Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) Analysis, Slow But Steady Surge In Prices Continues

Key market updates:

  • Bitcoin has now seen a 6 price increase over the past 7-days as it rebounds from $6,840 and reaches the $7,676 level.
  • Ethereum witnessed an 8% price surge as it edges close to $200.
  • Ripple increased by a small 1.6% as it continues to struggle to break $0.20.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView

At the start of the week, Bitcoin rebounded from support at $6,840 which was provided by a rising support trend line. After rebounding, we can see that Bitcoin went on to break the strong resistance at $7,200 and $7,400 in quick succession as it reached the resistance at $7,600, provided by a 100-days EMA.

In today’s trading session, we can see that Bitcoin rose further higher above the 100-days EMA as it tests resistance at $7,676 (1.618 Fib Extension – pink).

  • Short term prediction: BULLISH

Bitcoin is now considered to be bullish after breaking the April high at $7,400. For this market to turn neutral, it would need to drop back beneath $7,400. A further drop beneath $6,800 would turn Bitcoin bearish.

If the bulls continue to break the resistance at $7,676, higher resistance is located at $7,877 (1.272 Fib Extension). Above this, resistance lies at $8,000 and $8,073, which is provided by a bearish .786 Fib Retracement – measured from the March high to low.

If the buyers continue to push higher, added resistance lies at $8,200, $8,430 (1.618 Fib Extension), and $8,600 (bearish .886 Fib Retracement).

On the other side, if the sellers step in and push lower, support can be located at $7,600 (100-days EMA), $7,400, $7,200, and $7,000.

The RSI is well above 50 to show the bulls are in complete control of the market momentum.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Ethereum was trading at support provided by the 100-days EMA at $170 toward the start of the week. It rebounded fro here as it started to push higher. In today’s trading session, ETH…

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