The price of the Ripple reports an increase of 22.55% opening the day of Friday the 13th, this achieves that the value of the XRP is positioned above the $ 0.63 of the bullish day.
- The price of the expansive XRP had a solid bullish movement and was negotiated above the resistance of $ 0.5500 and $ 0.6000 against the US dollar.
- There is a short-term contraction triangle that is formed with a resistance of $ 0.6300 in the hourly chart of the XRP / USD pair.
- The pair can correct downward in the short term towards $ 0.6100 or $ 0.6000 before resuming its uptrend.
The price of Ripple rose more and broke many barriers against the US dollar and Bitcoin. XRP / USD is now very well above $ 0.6000 and is looking for more profits.
Analysis of the price of XRP
Finally, a solid bullish wave started from well below $ 0.5000 in the price of the XRP against the US dollar. The price gained bullish momentum and moved above resistance levels of $ 0.5000 and $ 0.5500. The move up was very strong and buyers succeeded in pushing the price above the $ 0.6000 level. A maximum was formed at $ 0.6667 before the price started a short-term correction.
It fell below the Fibonacci retracement level of 23.6% of the last wave from the low of $ 0.5569 to the high of $ 0.6667. However, the downward movement was contained by the support area of $ 0.61000. In addition, the 50% retracement level of the last wave Fibonacci from the minimum of $ 0.5569 to the high of $ 0.6667 also acted as support. For the time being, there seems to be a short-term hiring triangle that is formed with a $ 0.6300 resistance on the XRP / USD pair time chart. The pair can trade in a range above the support of $ 0.6100 before making the next move.
A break above the $ 0.630 level could open the doors for a bullish move above $ 0.6500. Beyond $ 0.6500, the price may continue to move higher and may even break the $ 0.6600 level.
- MACD per hour: the MACD for XRP / USD is slowly reducing its upward slope
- Hourly RSI (relative strength index): the RSI for XRP / USD is currently being corrected lower towards level 60.
- Main support level – $ 0.6100
- Highest resistance level – $ 0.6300
Technical analysis of Bitcoin
The price of Bitcoin reports an increase of 14.99%, positioning the value above $ 8035 at the time of writing this analysis.
- The price of Bitcoin gained more traction in its rebound at the bottom of its descending triangle.
- This also represents an upward break in the formation of the symmetric triangle in its short-term graphs.
- This could lead to a movement to the resistance and the area of interest.
The price of Bitcoin has its sights set on the next potential resistance near the $ 10,000 mark since the bulls are back in action.
The 100 SMA is below the 200 SMA in the longer term within the 4 hour time frame to indicate that the path of least resistance is down. In other words, the sell-off could still be resumed from here, unless the Bitcoin price is able to complete a strong bullish break from the dynamic inflection point of 200 SMA.
Once that happens, the Bitcoin price could test the near inflection point at 38.2% Fibonacci around $ 8500 or 50% Fib at $ 9122. The 61.8% Fib is aligned with the triangular resistance near $ 10,000 , which is also a key area of interest.
The stochastic points up to show that buyers still have enough energy to drive more profits, but RSI is already indicating overbought conditions to show that sellers could take over. In that case, another test of the triangle’s support or perhaps a minor rupture could occur. Note that the chart pattern ranges from $ 6,500 to $ 13,000, so the resulting breakout could be the same size.
The expiration of the tax filing deadline was seen as one of the main factors that caused the Bitcoin price to start the week with a pessimistic tone and now that profit taking is almost over, Bitcoin could resume its operations with fundamentals. . Apart from that, investors seem to have renewed their appetite for risk lately.
The news that large investor families like George Soros are gaining a share in the cryptocurrency market have been optimistic for Bitcoin and its peers. This could mean an influx of funds that compensates for the expected decline in activity derived from the recent bans on ICO’s advertising and cryptocurrency activities in India and Pakistan.
Technical analysis of Ethereum
The price of the Ethereum reports an increase of 17% raising the value above $ 512 dollars.
- The price of ETH rose sharply and exceeded the resistance level of $ 480 against the US dollar.
- There is an important uptrend line that is formed with support at $ 440 on the ETH / USD hourly chart.
- The pair is still in an uptrend and is likely to move above $ 495-500 to get more gains in the short term.
The price of Ethereum is rising sharply against the US dollar and Bitcoin. ETH / USD is now well above the pivotal level of $ 440 and looks above $ 500.
Analysis of the Ethereum price
Yesterday, we saw a decent start to a bullish move above $ 425 in ETH price against the US dollar. The price gained momentum upward and managed to break a pivotal pivotal level at $ 440. He paved the way for more profit and the price soared above the $ 480 level. He even drilled the $ 500 level and exchanged as high as $ 503.34. At the moment, the price is consolidating gains above the $ 480 level.
Recently it fell below the Fibonacci retracement level of 23.6% of the last wave, from the low of $ 450 to $ 503 high. However, the downward correction was limited by the support area of $ 480-484. In addition, the Fibonacci retracement level of 38.2% of the last wave from the minimum of $ 450 to $ 503 of high acted as support. It seems that there is a solid support that is formed above the $ 480 level. It is also forming an important uptrend line with support at $ 440 on the ETH / USD hourly chart.
Therefore, it seems that the price is very well above $ 480 and is preparing to get more advantages. An adequate closing above the $ 500 level could open the doors for more profits. If there is a downward correction of the current levels, it is likely that the resistances broken at $ 480 and $ 440 will provide support.
- MACD per hour: the MACD is very well located in the bullish zone.
- RSI per hour: the RSI is currently close to level 70.
- Main support level: $ 480
- Higher resistance level: $ 500