Bitcoin, Ethereum and Ripple report substantial weekly gains but show signs of potential pullback. Bitcoin stabilises at $93,000; Ethereum faces resistance near $1,861; Ripple dips around $2.17 following a rejection at $2.23. Watch for support levels and bullish momentum indicators as markets react to stabilising trends.
Bitcoin, Ethereum, and Ripple have all witnessed some impressive gains this week, with Bitcoin’s price stabilising around $93,000 after a staggering 9.5% rise. Ethereum followed suit, climbing by 10% and Ripple saw a more modest increase of 5%. However, there are signs that these momentum shifts might be winding down, hinting at possible pullbacks in the coming days.
Bitcoin, in particular, has shown some bullish exhaustion, after a solid week where it surged past some significant resistance. It peaked at $93,000 after a notable rise of 10.45% by Thursday. But, it couldn’t keep above the March high of $95,000, which means it’s facing some mild correction as it hovers around the current level. If Bitcoin continues to retreat, analysts suggest it might find support near the psychological level of $90,000.
The Relative Strength Index (RSI) for Bitcoin, currently at 66, indicates a weakening bullish momentum, especially since it got rejected near 70 just yesterday. A dip below 50 on the RSI could spell out trouble, leading to a more dramatic price decline. Yet, should Bitcoin manage to close above $95,000 again, there’s potential for a rally toward the next resistance at $97,000.
Ethereum’s price has seen an intriguing but tricky journey this week. After a solid 11.19% jump on Tuesday, it managed to settle above $1,700 only to run into resistance right at the $1,861 mark. It seems to be backtracking, trading around $1,750 on Friday. If this trend continues and it falls below $1,700, there’s a chance it could retreat further down to test the next support zone at $1,449.
Currently, Ethereum’s RSI sits at 52, showing a downward trend towards the neutral level. If it breaches below this, we could see a sharp decline in its price — but if support at $1,700 holds steady, we might see a second attempt at pushing toward that $1,861 resistance.
Ripple isn’t in a better spot, specifically failing to close above the crucial resistance level at $2.23 this week. After a slight slip the following day, it was found trading around $2.17 on Friday. The daily chart indicates that if XRP continues this correction trend, it might test $1.96 as its next support level.
Similar to the other cryptocurrencies, XRP’s RSI is at 52 and also pointing downwards. A fall below the neutral line could really hurt its price. On the flip side, if XRP manages to rise above $2.23, a push towards revisiting the March 24 high of $2.50 could be on the horizon, with potential for reaching $3.00 shortly after.
In sum, while Bitcoin, Ethereum, and Ripple showcased some hefty gains this week, caution is warranted given signs of cooling bullish momentum. Investors are watching closely to see how these prices will behave in the days to come. As always, investing in cryptocurrencies involves risks, and thorough research is advised before making any decisions.
