Main Takeaways:-
- Bitcoin remained near $80,000 on Friday after experiencing a decline from its downward trendline the previous day.
- Ethereum prices settled at approximately $1,500 on Friday after dropping almost 3% so quickly this week.
- XRP is holding steady around its 200-day average price of $1.94, which could help it start going up again.
Bitcoin Price Pauses:- Bounce or Breakout Coming?
Bitcoin price was denied from its regular supply zone of $85,000 on April 2 and dropped 10.55% by Tuesday. Bitcoin dropped to a new low for the year at $74,508 on Monday. But it bounced back and rose up by 8%, closing above $82,600 on Wednesday. On Thursday, it fell by 3.64% after getting pushed down from a downward trendline that connects several high points since mid-January. As of Friday, it’s staying around $80,000.
At present, Bitcoin’s price movement is uncertain, and two outcomes could happen.
In a ‘dead cat bounce’ situation, the market might experience a quick increase toward the $85,000 level, but then continue falling afterwards. If Bitcoin (BTC) keeps falling, it might drop further and test the next support level at $73,072.
Another chance is that Bitcoin keeps rising after Wednesday’s strong move and goes above the downward trendline, which lines up with the daily resistance and the 200-day Exponential Moving Average (EMA) at $85,000. In this situation, Bitcoin might keep rising and try to reach the important $90,000 level and the March 2 high of $95,000
Ethereum Could Dump to $1,300 Below Key Support
Ethereum price dropped by 13% the previous week after dropping close to the regular level of $1,861. At the start of this week, it maintained its downward trend and dropped by close to 7% by Tuesday. However, it bounced back by 13.13% after holding support around the $1,449 level on Wednesday, but the bounce back was short-term as ETH dropped 8.82% the next day. As of Friday, ETH is trading around $1,500.
If Ethereum drops below its support level of $1,449, it might drop further and test the key $1,300 level. The Relative Strength Index (RSI) is at 35, which is below the neutral level of 50. This suggests that Ethereum is showing signs of downward momentum. On the other hand, if ETH bounced back, it might keep rising and try to reach the important $1,700 level again.
XRP might bounce back if it remains above its 200-day average price. On Wednesday, the price rose up 14.28% and moved above the 200-day EMA at $1.94. But it dropped 4.24% the next day and tested that same level. As of Friday, XRP is trading just a little above its 200-day EMA.
If XRP remains above its 200-day average price, it might keep going up and try to reach its April 2 high of $2.23 again.
The Relative Strength Index (RSI) on the daily chart is at 43 after rising from 30 on Tuesday, which was an oversold level. It is now moving up toward 50, showing that the downward pressure is slowing down. For the upward trend to continue, the RSI needs to go above its neutral level of 50.
At the same time, if XRP ends the day under its 200-day EMA, it could drop further to touch its upcoming support zone at $1.77 again.
Read also:- Bitcoin May Pump to $96,000 if Breaks the $84,000 Key Resistance
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
