Cryptocurrency Market Update: Bearish correction takes over after a string of bullish days

• BTC/USD is about to chart the golden cross pattern.
• XRP/USD is trending inside the green Ichimoku cloud.

ETH/BTC daily chart

ETH/BTC went down from 0.0221 to 0.0219 following four straight bullish days. Current, ETH/BTC has encountered resistance at the SMA 20 curve. The MACD has reversed from a long period of bearish dominance to bullish. 

ETH/BTC has two resistance levels on the upside at 0.02248 and 0.023. On the downside, there are three healthy support levels at 0.0218, SMA 200 and 0.0212.

BTC/USD daily chart

BTC/USD dropped from $9,725,85 to $9,627.55  as the bears took charge after three straight bullish days. The SMA 50 is looking to cross above the SMA 200 and form the highly bullish golden cross pattern. The MACD shows sustained bearish momentum, while the Elliott Oscillator has had two straight red sessions.

There are two resistance levels for the bulls to overcome at $9,811.50 and $10,004.35. On the downside, the price has strong support at $9,338.25 and $8,810.

ETH/USD daily chart

ETH/USD fell from $214.75 to $211.85 in the early hours of Tuesday. The MACD shows that the market momentum is about to reverse from bearish to bullish. The 20-day Bollinger jaw is narrowing, which shows decreasing price volatility.

ETH/USD bulls need to overcome resistance at $224.75. On the downside, there are healthy support levels at $203.40, SMA 20, $187,70 and SMA 50.

XRP/USD daily chart

XRP/USD has dropped from $0.2053 to $0.2030, as the price dropped back into the green Ichimoku cloud. The Elliott Oscillator shows a red session, following three consecutive green sessions. The bulls face strong resistance at $0.2124 and $0.224. On the downside, there are two healthy support levels at $0.1966 and $0.182.
 

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