By Nathan Ferguson
- Bitcoin has its price retesting 50-day Simple Moving Average at $40,560, suggesting a persistent bullish pressure.
- Ethereum price encounters selling momentum after retesting the supply zone at $2,927 – $3,413.
- Ripple ignores everything as it continues its mission to explore $1 high.
Bitcoin consolidates while threatening a downward move, causing alts to halt their upswings. BTC still controls market moves, whereas a look at a different angle shows a possible minor surge for the coin.
BTC at Inflection Level
Bitcoin gained 12% within the previous week, challenging the 50-day SMA. The move emerges as Bitcoin rebounded from an ascending triangle pattern’s hypotenuse. This technical setup predicts a 21% upswing towards $52K, determined by adding the space between the initial swing peak and low to the $44,381 breakout point. Though the latest upswing highlights bullishness, Bitcoin bulls should hold beyond the 50-day Simple Moving Average to authorize higher moves. Failure to do that might lead to a steep fall towards the daily demand region, stretching between $36,398 and $38,895.
Meanwhile, Bitcoin should maintain above the support of $34,752 to keep the ascending triangle. The weakness here will take the bellwether crypto towards $29,000 or lower.
ETH Price Waits for Hints
Ethereum boasts a high correlation with Bitcoin, and the alt has witnessed volatility shortage for some time. However, Ether managed to surge 19% over the past week and seems ready to head higher. Upside moves saw the alt pushing past the 50-day Simple Moving Average around $2,801, following four failed trials throughout 2021. Thus, it remains critical for the upswing to maintain the mentioned support floor. Presuming bulls keep the momentum, ETH would likely overpower the 200-day Simple Moving Average at $3,106 and climb towards the 200-day SMA of $3,509.
Meanwhile, Ethereum’s failure to steady beyond the 50-day Simple Moving Average at $2,801 will show buyers’ weakness and launch a downward move towards the weekly foothold of $2,541. A daily candlestick close under this support will cancel ETH’s optimistic thesis.
Ripple Continues to Ascend
Ripple had its price overcoming a continuation set up on 210 March and predicted a 31% upsurge. XRP remains quarter-way since this breakout, trading around $0.808 now. For now, traders can expect the remittance crypto to hit the resistances at $0.856, then $0.917. Flipping these obstacles will clear the road for XRP to tag the psychological zone at $1.
XRP upside seems a no-brainer considering the latest breakout. Nevertheless, things might shift if XRP created a decisive close under the demand area of $0.686 – $0.705. That would lead to a lower low, canceling the bullish outlook. With that, bears might take Ripple towards $0.633. Buyers can gang here to trigger a new upswing.