The price of the Ripple reports a slight setback of 2.20%, the value is negotiated above $ 0.51.
- The price of the XRP made a good bullish move and was traded above the resistance of $ 0.5175 against the US dollar.
- A new uptrend line is being formed with support close to the $ 0.5180 level on the XRP / USD pair time chart.
- The pair can correct a few points below, but it is likely that the $ 0.5180 and $ 0.5175 will act as support.
The price of Ripple is moving upwards with a positive bias against the US dollar and Bitcoin. XRP / USD now stands well above the resistance converted to support at $ 0.5175.
Price trend of the Ripple
There were more realized gains above the $ 0.5000 level in the XRP price against the US dollar. The price made a good bullish move and managed to break a big hurdle near the $ 0.5175 level. It was even negotiated above the $ 0.5200 level and tested the resistance zone of $ 0.5500. At the moment, the price is well above the level of $ 0.5000 and the simple moving average of 100 hours.
The recent high was formed at $ 0.5537 before the price started a downward correction. It fell below the Fibonacci retracement level of 23.6% of the last tranche from the minimum of $ 0.4813 to the maximum of $ 0.5537. However, there are many downward supports around the $ 0.5200 level. A new bullish trend line is also being formed with support near the $ 0.5180 level in the hourly chart of the XRP / USD pair. The same trend line is close to the 50% retracement level of the last tranche, from the low of $ 0.4813 to the high of $ 0.5537.
More importantly, the previous resistance at $ 0.5175 can now act as support. On the positive side, the price has to move above the $ 0.5500 level to obtain a higher bullish momentum in the short term.
- MACD per hour: MACD for XRP / USD returns to the bearish zone.
- Hourly RSI (relative strength index): the RSI for XRP / USD moved down and is currently below level 50.
- Main support level – $ 0.5175
- Highest resistance level – $ 0.5500
Technical analysis of Bitcoin price Wednesday, April 4, 2018
The price of Bitcoin is negotiated above $ 7200, reporting a decrease of 2.66%.
- The price of Bitcoin has formed lower highs and found support of around $ 6500 to $ 7000 to create a descending triangle pattern.
- The price is bouncing on the support and could be due to a pullback to resistance of around $ 9000.
- The technical indicators, however, indicate that it could be due to a collapse.
The price of Bitcoin is being negotiated within a descending triangle and testing the support, and continues to decide whether it is going for a rebound or a break.
The 100 SMA is below the 200 SMA in the longer term to indicate that the path of least resistance is to the downside. This suggests that mass selling is more likely to be resumed than the reverse. In addition, moving averages could remain as short-term resistance levels in the event of a setback.
The stochastic is already indicating overbought conditions and could be due to a reversal. This would reflect an increase in sales pressure and possibly send a Bitcoin price below the triangle support. In that case, the price could fall approximately at the same height as the chart formation.
The price of Bitcoin had a decent start during the month and the quarter, but it seems that the bulls are having trouble keeping the gains. The appetite for risk was present in the last trading sessions, but the strength of the dollar is also at stake, as geopolitical risks decreased as trade tensions between the US cooled. UU And China.
Apparently, investors are taking advantage of the recent rebound as an opportunity to liquidate their holdings at a better price, while analysts predict that the price of Bitcoin could receive more visits in the coming months. On the other hand, seasonal data suggest that the price of Bitcoin tends to recover during the second quarter of the year, so there could be some benefits from here.
Meanwhile, US NFP data UU That they expire later in the week could also set the tone for the dollar’s stock and the feeling of risk in the financial markets, which also usually affect the direction of Bitcoin.