- Bitcoin's uptrend intact, as reinforced by the transaction history on-chain model.
- Ethereum lifts above $2,000, but the uptrend is in jeopardy.
- Ripple is pivotal at a crucial level, looking forward to an upswing past $0.7.
The cryptocurrency market is mainly in the red on Good Friday. Some selected altcoins lead with double-digit gains such as Binance Coin (up 10%), Stellar (up 11%), EOS (up 17%), BitTorrent (up 10%) and Elrond (up 13%).
The flagship cryptocurrency Bitcoin holds slightly under $60,000 while bulls fight for a breakout to new record highs. Ethereum struggles to make a real break past $2,000 as bulls eye upswing to $2,500. Similarly, Ripple is dancing slightly under $0.6 ahead of a technical breakout to highs beyond $0.7.
Bitcoin's Breakout at $60,000 Seems Imminent
The pioneer cryptocurrency is trading at $59,500, while bulls focus on trading above $60,000. Trading above $60,000 is likely to be a significant milestone for BTC. Buying orders will be triggered as investors speculate an upswing toward $70,000.
The least resistance path is upward based on the Moving Average Convergence Divergence (MACD) indicator. Moreover, immense support appears to have been established at $58,000 and $56,000. These two zones have cushioned Bitcoin severally this week, averting potential losses.
BTC/USD Four-Hour Chart
IntoTheBlock's IOMAP model has validated the above bullish outlook, revealing the absence of robust resistance zones, making a confirmed break above $60,000 an easy task. The region running from $60,146 and $60,327 is subtle seller congestion hosting nearly 16,000 addresses that previously bought roughly 12,300 BTC.
The bellwether cryptocurrency is also sitting on an area with immense support, as highlighted by the IOMAP between $54,174 and $55,984. Here, 1.2 million addresses previously bundled up approximately 622,000 BTC. It will not be simple for the bears to slice through this zone, thus invaliding a potential downtrend.
Bitcoin IOMAP Model
Check Out: Bitcoin Trading Tips
Ethereum Jumps Above $2,000 Again
Ethereum has lifted beyond the coveted level at $2,000. The move is a notable milestone following the most recent downswing to $1,550. As bulls struggle to find balance above $2,000, the Moving Average Convergence Divergence establishes that the uptrend is still intact. The trend momentum indicator moves higher in the positive region in addition to the positive divergence above the signal line.
A golden cross pattern on the four-hour chart has also cemented the bulls' presence in the market, as reported earlier. Therefore, higher support will ensure that Ether makes a real break above $2,000 while allowing bulls to focus on $2,500.
ETH/USD Four-Hour Chart
It is worth noting that Ethereum is not out of the woods yet. The ascending parallel channel's upper resistance still caps movement. Therefore, a correction may occur if higher support, preferably above $2,000, is not secured.
Read More: Should you Buy Ethereum?
Ripple Grapples to Sustain Uptrend
Ripple is poised for acceleration toward $0.7 if an ascending triangle pattern on the four-hour chart matures. However, the resistance at the flat top trend line by extension $0.6 stands in the way of the anticipated upswing.
The MACD appears to validate the uptrend, hinting at bulls having what it takes to overcome the hurdles mentioned above. Resistance should be expected at $0.6 and $0.65, respectively.
XRP/USD Four-Hour Chart
On the flip side, the spike in value to $0.7 may be sabotaged if Ripple fails to break the seller congestion at the triangle's x-axis and $0.6, in that order. Note that the longer XRP stays under $0.6, the stronger the bearish grip becomes. Therefore, eventually, buyers would be forced to seek refuge at $0.5 and $0.4.
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