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Bitcoin Keeps Up Momentum
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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.
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.
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.