Technical analysis of BTC/USD, ETH/USD and XRP/USD

The domination of bitcoin increased from just under 50% to 52.3% this month. This suggests that the focus is once again on the largest cryptocurrency after the initial rise of the altcoins from the lows. While the leader remains strong - the recovery continues.

BTC/USD

Bitcoin again bounced off from the $4,914.11 support on April 15th. This is a positive signal as it shows that the bulls are still willing to buy the dip near the support. The two moving averages are on a rising trend, with RSI close to an overbought area. This shows that bulls control the market (for the time being). The next price goal is to rise above $5,404.82. If the breakthrough is successful, the digital currency will climb to $5,674.84 and above this level to $5,900. If this happens, I expect an accumulation of supply around these levels, so buyers will find it difficult to pass them successfully from the first attempt.

In an alternative scenario, if buyers fail to raise prices to $5,404.82, there may be a range trading for a few days between that zone and $4,871.16. The power of impulse will disappear if sellers hit the price below $4,871.16. Such a movement may cause a downward movement to the 50-SMA. Thus, for now, traders can protect their long positions with a stop at $ 4,700.

ETH / USD

After failure for breakthrough and hold over $167.32 for four consecutive days, Ethereum (ETH) fell below its 20-EMA. However, the bears did not capitalize on their profits, as the digital currency bounced back the next day. This shows willingness to buy from lower levels.

Bulls have to push the price well over $167.32, or we may see another drop. If EHT / USD stays above the resistance, it could rise to $ 187.98. We expect the couple to step up their impulse after the breakthrough. The target for this triangular formation is $ 251.64

Conversely, support stands at $156.43, under which a 50 SMA test is possible. The two moving averages are in the upward direction, suggesting that the bulls have an advantage here. That's why traders can best protect their long positions with a stop loss at $150. We expect key movement in the next 3-4 days.

XRP / USD

Ripple fell below its 50-EMA on April 15, but those low levels saw purchases, which raised the price back on the next day. This is a positive signal and says the bulls are decisevly protecting 50 SMA.

Buyers will now try to push the pair back above the resistance. If they succeed, the next move should be up to $0.37835. We estimate a long run if the price stays around $0.3310 in the next 2 days. The SL of this deal can be held around $0.30. Under such circumstances, the movement can continue to $0.50. Although $0.40 and $0.45 can play the role of resistance, I expect the breakaway to be successful.

This bullish scenario will be cancelled if the digital currency turns and makes a move below the 50 SMA. In such case, the decrease to $0.27795 is possible.

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