- 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).
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.