Thursday, April 9, 2020

Weekly Price Analysis of BTC, ETH, XRP, LTC

The Takeaway:

Bears have been dominating the crypto market from the past few weeks, but this week looked like the altcoins were trying to go against the bears. Bitcoin is still suffering from the price drop, but altcoins are trying to charge towards the resistance levels with slight bullish trends.

ADVERTISEMENTKillerlaunch domains

The last few weeks have been rough for the bitcoin and altcoins as the bears have dominated the charts, and the prices have declined further. Bulls tried to bring the changes in the trend with a slight push towards the resistance levels, but they failed.

Slight upward correction can be seen in the charts, but due to low trade volume, and dominance of the bears, the prices often fall back to the support levels. This week witnessed slight changes in the charts as the prices moved away from the support levels and towards the resistance levels.

Let’s see what the charts have to say:

BTC/USD

Bitcoin has been having a rough few weeks now as the price continues to test the support level of $8,000 in the chart. There were times when the price aimed for the major resistance of $8,500, but strong resistance near $8,200 stopped the rise.

Currently, Bitcoin is trading at $8,100.16 as the price continues to trade near the support level. In case of a downward correction, the price can test the support levels of $7,700, whereas a bullish trend might take the price towards the major resistance of $8,500.

In the past week, Bitcoin has tested the key support level of $7,700 and aimed for the resistance levels of $8,500 as well, and this sudden change in the pattern has drawn people away from BTC. This has caused a decline in the trading volume, as well.

 

ETH/USD

Ethereum has recovered from the major downfall it faced this week towards the $166 level, but the price failed to aim for the major resistance level of $185 as it traded just below it.

Currently, ETH is trading at $174.85 as the price is facing a hard time heading towards the resistance levels of $178 and beyond that towards $182 and $185. Immediate support can be seen near $171.

RSI is below 50%, so we can expect a further decline in the price. This decline might take the price to test the support levels of $166 and further.

 

XRP/USD

Ripple has been following the wave pattern this week as the chart witnesses the formation of a similar trend. Both moving averages crossed each other’s paths several times as the fluctuations in the price continue.

XRP corrected upwards towards the major resistance level of $0.2620, but due to strong resistance, the price declined, and it came down towards the $0.2420 support levels.

Currently, XRP is trading at $0.2533 as the price struggles to pass the strong resistance at $0.2560. The token is well supported near $0.2500, and in case of a downward correction, we can expect the price to test the support level of $0.2450.

 

LTC/USD

Litecoin has been pretty stable in the past week as it continues to trade near the resistance level, trying to head towards the major resistance of $60 and beyond. The beginning of the week was slow for LTC as it traded between the support pair $54-$52.

Currently, LTC is trading at $56.16 as strong resistance can be seen near the $57 level, and immediate support is forming near $54. In case of a downward correction, the price can test the support level of $52.

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

Leave A Reply

Please enter your comment!
Please enter your name here