BTC seems more bearish every day

0
8
12 hour ETH / BTC chart


  • The price of Bitcoin is shaping two bearish patterns, so choose your poison.
  • Ethereum price weakens to new highs, but bullish outlook remains unchanged.
  • XRP prices rise due to buying tsunami, but consolidation is presumed.

The cryptocurrency market’s rally from late March lows has lifted the complex above the $ 2 trillion threshold, with Bitcoin still accounting for over 50% despite lackluster price action. The rebound was more generous for ETH bulls and exceptionally for XRP speculators.

Bitcoin price continues to climb with rallies of around $ 60,000

Two weeks ago, BTC appeared to be shaping an ascending wedge pattern that required at least a marginal high and a test of the 3.618 Fibonacci extension of the 2017-2018 bear market before activating. However, over the past few days, the bellwether digital currency has set an upper head-and-shoulder pattern with the neckline going through $ 54,750, just above the twelve-hour simple moving average (SMA) of 100.

Support starts at the March low of $ 50,305, followed by the February low of $ 43,016. A drop of this magnitude would place the Relative Strength Index (RSI) in an oversold condition, creating the necessary reset for the bull market that began in 2020.

12 hour BTC / USD chart

Even though BTC bounces from the 100 twelve-hour SMA at $ 54,288, as it did in March and January of this year, it doesn’t rule out the most important rising wedge pattern. Bitcoin will need to overcome the upper trendline of the corner before traders can aggressively renew their engagement.

High Ethereum price not confirmed by momentum index

Ethereum is struggling to maintain the new record price hit on April 2 as steady consolidation gave way to selling pressure today. The breakout of the symmetrical triangle on March 31 remains live, but there is still a possibility that ETH will have a return to the upper trendline of the triangle. Traders need to be patient and give the smart contract giant the opportunity to prove itself.

The upside targets include the 1.382 Fibonacci extension of the February correction to $ 2,327, followed by the extension level of 1.618 to $ 2,504.

12 hour ETH / USD chart

For traders who consider ETH to be wavering because BTC has not printed a new high, they may be interested to know that the Ethereum price broke earlier in the month from a double bottom pattern against Bitcoin’s price action.

12 hour ETH / BTC chart

If the selling pressure accelerates, ETH should find support on the uptrend triangle line. If the price fails to reach these levels, the March low of $ 1,545.77 will quickly be in play.

XRP price woke the bulls

These two days have been explosive for Ripple as the digital token has climbed 90% in the first three days of this week, and incredibly, it’s the best 3-day gain since December 2017. The impulse move in XRP, Supported by positive elements Developments in the SEC case against Ripple executives, erased the massive resistance area between $ 0.60 and $ 0.80 and tagged not only the 0.236 Fibonacci retracement of the 2018-2020 bear market , but also the psychological importance of $ 1.00.

A consolidation that hovers around $ 1.00 is the ideal scenario, but a breakout test above $ 0.80 is a possibility. As long as XRP remains above support, the bullish momentum should continue in the long term, pending any further bearish in the case of the SEC.

XRP / USD Daily Chart

XRP / USD Daily Chart

If the SEC case turns sour and XRP dips back into the $ 0.60 to $ 0.80 range, all bets are off for the Cross Border Money Transfer token and traders return to trading the range. .

LEAVE A REPLY

Please enter your comment!
Please enter your name here