Key market updates:
- Bitcoin has now seen a 6 price increase over the past 7-days as it rebounds from $6,840 and reaches the $7,676 level.
- Ethereum witnessed an 8% price surge as it edges close to $200.
- Ripple increased by a small 1.6% as it continues to struggle to break $0.20.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
- Market Overview
At the start of the week, Bitcoin rebounded from support at $6,840 which was provided by a rising support trend line. After rebounding, we can see that Bitcoin went on to break the strong resistance at $7,200 and $7,400 in quick succession as it reached the resistance at $7,600, provided by a 100-days EMA.
In today’s trading session, we can see that Bitcoin rose further higher above the 100-days EMA as it tests resistance at $7,676 (1.618 Fib Extension – pink).
- Short term prediction: BULLISH
Bitcoin is now considered to be bullish after breaking the April high at $7,400. For this market to turn neutral, it would need to drop back beneath $7,400. A further drop beneath $6,800 would turn Bitcoin bearish.
If the bulls continue to break the resistance at $7,676, higher resistance is located at $7,877 (1.272 Fib Extension). Above this, resistance lies at $8,000 and $8,073, which is provided by a bearish .786 Fib Retracement – measured from the March high to low.
If the buyers continue to push higher, added resistance lies at $8,200, $8,430 (1.618 Fib Extension), and $8,600 (bearish .886 Fib Retracement).
On the other side, if the sellers step in and push lower, support can be located at $7,600 (100-days EMA), $7,400, $7,200, and $7,000.
The RSI is well above 50 to show the bulls are in complete control of the market momentum.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
- Market Overview
Ethereum was trading at support provided by the 100-days EMA at $170 toward the start of the week. It rebounded fro here as it started to push higher. In today’s trading session, ETH broke above resistance at $191 (bearish .618 Fib Retracement) to reach the current resistance at $198.
- Short term prediction: BULLISH
Ethereum remains bullish at this moment in time. It would need to drop beneath $180 to turn neutral with a further drop beneath $150 turning it bearish.
If the buyers can break the resistance at $198, the first level of higher resistance lies at $200. Above this, resistance is located at $208 (1.414 Fib Extension), $218 (bearish .786 Fib Retracement), and $223 (1.618 Fib Extension). If the buyers continue to drive higher, resistance lies at $235 (bearish .886 Fib Retracement), and $250.
On the other side, if the sellers push lower, the first level of support lies at $190. Beneath this, support can be expected at $180, $170 (100-days EMA), and $160.
The RSI is rising further from the 50 level to indicate that the bullish momentum is increasing
Ripple Price Analysis
XRP/USD – Daily CHART – SHORT TERM
- Market Overview
XRP started this week by dropping into the $0.18 level. It found support here at a rising trend line and went on to rebound higher. However, the cryptocurrency continues to remain trapped by resistance at the bearish .382 Fib Retracement level at the $0.20 level.
- Short term prediction: NEUTRAL
As XRP remains stuck at $0.20 the market can be considered as neutral. It would need to break above $0.20 to turn bullish. If it was to fall beneath $0.18, the market would be considered as bearish.
If the buyers push higher, the first level of resistance lies at $0.20. Above this lies resistance at $0.206 (100-days EMA) and $0.2116. If the bulls continue to drive further beyond $0.22, resistance lies at $0.229 (bearish .5 Fib Retracement), $0.24, and $0.257 (bearish .618 Fib Retracement).
Alternatively, if the sellers push lower, the first level of support lies at the rising trend line. Beneath this, support is located at $0.184 (.236 Fib Retracement), $0.18, and $0.17 (.382 Fib Retracement).
The RSI is above 50 to show weak bullish momentum.
