Bitcoin has been trading near the neckline for the past two days.
The bulls have been unable to complete the inverse head and shoulders pattern,
but they have not given up much ground either. This is a positive sign.
Both moving averages are flattening out, which suggests a change in trend.
If the BTC/USD pair climbs above $4,255, it will signal the formation of a short-term bottom.
Hence, we have recommended a buy in one of our earlier analyses. The pattern target on a break out of the inverse head and shoulders pattern is $5,500.
The bears have been defending the $167.32 mark for the past seven days.
If Ethereum breaks down of the uptrend line and the 20-day EMA, it can dip to the 50-day SMA at $120.
On the other hand, if the bulls break out of $167.32, the ETH/USD pair can rally to the next level of $225 and above it to $249.93.
Hence, traders can buy on a close above $167.32
Ripple has been trading in a tight range for the past few days. Both moving averages are flat and the RSI is close to the neutral zone, which suggests a balance between demand and supply.
The balance will shift in favor of the bulls when the XRP/USD pair rises above $0.4. Though the pattern target is $0.52205, the resistance line of the descending channel can act as a roadblock.
The digital currency will turn negative if it breaks below the support at $0.32615. Traders can initiate long positions