- The crytpo bears raise their ugly heads as we progress towards weekly closing.
- Bitcoin outperforms over the week when compared to the top 3 widely traded coins.
The world’s no. 1 digital coin, Bitcoin, has caught a fresh bid-wave and surrendered the 6k barrier yet again, as we head towards the weekly closing. Ethereum and Ripple also yielded into the broad crypto sell-off this Sunday, with the former emerging as the main laggard amongst the top 3 most dominantly traded digital assets. The total market capitalization of the top 20 cryptocurrencies now stands at $170.05 billion, as cited by CoinMarketCap.
The top three coins could likely resume Friday’s decline, with the FXStreet’s Confluence Detector tool suggesting key technical levels to watch out, as we step into a fresh week ahead.
BTC/USD: Bulls remain hopeful amid healthy support levels
With the sellers back in action, Bitcoin is likely to face the immediate resistance at 6191, the midline of Bollinger Band on 4-hour chart. Further north, 6255, the confluence of Fib 61.8% 1D and SMA5 4h, is likely to challenge the recovery attempts.
The coin will accelerate its recovery momentum once the above resistance is cleared, as the buyers will target Fib 23.6% 1W aligned at 6383.
Having said that, to the downside, the immediate support is now seen at 5871, the confluence of SMA5 1D and Previous Low 1 Day.
A failure to resist the latter will expose the strong support at 5743, Pivot Point 1 Month S3.
ETH/USD: Bearish bias intact while below 134
Having reversed sharply, Ethereum has breached the Fib 23.6% 1D support located at 129.0, with the downside now opening up towards Friday’s low of 115.80 amid a lack of significant support levels to cap the declines.
The recovery attempts will continue to face stiff resistance near the 134 area, where the SMA5 1H, Fib 61.8% 1D, Fib 38.2% 1W and SMA5 4H intersect.
Therefore, sell the bounce could emerge as the ideal theme for trading ETH/USD in the coming days, as explained here.
XRP/USD: 0.16 still remains elusive as bears have their way out
Ripple respected the rising channel breakdown and reached the pattern target at 0.1523, with the further downside still in play, in absence of strong support levels. The 0.1500 psychological level could be tested en-route the next barrier seen at 0.1469, Fib 61.8% 1W.
The coin will target the Pivot Point 1 Month S2 at 0.1452 should the bulls succumb to the bearish pressure.
Alternatively, the bulls will have to chew the offers at 0.1582 in order to re-attempt the 0.16 handle. Any substantial recovery will regain traction only on a daily closing above the latter.
See all the cryptocurrency technical levels.
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.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.