- BTC/USD not able to break through key resistances now turns bearish.
- LTC/USD now trading close to major supports with an improved technical setup.
We described a scenario of a bearish acceleration initiated during yesterday’s Asian session. That move, which was confirmed just minutes later, happened at the same time that a spike in the EUR/USD. We still can’t conclude there’s a direct relation between both events, but our currency analysts are working on it.
Today we see the continuation of the bearish action as the most probable scenario, with the main Cryptocurrencies trading around congested areas, so sequences of quick movements should follow regular consolidation trading.
The price projections point to next weekend as the potentially most volatile time coming up, as price action should approach key levels.
BTC/USD 4H chart
 (1)-636560223639844393.png)
BTC/USD is trading around $10580, a congestion level where the price got stuck on several occasions during February. It doesn’t seem that such level will be the end of the current bearish movement, as we see price heading down to $10200, $9980 and $9500.
MACD in the Bitcoin 4-hour chart is showing a perfect representation of what occured yesterday, with an opening that shows the bearish acceleration movement. The indicator is moving slightly below the 0 line and is proposing a bearish continuation for the upcoming periods.
On the other hand, Directional Movement Index shows a clear edge for the sellers, that have not been able to separate themselves from the ADX line. That diminishes the potential for the bearish action. Buyers are still diminishing, following the general trend, but they react pretty quickly to any bullish attempt.
LTC/USD 1H chart
 (1)-636560223975499343.png)
Litecoin continued the Bitcoin bearish movement, although with a straighter movement, avoiding any stops until the current level of $191.83. That’s just where another trendline has been touched, starting at the same lows of February 17th that the prior trendline that used to rule LTC price action.
If the current support is lost, LTC/USD might quickly fall down to $169.7, an important level that precedes $144, the ultimate target for the bears.
MACD in the Litecoin 1-hour chart has not decelerated as in the BTC case, as the bearish movement has been more lineal, with barely any volatility that opens up the indicator.
Directional Movement Index is indeed showing here a pretty important increase in the sellers, together with a spike in the ADX. That is the confirmation of the trend strength, supporting continuity in the current action.
XRP/USD 1H chart
 (1)-636560224314262492.png)
The Ripple chart is all over the place. XRP has a different outlook than the prior Cryptos, presenting a very inconclusive formation that reflects the confusion around the XRP/USD market. Ripple’s ability to capitalize on good news is seriously in doubt, as lots of the reports crossing the wires are potential applications for the Ripple’s platform technology but don’t impact the token.
Actually, Ripple seems completely detached from Bitcoin or Litecoin’s price action and is just following another path. The technicals show indecision and doubts surrounding the asset, so it will be crucial to see once the next Crypto bullish leg is reached, XRP can join the party and get back on track. If not, bulls might be in serious trouble.
MACD in the Ripple chart is still in positive territory, with the average and the signal laying above 0. That is positive for the asset, and we should track if Ripple might be the one giving the bullish signal eventually.
Directional Movement Index shows as well a certain equilibrium, not without doubts, with a certain bearish trend. This is a setup that supports a less-bearish scenario than other Cryptocurrencies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.