach the $7.5k mark. While the pair broke the $7.2k support zone buyers protected the demand area between $7k and $7.1k and maintained over the 100 hourly SMA.
The price has since swang to the upside over $7.2k. There is the formation of a key buying trend line on the pair’s hourly chart with support of close to $7.2k. If it can sustain a price surge over $7.4k, a $7,447 high is possible. The next key barrier stands at around $7.5k. Clearing this could raise the possibility of approaching the $7.8k and $8k barrier levels.
Switching to the downside, several supports are observable, starting with $7.2k. The likelihood points to the pair maintaining prices over $7.2k and $7.1k in the short term.
The key support is presently rising close to $7,080, beneath which sellers could focus on testing the $7k support and the 100 hourly simple moving average. Further declines and the pair will be moving towards the $6.9k breakout area.
XRP/USD Pair Price Analysis
The XRP/USD pair experienced a downside retracement from the $0.2050 barrier. The price tested the $0.1900 support zone and it is now moving towards $0.2000.
The pair experienced strong gains in the previous day over hurdles at $0.1880 and $0.1950. The pair surged past $0.2000, but not over the $0.2025 hurdle zone.
Two attempts thanks to a bullish run to move over $0.2050 resistance failed, causing a retracement from the $0.2055 swing high. The pair moved beneath the $0.2000 support zone, but not below the 100 hourly SMA.
An hourly chart shows a main barrier formation near the $0.2000 level. Besides, there is the formation of a main declining trend line with the barrier close to $0.2000.
A successful crossing over the $0.2000 resistance (daily) may spur a huge upsurge. The immediate barrier is close to $0.2050, over which the buyers could focus on two levels ($0.2120 and $0.2150).
If the pair strives to surge over the $0.2000 barrier, a lowering price correction may kick in. The first support is close to $0.1920. The key support area is close to $0.1900 and $0.1880. The 100 hourly simple moving average is close to $0.1880 to offer support. More dips may come in if the daily close is below the $0.1880 support.