Technical analysis of the XRP, ETH, BTC, BCH price Friday, May 4, 2018

The price of Ripple reports an increase of 5.80%, raising the price above $ 0.88%.

Highlights

  • The price of the XRP struggled to move above the resistance levels of $ 0.8900 and $ 0.9000 and moved down against the US dollar.
  • There is a large ascending channel that is formed with support at $ 0.8600 on the hourly chart of the XRP / USD pair.
  • The pair should stay above the support level of $ 0.8600 to avoid further short-term problems.

The price of the XRP is being corrected downwards against the US dollar and Bitcoin. XRP / USD should stay above $ 0.8600 to stay in a positive zone for more profit.

Price trend of the XRP

There was an impulse above the level of $ 0.8800 in the price of the XRP against the US dollar. The price gained traction and was marketed towards the level of $ 0.9000. However, sellers could defend the $ 0.8900 and $ 0.9000 levels. A short-term maximum of $ 0.8900 was formed before the price started a downward correction. It moved down and traded below the Fibonacci retracement level of 23.6% of the last wave from the low of $ 0.7815 to the high of $ 0.8900.

However, there is a crucial support waiting to close near the $ 0.8600 level. A large upstream channel is also being formed with support at $ 0.8600 on the hourly chart of the XRP / USD pair. If the pair can not maintain channel support, it could decrease further towards the $ 0.8400 level. In addition, the 100-hour simple moving average may perhaps act as a support near $ 0.8450. Finally, the last major support is close to the 50% Fibonacci retracement level of the last wave, from the low of $ 0.7815 to the maximum of $ 0.8900 at $ 0.8360.

Looking at the chart, the pair is struggling to maintain channel support at $ 0.8600-0.8620. Therefore, there is a risk of an extended correction towards $ 0.8400. On the other hand, a break above the levels of $ 0.8800 and $ 0.8900 can eliminate the bearish pressure.

Technical indicators

  • MACD per hour: MACD for XRP / USD is now in the bullish zone.
  • SRS per hour (Relative strength index): the RSI for XRP / USD has moved below level 50.
  • Main support level: $ 0.8600
  • Higher resistance level – $ 0.8900

Technical analysis of Ethereum

The value of Ethereum reports an increase of 9.93% raising the price above $ 790 dollars with a firm tendency to break the $ 800.

Highlights

  • The ETH price jumped higher and moved above the resistance level of $ 780 against the US dollar.
  • An upward channel is being formed with support at $ 760 on the ETH / USD time chart.
  • The pair remains in a solid bullish trend, and any inconvenience is likely to find support around $ 756 and $ 746.

The price of Ethereum rose against the US dollar and Bitcoin. ETH / USD moved above the $ 780 level and seems ready to extend the gains in the short term.

Ethereum price support

There was a strong increase in buying interest as the price of ETH moved above the resistance level of $ 750 against the US dollar. Yesterday, we discussed that the price could move above the $ 725 level. Not only did it break the $ 725 level, but it increased more than $ 50. During the rally, it broke the resistance levels of $ 765 and $ 780, and It was negotiated as high as $ 789.17. At the moment, the price is being corrected lower from $ 789.17, but it is still well supported.

The ETH price was recently traded below the Fibonacci retracement level of 23.6% of the last wave, from the low of $ 714 to the high of $ 789. However, there are many downward supports around the $ 755 level More importantly, an upward channel is being formed with support at $ 760 on the ETH / USD time chart. Below the channel support, the 38.2% Fibonacci retracement level of the last wave from the low of $ 714 to $ 789 high might be a support of around $ 756. Below the established support of $ 756, the price I could try the next level of fib support at $ 746.

If we look at the chart, any additional decrease below $ 746 could be limited. On the positive side, the price faces a small resistance around the levels of $ 788-790. However, the main obstacle for buyers is near the $ 800 level.

Technical indicators

  • MACD per hour: the MACD is very well located in the bullish zone.
  • RSI per hour: the RSI is currently correcting from level 70.
  • Main support level: $ 756
  • Highest resistance level – $ 790

 

Technical analysis of Bitcoin

 

The value of Bitcoin reports an increase of 5.19%, positioning the price above the $ 9600. The price continued to try to break the $ 10,000 line up, but without achieving it yet.

Highlights

  • The price of Bitcoin seems to be gaining traction in its rise as it approaches a key resistance.
  • A break beyond the $ 10,000 barrier could complete the creation of a double-bottom reversal pattern.
  • Passing the neckline of the formation could lead to an upward trend of the same height.

The price of Bitcoin is forming a double bottom in its daily time frame to indicate that a longer term uptrend is expected.

Technical indicators

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 means that the settlement could still be resumed from here, possibly leading to another test of the funds at $ 6,000.

However, the simple average of 100 seems to be maintained as dynamic support, and a movement beyond the dynamic inflection point of 200 SMA could attract more buyers.

The stochastic seems ready to go down from the overbought region to indicate an increase in selling pressure as well. But if the buyers maintain control, a move beyond the $ 12,000 interest area and the neckline could lead to an escalation of around $ 6,000 or a rebound to record highs.

Market factors

Developments in the industry have been mostly positive, especially after Goldman Sachs announced plans to start a Bitcoin trading operation. The executives also noted that Bitcoin is not a fraud, contrary to what CEO Blankfein says about how it is in a bubble earlier.

Apart from that, South Korean lawmakers are working on a bill to legalize ICO launches, which also helps add legitimacy to the industry. Japan has already created its regulatory body for ICOs, which means that the main Bitcoin markets are making progress.

Dollar demand is also sinking before the release of the NFP report as traders are wary that weak results could reinforce the less aggressive stance shared by the FOMC in its latest statement. The weaker than expected data could generate even more sales in dollars and the price of Bitcoin could be exploited.

 

Technical analysis of Bitcoin Cash

The price of Bitcoin Cash manages to stay above $ 1400 and continues “playing” in the bullish zone. In the day of today Friday the price increased 9.93%

Highlights

  • The price of the BCH began to consolidate profits above the level of $ 1,420 against the US dollar.
  • There is an important uptrend line that is formed with a support of $ 1,440 on the hourly chart of the BCH / USD pair.
  • The pair can correct some points in the short term, but it is still compatible with more than $ 1,420.

The price of the BCH is placed very well in a bullish area against the US dollar. BCH / USD may be able to resume its potential once the current correction is over.

BCH price consolidation

After a significant upward movement above the $ 1,500 level, the BCH price pitted sellers against the US dollar. The price was negotiated as high as $ 1,538 before starting a downward correction. It was reduced and moved below the $ 1,500 support to begin a short-term correction. He is currently testing the Fibonacci retracement level of 23.6% of the last wave, from the minimum of $ 1,240 to the maximum of $ 1,538.

However, there are many downward supports on the way up to $ 1,400. First, a large uptrend line is being formed with support at $ 1,440 on the hourly chart of the BCH / USD pair. Second, the Fibonacci retracement level of 38.2% of the last wave, from the minimum of $ 1,240 to the high of $ 1,538. Third, the 100-hour simple moving average close to the $ 1,400 level. Finally, the 50% retracement level of the last wave Fibonacci, from the minimum of $ 1,240 to the high of $ 1,538 to $ 1,389. Having said that, there is very little chance that the pair will correct below $ 1,400 in the short term.

Looking at the chart, the price remains compatible above the $ 1,420 level. On the positive side, the $ 1,500 level is an initial resistance, followed by the $ 1,540 level. A break above the established level of $ 1,540 could open the doors for more profits towards $ 1,600.

Technical indicators

  • MACD per hour: MACD for BCH / USD moves slowly in the bearish zone.
  • SRS per hour (Relative strength index): the RSI for BCH / USD has moved below level 50.
  • Main support level: $ 1,420
  • Highest resistance level – $ 1,500