ETH grabs spotlight as BTC, XRP consider retracement

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4 hour XRP / USD chart



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  • Bitcoin price shows an in-game correction after the MRI flashes a red “one” cycle high signal.
  • Ethereum shows a strong continuation of the trend while the rest of the market suffers a slight pullback.
  • Ripple is facing the retracement of Wednesday’s trading session and is expected to continue until support is retested to $ 1.56.

The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which reached new all-time highs. On the other hand, the Ripple price faced an abrupt halt as investors began to take profits.

While the pioneering crypto and remittances token struggles to maintain its optimism, the smart contracts token shows no signs of stopping.

Bitcoin lacks momentum despite exiting a bullish pattern

Bitcoin price action since March 15 has produced three distinctive swing lows known as the inverted head-and-shoulder pattern. This configuration contains a central hollow called the head, while the other two of comparable depth are known as shoulders.

The highs of those peaks saw a $ 60,100 cleavage sell off, which was successfully breached on April 13, signaling a 16% rise to $ 69,860. This target is determined by measuring the depth of the head and adding it to the break point.

While technical formation is bullish, the Momentum Reversal Indicator (MRI) reversal signal in the form of a red “one” candlestick on the 4 hour chart has discouraged the advance.

A potential spike in buying pressure could end the sell and restart the upward movement towards the target of $ 69,860.

If bullish momentum persists beyond this point, investors can expect the price of Bitcoin to reach the 127.2% Fibonacci extension level at $ 70,779.

4 hour BTC / USD chart.

Regardless of the optimism, if the retracement produces a decisive close below the previous all-time high of $ 61,788, it would significantly deter buyers from placing orders.

However, a breakdown of the cleavage at $ 60,100 would invalidate the bearish thesis and trigger a 5.4% drop to $ 56,791.

Ethereum price continues its reckless ascent

The price of Ethereum has jumped nearly 25% since it erupted from a symmetrical triangle on April 1. This technical formation contains ETH stuck between two converging trend lines resulting in lower highs and lows.

The setup target is determined by measuring the distance between the up and down pivot and adding it to the break point at $ 1,863. Unlike Bitcoin, ETH bulls ignored the recently generated red “one” reversal signal from the MRI.

Additionally, the IRM also produced a C extension, which paints an overextension of the bullish rally on the 6 hour chart.

While these signs indicate that a retracement is near, buyers could push the smart contracts token to a new all-time high at $ 2,546 before allowing a full retracement.

6 hour ETH / USD chart

If investors fail to support the price of Ethereum, then it is obvious that a retracement will ensue. In such a case, an 11% sell off to $ 2,177, coinciding with the MRI breakline, is likely.

Ripple buyers record profits, sending XRP price plummeting

The price of XRP has moved from one bullish technical formation to another, dropping from $ 0.63 to almost $ 2. Such a hyperbolic move, though impressive, encountered a blockade in Wednesday’s trading session that resulted in a sudden 20% wick towards the crucial demand barrier at $ 1.56.

The price of XRP appears to have recouped almost all of the losses, but the fear of a pullback has not yet subsided. Additionally, the IRM also flashed a red “A” candlestick, suggesting that the Ripple price has exceeded its rally.

If sellers continue to book profit, the XRP price may initially drop 9% to the immediate support level at $ 1.56. If that barrier is crossed, the transfer token could sell nearly 15% to MRI’s State Trend Support and reach $ 1.33.

4 hour XRP / USD chart

On the contrary, if the buyers make a comeback, the price of XRP could bounce off the IRM breakline at $ 1.66 and head again to test its recent highs at $ 1.97 and maybe even 2. .07, coinciding with the 161.8% Fibonacci extension level.

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