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Bitcoin Twinge Sends Wobble Through the Crypto Market
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It's been an interesting week for big cap cryptocurrencies, with Bitcoin suddenly spluttering and Ethereum following suit, while XRP sung to its own tune.
Bitcoin (BTC) spent most of the past week consolidating between 3,830 and 3,870 USD in a 1.25% range.
On March 14, there was a large spike up to 3,899 USD, with a subsequent dump down to 3,870 USD. BTC’s sudden volatile move had an effect on the whole market.
Whatever the cause, BTC resumed its consolidation pattern shortly after.
Ethereum looks for support
Ethereum (ETH) has a similar chart to BTC over the past week.
After a bullish move up to 134.25 USD, ETH retraced down to the 0.5 Fibonacci level at 130.80 USD, where it found a strong support multiple time before the big spike.
Over the course of the week, ETH formed a bullish divergence between price action and RSI – a continuous retest of the 130.80 USD support level with an ascending RSI.
As a result, ETH has broken to the upside and is eyeing a retest of 134.25 USD resistance level.
On the 4-hour chart, ETH is clearly consolidating into a tight range, which suggests a larger move may be imminent.
Since hitting its local high of 165 USD on the 4-hour chart, ETH has retraced down to the 0.618 Fibonacci level before testing the 0.382 resistance level.
At the moment, ETH is attempting to break both the 200-day moving average (green line) as well as the 0.5 Fibonacci level.
If ETH is unable to find support above these two key levels, we could see a retest of the support level at 125 USD once again.
XRP approaches apex
XRP has been doing it’s own thing lately.
Unlike BTC and ETH, which both saw large bullish candles on March 12, XRP had a delayed reaction and did not flip bullish until the following day.
Compared to BTC and ETH, XRP also retraced a much larger percentage of its initial move up, and ended the week consolidating into a very tight 0.75% range.
XRP has now managed to break out from its market structure with successive bullish candles on the 15-minute chart, so it’ll be interesting to see if XRP can maintain the buy volume going into the weekend.
At the moment, XRP’s 4-hour chart shows that it is still trading within the giant symmetrical triangle that has been forming since late February.
Looking at this market structure, it’s clear that the apex is quickly approaching, and a big move for XRP is on the horizon.