Bitcoin breaks above $7,500 in a strong day for cryptocurrencies
On Thursday, after a day consolidating, the crypto sector made a deciding upward movement that broke the previous resistance levels, lead by the bullishness of Bitcoin that made 6.57% move, driving its prices above the $7500 level. The most bullish this journey were Cardano (+16.8%), Tezos (+15.1%), and Digibyte (+45.07%). On the Ethereum-token sector, HEDG (+8.11%), BAT (+7.64%), and LINK (+5.68%) are the best performers of the top capitalized tokens, with CS(+100%), and FSN (+76%) among the top performers overall.
The total crypto market cap is making a higher high as it went through the $209.11 billion and is not sitting at $214.95 billion, 5.72% higher than 24 hours ago. The traded volume also grew to $46.381 billion (+34.6%), and the dominance of Bitcoin moved up about one basis point, to the current 64.43%.
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Technical Analysis: Bitcoin
Bitcoin made a quite large bullish impulse on Thursday, depicting a large volume that drove its price to cross above $7,700 momentarily. Its retracement has always kept the price moving above the previous top of $7,454 made on April 7. The overextension of the price has been corrected in the subsequent candles.
The technical levels are also bullish, the price above its 50- and 200-period SMA, the action above the +1SD Bollinger line and the MACD bullish. Thus, this impulse has created an increasing bullish momentum that may continue driving BTC price upwards and challenge the $8,000 level.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
6,638 |
6,971 | 7,468 |
| 6,139 |
7,801 | |
|
5,308 | 8,632 |
Ethereum
Ethereum has also made a bullish candlestick, although not as upbeat as Bitcoin did. The price was rejected at $194 and went below the $190 level. On the chart, we see also that the recent high made an RSI divergence. Thus, although the technical aspects (MACD, price vs. Bollinger lines, moving averages) are bullish, it seems there is a limited price range to go. Hence, cautious traders must keep an eye on the price action at these levels and cover part of the positions, because, after about 45% appreciation in five weeks, it is likely that the asset could suffer a drawback.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
155.9 |
172 | 197 |
| 131.4 |
214.5 | |
| 89.9 |
256.1 |
Ripple
Ripple's impulsive movement made yesterday has drawn its price above the channel it was moving in. The action went up to $0.20, where it bounced back. Currently, it is making a consolidation to drive its price away from overbought levels. The volume during the large bullish candlestick was quite high, which may indicate that the interest of the buyers in this asset is back. The price moving above the 1SD Bollinger line and the MACD still firmly up shows that XRP is ready to challenge its last top of $0.205 made on April 07.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.1761 |
0.1867 | 0.1998 |
| 0.1630 |
0.2104 | |
| 0.1394 |
0.2343 |
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
