Johan Tomasson, senior analyst at dagx.live trading platform, said that Ripple (XRP) plummeted and triggered his stop loss suggested in his previous analysis. It is currently trying to find support at the trendline of the symmetrical triangle. If this support holds, the bulls will again try to propel it above the resistance line of the triangle, thinks Tomasson from dagx.live.
However, if the XRP/USD pair breaks down of the triangle, it will turn negative. Currently, the 20-day EMA has started to turn down and the RSI has dipped below 50. This suggests that the bears have the advantage in the near term. A drop below $0.35660 will turn the trend in favor of bears, said Tomasson.
Bitcoin cash (BCH) plunged and broke below both the moving averages, according to the Johan Tomasson price analysis. Currently, the bulls are attempting to push it back above the 20-day EMA. If the price rises above the 20-day EMA, it can move up to $515.35, thinks the dagx.live’s senior analyst. On the upside, the zone between $515.45 and the resistance line of the channel will act as a strong barrier.
Conversely, if the bears sink the BCH/USD pair back below the 50-day SMA, it can correct to the support line of the channel. A breakdown of this support will indicate a change in trend. The 20-day EMA is flattening out and the RSI is just above 50, which suggests a balance between bulls and bears. Tomasson from dagx.live will wait for a buy setup to form before recommending a long position in it.