- Bitcoin saw a 2.44% price fall today as it straddles the $6,850 support.
- Ethereum dropped by a total of 4% as it drops into $170.
- Ripple fell by a total of 2.5% as it drops into $0.18.
- ChainLink dropped by 4.2% as it reaches support at $3.40.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Bitcoin has seen an interesting week of trading as it rebounded from the support at $6,600 last week. The support here was provided by a rising trend line and was bolstered by a .236 Fib Retracement level. After rebounding, it went on to break above $7,000 but fell short at $7,200 this weekend which caused the coin to roll over again.
The cryptocurrency has since dropped beneath $7,000 and is now trading back at the support provided by the rising trend line.
Short term prediction: NEUTRAL
Bitcoin is considered neutral at the moment, however, if it drops beneath the support line and falls below $6,600, the market would be considered as bearish in the short term.
Looking ahead, if the sellers push beneath $6,650, the first level of support lies at $6,612 (.236 Fib Retracement). Beneath this, support lies at $6,400, $6,200, and $6,085 (.382 Fib Retracement).
On the other side, if the buyers step in and push higher, the first level of resistance lies at $7,000. Above this, resistance lies at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400. If the bulls can break $7,400, higher resistance lies at $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).
The RSI is trading beneath the 50 line which indicates weak bearish momentum. If it continues to drop further beneath 50, we can expect Bitcoin to drop beneath $6,600.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Ethereum managed to increase as high as $191 this week where it met resistance at a bearish .618 Fibonacci Retracement level. More specifically, it was unable to break above resistance at $187 (1.618 Fibonacci Extension level). It rolled over from here to drop into support at $170.
Short term prediction: BULLISH/NEUTRAL
Etheruem is bullish right now after creating a fresh high for April. However, if it continues to fall and drops beneath $160 it would be considered neutral with a further drop beneath $150 turning the market bearish.
The first level of support lies at $167 (.236 Fib Retracement). Beneath this, support lies at $160, $152 (.382 Fib Retracement), and $140 (.5 Fib Retracement).
On the other side, if the bulls push higher, the first level of resistance lies at $176 (1.414 Fib Extension). Above this, resistance lies at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
The RSI is above 50 to show that the bulls are not willing to give up control of the market momentum which is a good sign for ETH.
Ripple Price Analysis
XRP/USD – Daily CHART – SHORT TERM
XRP rebounded from support at the rising trend line last week which allowed it to climb as high as $0.196 this weekend. However, we can see that it rolled over from here as it drops back into the support at $0.18 which is further bolstered by the rising support trend line.
Short term prediction: NEUTRAL
XRP remains neutral at this moment in time, however, if it was to break beneath $0.18 we could consider the market as bearish.
Beneath $0.18, the first level of support lies at $0.17 (.382 Fib Retracement). Beneath this, support lies at $0.159 (.5 Fib Retracement), $0.147 (.618 Fib Retracement), and $0.14.
On the other side, resistance is located at $0.19, $0.196, and $0.20. Above $0.20, higher resistance is found at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).
ChainLink Price Analysis
LINK/USD – Daily CHART – SHORT TERM
ChainLink has been on an absolute surge during April as it manages to rise toward the $3.70 level. It has since dropped lower but has managed to find support at $3.40, where lies the .236 Fibonacci Retracement level.
Short term prediction: Bullish
ChainLink remains bullish right now but must break $3.70 to continue this bull run. A break beneath $3.40 would turn it neutral with a further drop beneath $3.00 turning it bearish.
If the sellers break $3.40, support can be found at $3.20 and $3.13 (.382 Fib Retracement). Beneath this, support lies at $3.00, $2.91 (.5 Fib Retracement), and $2.69 (.618 Fib Retracement).
On the other hand, the first level of resistance lies at $3.66 and $3.70. Above this, resistance lies at $3.80, $4.00, and $4.13 (1.272 Fib Extension level). Additional resistance lies at $4.38 (1.414 Fib Extension) and $4.50.
The RSI is well above 50 to indicate the bulls dominate the market momentum.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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.