BITCOIN PRICE OUTLOOK: BTC/USD DEFENDS 100-DAY SIMPLE MOVING AVERAGE AS TESLA REPORTS PROFIT FROM CRYPTO HOLDING, XRP/USD EXPLODES HIGHER
Bitcoin (BTC/USD) and different cryptocurrencies like Ripple (XRP/USD) and Ethereum (ETH/USD) are hovering at present. XRP/USD value motion is main the best way with a close to 20% achieve on the session, adopted by BTC/USD and ETH/USD up about 10% and 6%, respectively. The sharp extension increased throughout digital belongings could possibly be in response to some constructive information movement – like JPMorgan saying a brand new Bitcoin fund providing to rich shoppers or Tesla earnings exhibiting a whopping $101-million achieve on the sale of Bitcoin. This reinforces the rising theme of personal sector acceptance. A broadly weaker US Greenback headed into this Wednesday’s Federal Reserve assembly is probably going serving to enhance crypto too. That stated, the strikes do look technically charged as effectively.
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BTC/USD – BITCOIN PRICE CHART: DAILY TIME FRAME (27 DECEMBER 2020 TO 26 APRIL 2021)
Chart by @RichDvorakFX created utilizing TradingView
We famous in our final Bitcoin forecast that BTC/USD value motion appeared prefer it was headed barely decrease for a technical help check of the psychologically-significant $50,000 stage. Bitcoin bulls appear to be making a powerful protection there, which is an space of buoyancy underpinned by its 100-day easy transferring common. This seems to have invalidated the short-term bearish pattern and will open up the door for BTC/USD value motion to increase its rebound towards the 20-day and 50-day easy transferring averages earlier than year-to-date highs come again into focus.
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XRP/USD PRICE CHART: 4-HOUR TIME FRAME (04 APRIL TO 26 APRIL 2021)
Chart by @RichDvorakFX created utilizing TradingView
As for Ripple, the fourth largest cryptocurrency by market cap, there appears to be hints of an finish to its current consolidation decrease. XRP/USD value motion seems to have damaged out from its bullish falling wedge chart sample after basing across the 1.0000-price stage. Ripple bears have been pushing again at resistance posed by the 38.2% Fibonacci retracement to this point, however shopping for pressures might prevail as danger traits stay favorable and supportive of speculative belongings. To that finish, the newest Bollinger Band enlargement and upswing within the slope of its 20-period transferring common on a four-hour chart function constructive technical developments for XRP/USD bulls.
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— Written by Wealthy Dvorak, Analyst for DailyFX.com
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