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Bitcoin price started a strong uptrend after it broke the key $4,250 resistance. BTC even traded above the $5,000 level and it is currently consolidating in a range for the next wave.

Likewise, there were strong gains in altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, TRX and EOS. The crypto market clearly turned green and it seems like there could be more upsides in the coming days.

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Key Takeaways:

  • Bitcoin price rallied sharply above the $5,000 resistance and moved into a strong uptrend.
  • Ethereum price surged towards the $180 level before correcting lower.
  • Ripple price is gaining bullish momentum and it could climb towards the $0.4000 level.
  • EOS price followed a similar pattern and surged above the $5.50 resistance.
  • BCDN surged around 600% and SHE is up around 250% in the past 7 days.

Bitcoin Price Analysis

In an eventful week, bitcoin price started a strong upward move after it broke the $4,200 and $4,250 resistance levels. BTC rallied more than 25% and climbed above the $4,750 and $5,000 resistance levels to move into a strong uptrend.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge


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Looking at the 4-hours chart, the price even climbed above the $5,200 level and settled well above the 21 simple moving average (4-hours). A new yearly high was formed at $5,334 before the price started a downside correction.

The price dipped below the $5,200 level and the 23.6% Fib retracement level of the recent rally from the $4,124 swing low to $5,334 high.

However, the $4,850 level acted as a solid support along with the 21 simple moving average (4-hours). The price recently recovered and it seems like buyers are likely to push the price above the $5,000 and $5,050 levels.

At the outset, an ascending channel seems to be forming with support near $4,900. If there is a downside break below the channel support, the price might test the $4,730 support area. It represents the 50% Fib retracement level of the recent rally from the $4,124 swing low to $5,334 high.

On the other hand, if the price continues to follow a decent bullish path, there are chances of a fresh increase above the $5,200 level. The current trend is overall positive for bitcoin buyers and there are high chances of a break above the $5,400 and $5,450 resistance levels in the coming sessions.

The next key resistance is at $5,500, where sellers are likely to emerge. On the downside, buyers need to keep a close eye on the $4,900, $4,850 and $4,730 support levels.

Ethereum Price Analysis

Ethereum price surged higher and broke the $147 and $150 resistance levels to move into a positive zone. ETH buyers gained control and the price rallied above the $165 and $172 resistance levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even spiked above the $180 resistance level and a new yearly high was formed just below $182. Later, there was a downside correction below the $172 and $165 support levels.

The price traded below the 50% Fib retracement level of the last wave from the $141 swing low to $182 swing high. However, the $154 level acted as a strong support and the price climbed back above $160 and the 21 simple moving average (4-hours).

The price even found support near the 61.8% Fib retracement level of the last wave from the $141 swing low to $182 swing high. The current structure is positive and suggests a fresh increase above the $162 level.

However, the price must break the $165 resistance level to set the path for a test of $175 and $180 in the near term. On the downside, a break below the $156 level may push Ethereum price towards the $152 support.

There is also a key bullish trend line formed with support at $151 on the same chart. Overall, dips remain supported in ETH and the price is likely to climb back above $165 and $170.

Ripple Price Analysis

After a couple of swing moves, ripple price formed a strong support near the $0.3000 level against the US Dollar. XRP/USD started a significant upward move and broke the $0.3200 and $0.3295 resistance levels to move into a positive trend.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price rallied above the $0.3550 resistance area and the 21 simple moving average (4-hours). There was a spike above the $0.3700 level and the price traded as high as $0.3749.

Later, there was a downside correction below the $0.3500 level and the 50% Fib retracement level of the last wave from the $0.2986 low to $0.3749 high. However, the previous breakout resistance at $0.3295 acted as a strong support.

Besides, the 61.8% Fib retracement level of the last wave from the $0.2986 low to $0.3749 high acted as a support. Recently, the price bounced back above $0.3550 and the 21 simple moving average (4-hours).

The price has reversed most its losses and it seems like it could even break the $0.3750 and $0.3760 resistance levels. The next key stop for buyers could be $0.3880 or even $0.3950.

On the other hand, if there is a downside correction, the price is likely to find a solid buying interest near the $0.3500 or $0.3450 zones.

EOS Price Analysis

There was a crucial upside break in EOS price above the $3.92 and $4.00 resistance levels against the US Dollar. The price rallied above the $4.50, $4.60 and $5.00 resistance levels to start a solid uptrend.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even climbed above the $5.50 level and settled above the 21 simple moving average (4-hours). A new 2019 high was formed at $5.984 before the price started a downside correction.

It traded below the $5.50 level and the 50% Fib retracement level of the last wave from the $4.19 low to $5.98 high. However, the $4.85 level and the 21 simple moving average (4-hours) acted as a significant support and prevented more losses.

Besides, the 61.8% Fib retracement level of the last wave from the $4.19 low to $5.98 high acted as a support. The price is once again moving higher towards the $5.40 and $5.60 resistance levels.

If buyers remain in action, the price could surpass the $6.00 resistance in the near term. On the downside, there are many supports near the $5.00, $4.85 and $4.80 levels.

Top Gainers

During the past 7 days, many small cap altcoins surged higher and posted gains more than 100%, including BCDN, SHE, GET, IBT, HSC, BZ, HPC, ALI, TKT, MT, ZPR, DBC, EKT, ORS and TNC (trading volume more than $50K). Out of these, BCDN rallied around 600% and SHE gained nearly 250%.

Overall, bitcoin price is back in a positive trend above the $4,250 and $4,500 resistance levels. There could be range moves in the short term, but BTC is likely to climb above $5,200 and $5,400 in the coming sessions. Similarly, there could be decent gains in altcoins like Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, WAN and ICX in the coming days.

The market data is provided by TradingView, Bitfinex.


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(Excerpt) Read more Here | 2019-04-05 06:22:34

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