- Bitcoin runs into colossal resistance at $60,000, paving the way for losses eyeing support at $50,000.
- Ethereum hunts for support above $2,000 after trading a new all-time high of $2,136.
- Ripple goes ballistic, rises beyond $0.7 following an ascending triangle breakout.
The cryptocurrency market is mainly red during the European session on Monday. The long weekend session has seen assets across the board react lethargically, perhaps due to people taking time off the market for Easter celebrations.
Some crypto assets have posted incredible gains, such as Ripple (up 15%), TRON (up 16%) BitTorrent (up 62%), and Holo (up 14%). On the other hand, Ether has settled above $2,000, but the further upward movement appears to have been hampered.
Bitcoin Slumps After Rejection at $60,000
Bitcoin broke above the resistance at $60,000 but encountered intense resistance shortly after. A trend reversal started whereby BTC slumped below $60,000 again. The failure to make a real break above $60,000 brought into light a double-top pattern. This pattern is considered extremely bearish in technical analysis.
The resistance at the two peaks separated by a trough is usually intense. The bearish outlook will be ignored if bulls push past the hurdle. However, a trend correction is mostly to occur, as highlighted on the four-hour chart.
At the time of writing, Bitcoin is trading slightly above $57,000. The immediate downside is protected by the 100 Simple Moving Average (SMA) on the four-hour chart. Slicing beneath this zone could see the bellwether cryptocurrency extend the bearish leg toward $50,000. Note that the 200 SMA is in line to provide cushioning at $55,593.
BTC/USD four-hour chart
The IOMAP by IntoTheBlock shows that BTC has a relatively smooth path back to $60,000. On the downside, immense support has been accorded to the flagship cryptocurrency. The most robust resistance runs from $55,501 to $57,190. Here, nearly 1.2 million addresses previously purchased roughly 491,000 BTC.
Read Also: Should You Buy Bitcoin?
Ethereum Fights to Secure Support Above $2,000
Ethereum hit a new all-time high after breaking above $2,000 on Friday. The resistance at the record high of $2,136 cut short the rally. In the meantime, Ethereum is doddering at $2,030 amid the battle to secure support, either above $2,000 or the ascending parallel channel’s lower trendline.
Meanwhile, the golden cross pattern on the four-hour chart confirms that bulls are still in control and, therefore, a higher chance of Ether staying above $2,000. The golden cross recently formed when the 50 SMA crossed above the 100 SMA.
ETH/USD four hour chart
On the flipside, sliding under $2,000 could trigger massive losses as investors rush to cash out for profit. The 50 SMA is in line to offer support at $1,920 while the 100 SMA holds $1,820.
Check Out: What Will Ethereum Be Worth in 2030?
Ripple Hits the 22% Technical Pattern Target
The cross-border token flys the bullish flag above the cryptocurrency space horizon. A technical breakout led to a massive upswing from an ascending triangle pattern, as discussed earlier. Ripple hit highs above $0.7 and moves toward the hurdle at $0.75.
The bullish outlook has been reinforced by the Moving Average Convergence Divergence (MACD), as shown on the chart. A MACD line (blue) crosses above the signal line, thus expanding the gap adds weight to the bullish narrative. For now, the least resistance path is upward.
XRP/USD four-hour chart
If higher support is not established above $0.7, a correction may come into play. Any sign of instability in the market would lead to losses caused by overhead pressure emanating from the investors’ rush to sell for profit.
Read More: Is XRP a Good Buy?