- The crpyto supports a break in the midst of peaceful Easter discussions.
- Ripple surpasses the first 3 most traded coins.
The no of the world. 1 digital coin, Bitcoin, continues to trade around 0.6850 before the weekly closing. Ethereum and Ripple also maintain their recent trading range amid the Easter exchanges. Ripple, however, outperforms the top 3 most traded digital assets. The total market capitalization of the top 20 cryptocurrencies now stands at $ 198.85 billion, according to CoinMarketCap.
The first three pieces could probably resume Friday’s corrective slide, the FXStreet influence detection tool suggesting key technical levels to watch for in the coming week.
BTC / USD: remains vulnerable despite lack of healthy support levels
Amidst a tug of war between bulls and bears so far this Easter, Bitcoin is likely to face immediate resistance at 6883, at the confluence of the upper Bollinger band on the 15-minute chart, SMA 10 4H and previous high 1H. Above, a next minor obstacle awaits around 6950, where the Fib 38.2% 1D and the Bollinger band 1H Upper coincide.
The buying interest will intensify above the latter, with the strong resistance to 7026 back in play. The barrier is the confluence of the pivot point 1D R1 and Fib 61.8% 1W.
That said, the downside seems more convincing in a lack of substantial levels. Immediate support is aligned at 6741, the lowest of the previous week and the Pivot 1D S2 point.
Failure to resist above the 6740 area will expose the next support at 6527, Pivot Point 1 Week S1.
ETH / USD: bearish bias remains intact under 158.58
At the current level of 157.80, any further upward attempt in Ethereum should face stiff resistance at 158.58, a group of Fib 38.2% 1D, SMA50 4H and SMA50 1H.
Only a sustained movement above this level would boost the recovery momentum after Friday’s sale.
On the downside, the next support is Fib 61.8% 1W at 153.88 below which a test of Fib 38.2% 1M at 152.24 is probably on the cards.
XRP / USD: 0.1963 is the level to beat for bulls
Ripple is on track to conquer the target of the near-symmetrical triangle pattern of 0.1960, which also marks the key obstacle for bulls. This level represents Fib 61.8% 1M.
On its way to this goal, a minor resistance at 0.1943 must be removed, the intersection of Fib 38.2% 1W and SMA50 1D.
All withdrawals will probably remain superficial, as a number of support levels are cumulated, with the immediate level observed at 0.1900, the Fib intersection 38.2% 1D and SMA50 4H. A break below the last would require a test of 0.1883, where the Fib 61.8% 1W and 1D meet.
If sellers regain full control below it, a test of solid support from the previous year’s low at 0.1754 will be inevitable.
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