Cryptocurrency Update Bulls In Control, Ripple Reverses

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Cryptocurrency Update: Bulls Still Control, Ripple Reverses

Technical Picture Brightens, Signals Abound

It was just a week ago I wrote about a possible reversal in the cryptocurrency market. Some big moves in the major coins had them poised to complete some potent continuation signals and those signals paid off. Litecoin, Bitcoin, Ethereum, and even Ripple (XRP whatever you want to call it) all made substantial gains in the last week. Looking back at the charts, flipping from one coin to the next, I see more signals forming and they all look bullish.

I know I’ve said it before but this could be the beginning of a big rally in cryptocurrency. The difference now is that I see signals, powerful bullish signals, firing across the market, not just in one place. It’s a virtual onslaught of bullish behavior and I think it could easily sweep the bears away. If nothing else, smart bears will stand aside and let the moves play out because it’s the right thing to do. With nothing to oppose them, the bulls could get quite high.

Litecoin Moved Higher Following A Rising Three Methods

Last week Litecoin was edging higher and on the brink of forming a Rising Three Methods. The Rising Three Methods is a clear continuation pattern and confirmed itself even while I was writing the post. Since then the coin has moved even higher and now offering another opportunity for entry. The coin is pulling back from the fresh high but well above support. Support is at the $47 level and likely strong. For one, convergences with the MACD suggest underlying strength and a high-degree of market conviction. For another, $47 is consistent with the baseline/neckline of a bullish reversal that’s been brewing for several weeks. A retest of $52 is the least Litecoin can be expected to do, once that level is broken a move up to the $56-$54 region.

Bitcoin, Waving A Bull Flag

Bitcoin is also in the process of reversing and not just in a small way. The world’s reserve cryptocurrency is moving up from a triple-bottom (head & shoulders) reversal and waving a bull flag. This is the first continuation in a new rally so caution is warranted, regardless, with a flag-pole of $1400 traders can expect a move of 20% or so once the continuation begins. The indicators are bullish and set to fire strong buy signals if price action moves higher. A close above $8400 is my trigger point, once that happens a move up to the $10,000+ range is highly probable.

XRP, It’s Reversing Too

XRP, Ripple, whatever you want to call it, it is in reversal too. The coin blasted up through it recently broken support and confirms someone still cares about it. Support at the $0.2050 level appears to be strong and is confirmed by the short-term EMA. A move up from this level would be bullish and the indicators concur. Both MACD and stochastic are consistent with rising prices so I would expect to see resistance tested at the $0.2250 level. If XRP can close above that a move up to $0.28 or $0.30 is possible.

Cryptocurrency Market Update: Bitcoin bulls remain relentless, Ethereum and Ripple in green

Bitcoin bulls are unwavering in their fight for recovery after a devastating drop that saw the cryptocurrency market, the stock market, oil and the futures markets around the world bleed profusely. In addition to that, this week started in shambles on Monday, ousting the calm and consolidation experienced in the cryptocurrency space over the weekend.

In the last 24 hours, the total market capitalization has grown slightly from $143 billion to $148 billion according to the data by CoinMarketCap. In the same period, the reported trading volume has surged from $117 billion to $150 billion. This means that interest has started growing across the market as digital assets find stability.

BTC/USD recovered from the dip under $5,000 on Monday to $5,426 (intraday high) on Tuesday. The price is dancing at $5,424, representing a 7.36% growth from $5,038 (day’s opening value). The resistance at $6,000 has been tested twice, making this level a critical one. To escape the bear trappings, BTC/USD must rise above the selling pressure in this zone and keep $7,000 psychological level in mind.

ETH/USD closed in on $100 once again on Monday. Its critical level remains at $99. However, recovery has been made to $121 (intraday high). Ethereum price is exchanging hands at $119 and holding onto 7.7% gains made on the day. Due to the high volatility, swings are expected either towards $130 or $110. It is vital to watch the technical levels in the coming sessions.

XRP/USD, on the other hand, has remained range-bound between $0.14 and $0.16. The range limit remains critical to upward movements. If cleared, Ripple could easily rise towards $0.20. However, the range support at $0.14 if broken could send XRP/USD spiraling under $0.10. Therefore, for now, XRP is safer in the range. Movements, above $0.16 would be positive for the digital asset in the coming days.

Chart of the day: BTC/USD 4-hour chart

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Crypto market update: Bulls comeback revives investors’ hope as Bitcoin, Ethereum and Ripple reverse the trend upwards

A quick glance at the cryptocurrency market tells you that the bulls are back in control once again. This follows the retracement on Tuesday 26. Declines were recorded across the board sending the market capitalization below the $140 billion mark. The current bullish outlook has revived investor hope that the market will close March in the positive. The market capitalization is back above $140 with major coins recording considerable gains.

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Bitcoin is seen trading at $3,982.43 following a 1.6% rise on the day. The price has corrected above both the 100 SMA and the 50 SMA 2-hour currently at $3,980.79 and $3,950 respectively. Most indicators are sending positive signals. For instance, the RSI has recovered to levels around 70 from the lows at 20. The same uptrend is observed with the MACD which has re-entered the positive region for the first time since March 21. In spite of the positive levels, Bitcoin is still stuck below $4,000.

Ethereum and Ripple

Both Ethereum and Ripple are also on upward trajectories. Ethereum, for example, is recording gains of more than 2.5% after opening the trading to at $134. The second largest crypto is aiming for $140 although it is currently exchanging hands at $137.

Ripple, on the hand, is trending higher 1.33%. It opened the trading at $0.3029 and has formed a high around $0.3099. At the moment, XRP/USD is valued at $0.3069. Ripple recently dipped below $0.29 hence this slight recovery means that higher correction is possible in the coming few days.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Latest Crypto News

Latest Crypto News & Analysis

Bitcoin Price Analysis: BTC/USD approaches $7,000, bulls may be disappointed once again

BTC/USD resumed the upside trend after a consolidation around $6,700 during the weekend. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction.

Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility.

ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market.

Cryptocurrency market update: Major cryptos remain on track to post weekly gains

Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high).

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Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

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