Weekly Crypto Roundup
Konstantin Kaiser • 2 min read
The cryptocurrency market is in a recovery phase right now. While Bitcoin and other cryptocurrencies reached down to its previous indicated support targets, it seems likely that we can observe a continuation of the uptrend swing for this week. To find out where Bitcoin and the market in general are heading, we look at the technicals of Bitcoin, Ethereum and Ripple.
BTC/USD DAILY CHART
Bitcoin reached down perfectly to the 0.382 fib support at $9,500 where it quickly bounced off towards the upside. In case of a continuation of the upward movement, which seems likely, Bitcoin finds its next resistance around $11,500. Besides the 0.5 fib level and the resistance area around $11,500, the descending triangle trendline acts as additional resistance.
ETH/USD DAILY CHART
Ethereum went all the way down to $174 and did not continue its series of higher lows, as assumed in the prior analysis. However, it quickly bounced off the golden pocket and is currently on its way to $216, where it should find a major resistance. In the bigger picture, Ethereum is still in a support area up to $224. With the RSI recently being very close to oversold regions and the MACD being about to cross bullishly while the histogram is ticking higher, it seems likely that this week will be bullish for Ethereum.
XRP/USD DAILY CHART
XRP experienced a steep decrease last week and even surpassed the indicated support zone by $0.01. However, it quickly recovered and faced minor rejection at the upper trendline of the support zone, at $0.29361. With the RSI recently touching oversold regions and the MACD being about to cross bullishly while the histogram is ticking higher, XRP is good to go for an uptrend towards the 0.236 fib resistance at $0.336.
The biggest gainers of last week were:
DUSK, which surged by 63 percent,
HC, which gained by 46 percent and
BEAM, which rose by 36 percent.
Interesting news last week was that New Zealand is planning to allow its enterprises to pay its workers in cryptocurrencies instead of fiat. This is, of course, a great step towards mass adoption of cryptocurrencies.