Cryptocurrency market update: Bitcoin, Ethereum and Ripple get ready the weekend action

  • Major cryptocurrencies extend consolidation ranges amid high volatility across the board.
  • Stellar and Chainlink remain bullish on Friday in the European session.

Bitcoin has remained relatively unchanged from the time the price prediction was published. Besides, the entire market is lethargic and showing signs of longer consolidation periods. The few conspicuous cryptos in the green are Stellar (XLM) and Chainlink (LINK).

Bitcoin market update

Bitcoin is struggling to hold above $9,100 (short-term week support). The buyers are looking forward to breaking above $9,200. However, the prevailing selling pressure coupled with the high volatility suggests that Bitcoin is likely to trend towards $9,000.

Meanwhile, Bitcoin is trading at $9,110 and battling the resistance at the 50 Simple Moving Average (SMA) on one-hour chart. The 100 SMA together with the descending trendline is in line to limit movement as well.

BTC/USD one-hour chart

Ethereum market update

Ethereum, on the other hand, is working hard to stay above $180. Despite the high volatility levels, the price has only managed to touch highs of $183.28 and lows of $180.65. This shows that bulls are present and only hat they lack a catalyst or a technical breakout to push Ether to higher levels.

The one-hour chart shows support emanating from the ascending trendline. Like Bitcoin, Ethereum is in consolidation ahead of the weekend session.

ETH/USD one-hour chart

Ripple market update

Ripple is also stuck in a narrow range between $0.29 and $0.30. The upside is capped by the 50 SMA on the 2-hour chart. Moreover, rapid movements can be expected on either side as the Relative Strength Index (RSI) is moving horizontally beneath 50. The 61.8% Fib retracement level continues to offer support. The risk of approaching $0.25 support is quite high.

XRP/USD one-hour chart

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