Ripple, Bitcoin price analysis Monday, April 9, 2018

The price of the Ripple reports a slight decline of 1.10%, positioning the value below $ 0.48.

Key points

  • The price of the XRP formed a key fund close to $ 0.4588 and moved higher against the US dollar.
  • There is an important uptrend line that is formed with a support of $ 0.5000 on the hourly chart of the XRP / USD pair.
  • The pair may continue to move higher and may even break the $ 0.5200 level in the short term.

The price of the XRP shows positive signs against the US dollar and Bitcoin. XRP / USD is currently above $ 0.5000 and it looks like it will break the $ 0.5200 level.

Analysis of the price of the Ripple

After a significant decline, there was strong buying interest above the $ 0.4500 level in the XRP price against the US dollar. The price formed a key fund close to $ 0.4588 and began an upward movement. He broke resistance levels of $ 0.4800 and $ 0.5000 to set the pace for more gains. During the rise, there was a break above the 38.2% retracement level in the last decline, from the minimum of $ 0.5538 to the minimum of $ 0.4588.

At the moment, the price is trading well above the $ 0.5000 level and the 100-hour simple moving average. However, it is struggling to break the 50% Fibonacci retracement level of the last decline, from the $ 0.5538 high to the low of $ 0.4588 to $ 0.5060-80. A break above $ 0.5080 could open the doors for a $ 0.5200 test. If buyers are still in action, there is even the possibility of a break above the $ 5200 level. The next hurdle above $ 0.5200 could be the fibonacci retracement level of 76.4% of the last decline from the high of $ 0.5538 up to the minimum of $ 0.4588.

On the downside, a large uptrend trend line is being formed with support at $ 0.5000 on the XRP / USD pair time chart. Therefore, any fall to the $ 0.5000 level remains compatible.

Technical indicators

  • MACD per hour: MACD for XRP / USD is now placed in the bullish zone.
  • Hourly RSI (relative strength index): the RSI for XRP / USD is now well above level 50.
  • Main support level: $ 0.5000
  • Higher resistance level – $ 0.5200

 

Bitcoin price analysis Monday, April 9, 2018

The price of Bitcoin reports a slight decline of 3.79%, positioning the value below $ 6800.

Highlights

  • The price of Bitcoin remains firm as it makes another attempt to test the double bottom of the neckline.
  • The price has also gone above the descending trend line that connects the latest highs to indicate that the bulls have the advantage.
  • Technical indicators, however, still suggest a possible return under bearish pressure.

The price of Bitcoin is showing more factors favoring the bulls, and a neckline test of the reversal pattern seems imminent.

Technical indicators

The 100 SMA is still below the SMA 200 in the longer term to indicate that the path of least resistance is downward. This means that the downward trend is more likely to resume than the reverse.

However, the price of Bitcoin has also broken beyond the dynamic inflection points of moving averages to reflect a rebound in the bullish momentum. It has also gone from a short-term downward trend line to indicate that buyers are in control.

From here, the price of Bitcoin could rise to double neck at the $ 7500 mark to possibly drive a stronger climb. A break beyond this resistance could mean a rise to the same height as the chart formation, which ranges from $ 6500 to $ 7500.

The stochastic is in motion to indicate the presence of bullish pressure, but the oscillator approaches the overbought levels to indicate possible depletion as well. If the resistance is maintained, another fund could be formed at $ 6500.

Market factors

Weakness of the dollar came into play towards the end of the previous week as risk taking continued while weak NFP data lowered expectations.

In addition, a change in the tone of the renowned operator George Soros with respect to Bitcoin also kept the industry on the rise. Soros Fund Management recently announced that the company had received permission to start selling cryptocurrencies in the coming months.

To add insult to injury, venture capital firm Venrock has partnered with Coinfund, a Brooklyn-based cryptocurrency firm, and also marked an important step forward and aims for the approval of cryptocurrencies in general.