Cryptocurrency market update: Major cryptos turn south toward the end of the week – FXStreet

Following a relatively quiet trading day on Saturday, major cryptocurrencies edged lower on Sunday. However, key resistance and support levels remain intact for the top-three cryptos, Bitcoin, Ripple and Ethereum.

Bitcoin rose above $11,000 on Saturday but lost its momentum after closing in on $11,200 (Fibonacci 38.2% retracement of July 21-August 18 uptrend) resistance. At the moment, BTC/USD is losing 2% on a daily basis at $10.863. On the down side, $10,800 (Fibonacci 50% retracement) aligns as the immediatesupport ahead of the 100-day SMA at $10,400. Unless Bitcoin recaptures $11,200, the modest bearish pressure is likely to remain intact in the near-term.

Bitcoin Price Analysis: BTC/USD erases Saturday's gains, returns to $11,000 area.

Ethereum is down nearly 4% on Sunday but remains on track to finish the week with small gains. The near-term outlook stays neutral-to-bearish with key$400 (psychological level/Fibonacci 50% retracement of early September drop) proving to be a tough resistance to break.$350 (Fibonacci 23.6% retracement) could be seen as the next target on the downside.

Ethereum Price Analysis: ETH/USD pares majority of weekly gains, trades near $370.

Ripple (XRP/USD) showed some signs of live on Saturday but failed to break above$0.2550 (Fibonacci 50% retracement of July-August rally). As of writing, XRP/USD was down 1.9% on the day at $0.2470. Although the recent price action doesn't reveal a significant buildup in bearish momentum, buyers are not likely to show interest unless the pair registers a daily close above $0.2550. Technical supports could be seen at $0.2400 (Fibonacci %61.8 retracement) and $0.2360 (100-day SMA).

Ripple Price Analysis: XRP/USD struggles to hold above $0.25.

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Cryptocurrency market update: Major cryptos turn south toward the end of the week - FXStreet