<img height="1" width="1" style="display:none" src="https://q.quora.com/_/ad/f36e97ab990e4ac69c2734d14b05a7cc/pixel?tag=ViewContent&amp;noscript=1">

Blog > Industry > Articles

Bitcoin Keeps Up Momentum

Bitcoin has continued to range this past week, while Ethereum caught a leg up and XRP broke down before a bounce. Read on for our latest crypto market analysis.
bitcoin moving up

Table of Contents

Bitcoin has continued to range this past week, while Ethereum caught a leg up and XRP broke down before a bounce. Read on for our latest crypto market analysis.

Bitcoin goes for another test

In our previous crypto market recap, we saw Bitcoin (BTC) make a move up to 4,054 USD before retracing down to the 0.618 Fibonacci level at 3,943 USD.

After a period of consolidation, BTC fell through the 200MA support on the 1-hour chart down to 3,860 USD. A bullish divergence formation (green arrow) led to a double bottom (red line) in this range, before BTC rallied back up 5.3% for another resistance test in the low-4,000 USD range.

On the 4-hour chart, BTC appears to be forming an ascending channel.

With this bullish momentum, pay attention to how BTC interacts with the support and resistance levels of this ascending channel.

BTC’s daily chart hasn’t changed much in terms of outlook. Despite the bullish undertone, BTC’s movements from a macro perspective are still leaning bearish.

At the moment, BTC is consolidating within a triangular pennant. As we inch closer to the apex, it’ll be important to watch for a high-volume breakout in either direction.

Start trading Bitcoin

Ethereum pushes up

Similar to Bitcoin, Ethereum (ETH) formed a double bottom with bullish divergence at 131.85 USD before making a 7.8% upward move to 141.75 USD – a previous resistance level from mid-March.

In terms of horizontal support, a key ETH level to watch out for is 150 USD. A break of this previous support-turned-resistance would be a bullish movement that could serve as the catalyst for a retest of the 165 USD level.

Trade Ethereum

XRP breaks then bounces

After nearly two months of consolidation, XRP has finally broken out of its symmetrical triangle to the downside.

After the initial breakdown, XRP attempted to retest the support line in the 0.31 USD range. Unfortunately, XRP was emphatically rejected.

What followed was a sustained 12% sell-off over the course of three days with a long wick down to the 0.275 USD area, which was likely triggered by cascading stop loss orders.

Since the sell-off, XRP has rebounded back up to USD 0.3088.

Trade XRP

Share this article

  • Share on Twitter
  • Share on Facebook
  • Share on LinkedIN
  • Share on Telegram
  • Share Link

Related Articles

March 14, 2021

Future of Cross-Border Payments: Blockchain...

Remittance is a term you would hear a lot in today’s global economy. The remittance economy refers to cross-border...
June 21, 2021

What is Central Bank Digital Currency (CBDC)?

Central Bank Digital Currency or CBDC has been a hot topic in the crypto world for quite some time, with several...
March 23, 2022

Genie NFT Sweeper Will Change The Way You...

Buying NFTs in a bundle can also save a lot of gas fees. Each transaction on a regular platform would incur separate...