Cryptocurrency market update: Major cryptos trade in tight ranges on Saturday
- Bitcoin stays below $7,000 after renewing multi-week highs on Thursday.
- Ethereum struggles to find direction, trades in upper half of trading range.
- Ripple posts modest gains after closing previous five days in positive territory.
Major cryptocurrencies are staying relatively quiet on Saturday and struggle to break out of their daily trading ranges amid a lack of significant catalysts.
Top-three coins price overview
Bitcoin (BTC/USD) climbed to its highest level since March 13th at $7,250 on Thursday but lost its momentum as the Fibonacci 61.8% retracement of the mid-March fall formed a stiff resistance at that level. After closing the day little changed on Friday, the pair continues to move sideways below $7,000 on Saturday. On the downside, $6,600 (Fibonacci 50% retracement) aligns as the initial support ahead of $6,250 (20-day SMA) and $6,000 (Fibonacci 38.2% retracement/psychological level). Resistances, on the other hand, could be seen at $7,250, 7,650 (50-day SMA) and $8,170 (100-day SMA/200-day SMA).
Ethereum (ETH/USD) advanced to a fresh two-week high of $150.70 on Thursday and had gone into a consolidation phase. As of writing, the pair was up 1.3% on a daily basis at $143. With a weekly close above $150 (Fibonacci 38.2% retracement of mid-March drop), the pair could target $153.50 (Mar. 20 high). The 200-day SMA at $173 is the key resistance for the pair in the near-term. Supports are located at $137 (Apr. 3 low) and $126.50 (Fibonacci 23.6% retracement).
After finding support near $0.16 at the start of the week, Ripple (XRP/USD) gained traction and closed the last five days in the positive territory and gained more than 10% during the period. However, the pair seems to be having a difficult time preserving its bullish momentum as it trades in a tight range above the $0.18 mark. On the upside, the initial hurdle aligns at $0.1875 (Mar. 27 high/Apr. 2high) ahead of $0.2000 (psychological level). Near-term supports for the pair could be seen at $0.1620 (Fibonacci 38.2% retracement of mid-March drop) and $0.1420 (Fibonacci 23.6% retracement of mid-March drop).
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.
