Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) Analysis, Slow But Steady Surge In Prices Continues

Yaz Sheikh Price Analysis PublishedApril 26, 2020 | ModifiedApril 26, 2020

Ripple vs ethereum
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Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) Analysis, Slow But Steady Surge In Prices Continues

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

BTC/USD. Source: TradingView
  • 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

ETH/USD. Source: TradingView
  • 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

XRP/USD. Source: TradingView
  • 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.

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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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