April 21st brought a new milestone for the Bitcoin price (BTC). It was worth more than 7,000 barrels of oil, significantly more than at any other point in history. However, this was not due to an increase in the price of cryptocurrency, but rather to a complete crash in the price of oil, which at one point had fallen 99.99 percent in one day.
Bitcoin price even fell more than $ 400 during the day, falling within the previous trading range. This could have continued bearish implications for the future as the price failed to sustain its previous breakout.
In this article we are going to analyze ten coins one at a time and determine their expected future movements.
The aforementioned drop caused the Bitcoin price to drop back into the $ 6,650-7,150 range. Price initially found support above the midpoint of the range but collapsed shortly thereafter.
An interesting development is the possible bearish cross between the 50- and 200-hour moving averages (MAs). The previous time this cross was on April 11th. At this point, the price began an upward move shortly afterwards and touched the resistance of the range. A sharp drop followed.
If the same move occurs this time, Bitcoin price will soon begin an upward move and hit the USD 7250 resistance again before collapsing.
Bitcoin chart by trading view
On April 16, Ethereum price broke out of a descending resistance line. The price had previously followed this line for two months. The price continued to rise for the next two days, hitting 0.026 before high on April 18th before falling.
The two most important values are 0.026 and 0.0245, respectively. After breaking above the latter, price has returned to confirm it as support. As long as it stays above this level it is expected to move up towards the resistance area and possibly break out.
The price has not yet created a bearish divergence, suggesting it will collapse. Hence, it is possible that at ~ 0.0285 it will continue to rise to the top of the descending resistance line.
Ethereum chart by trade view
XRP price has fallen along a descending resistance line since February 18 and has validated it five times so far. At the time of writing, the price was trading between this descending resistance line and the 2600 satoshi support area. It has not reached any of them since April 9th.
The RSI is below 50, indicating a bearish trend. However, it has also resulted in a bullish divergence. Hence, the price is expected to move towards the resistance line in the near future – after possibly re-validating the 2600 satoshis support area.
XRP chart by trading view
Bitcoin Cash (BCH)
BCH price traded between two major levels throughout April, which were 0.0375 ₿ 0.0375 and and 0.033 found. However, yesterday it fell below the support area, although it has not yet reached a final bottom below it.
The pricing structure looks pretty bearish. In addition to the area of support mentioned above, price has also lost the support offered by the 200-day moving average (MA). Additionally, a death cross is about to enter – which would confirm that BCH price is lower, possibly towards ₿0.03.
BCH chart by trading view.
Bitcoin Cash SV (BSV)
The BSV price has gradually risen since the beginning of the year at the rate projected by an ascending support line. At the time of writing, the price was trading between that support line and the resistance area of 0.0295 ..
The price is not expected to drop below this ascending support line for two reasons:
- First, the price has hit the 50-day MA which offers support.
- Second, the RSI has hit the 50 line from the top, which makes it a sufficient place for the trend to reverse.
If BSV price breaks above the current resistance area it will likely continue to rise until it reaches 0.036.
BSV chart according to trading view
Litecoin price broke above a descending resistance line on April 6th. The price hit a high of 0.00645 before before falling significantly. On April 16, the price hit a low of 0.0059. On April 19, the same level was hit again, creating a double bottom that is viewed as a bullish reversal pattern. Additionally, this pattern is linked to a bullish divergence in the RSI, which suggests that price is likely to move higher.
When this starts the first resistance area is at ~ 0.006. A break above this level would confirm the double floor pattern and suggest that the price is likely to move higher, possibly towards the next resistance area at 0.00645 ..
Litecoin chart by trading view
Binance Coin (BNB)
The price of Binance coins has been gradually rising since March 13 after a rising support line. The rate of increase accelerated on April 13th and the price rose significantly, reaching a high of 0.0023 ₿. It hasn’t touched the support line since then.
However, BNB price has created a double top at the £ 0.0023 level, a pattern that is seen as a bearish reversal pattern. In addition, this pattern is linked to a bearish divergence in the RSI. Hence, the price is expected to move down and re-validate the rising support line.
BNB chart by trading view
On April 6, EOS price broke out of a long-term descending resistance line. Once validated as support, the price continued its upward movement.
However, the rally stalled at 3800 satoshis, an area where price has created a double / triple top. In addition, it has created several long top wicks – a sign of the pressure to sell.
Finally, this bearish reversal pattern is linked to a bearish divergence in the RSI, suggesting that price will go down. In this case, the closest area of support is at 3400 satoshis.
EOS chart by trading view
The XTZ price traded in a symmetrical triangle from April 8th to April 13th. After the breakout, the price continued to rise until it hit the 32,500 satoshi area where it found resistance.
In it, the Tezos price created a double-top that is viewed as a bearish reversal pattern. The pattern has also been combined with a bearish divergence in the RSI. The price has since declined and is expected to continue to decline until it hits the 29,500 satoshi support area.
XTZ chart by trading view
The LINK price started a rapid upward trend on April 7th and has risen since then. After flipping the 34,000 satoshi area for support, price continued to rise in the form of an ascending wedge that is viewed as a bearish reversal pattern. The resistance line of the wedge has only been validated twice, so a slightly different slope may be followed.
The closest level of resistance is at 54,000 satoshis. Hence, for the price, it would make sense to create a high in it before the collapse. This possibility is also supported by the bearish divergence that has developed in the RSI.
If the price collapses, it is likely to hit the support area at 44,000 satoshis.
LINK chart by trading view
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