Cryptocurrency market update: Major cryptos remain on track to post weekly gains
- Bitcoin stays directionless below $7,000 for second straight day.
- Ethereum stays in narrow trading range below $150.
- Ripple registers small daily losses, looks to snap 6-day winning streak.
After fluctuating in tight ranges on Saturday, major cryptocurrencies continue to have a difficult time making a decisive move in either direction on Sunday. Nevertheless, the biggest three cryptocurrencies with regards to market capitalization remain on track to post weekly gains.
Top-three coins price overview
Bitcoin (BTC/USD) has gone into a consolidation phase after testing the $7,250 handle last Thursday. As of writing, the pair was up more than 15% on the week but was down 1.3% on a daily basis. Supports for the pair could be seen at $6,600 (Fibonacci 50% retracement of mid-March fall) ahead of $6,350 (20-day SMA) and $6,000 (Fibonacci 38.2% retracement/psychological level). On the upside, resistances align at $7,250 (Fibonacci 61.8% retracement), 7,650 (50-day SMA) and $8,170 (100-day SMA/200-day SMA).
Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high) and $173 (200-day SMA). On the downside, supports could be seen at $137 (Apr. 3 low) and $126.50 (Fibonacci 23.6% retracement).
Ripple (XRP/USD) closed the previous six days of the week in the positive territory and was last seen erasing 0.6% on a daily basis on Sunday. For the week, the pair is up 10.9% around $0.1807. Near-term resistances align at $0.1875 (Mar. 27 high/Apr. 2high) and $0.2000 (psychological level). Supports, on the other hand, could be seen at $0.1620 (Fibonacci 38.2% retracement of mid-March fall) and $0.1420 (Fibonacci 23.6% retracement).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
