Bitcoin, Ether, and XRP Weekly Market Update April 13, 2020
The total crypto market cap lost $3.6 billion of its value during the last seven days and now stands at $191.9 billion. The top 10 currencies were mostly in green for the same time frame with Tezos (XTZ) and Bitcoin SV (BSV) leading the pack with 15 and 6.9 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $6,704 while ether (ETH) fell to $152. Ripple’s XRP moved down to $0.183.
Bitcoin suffered another rejection at $6,900 on Sunday, April 5 and fell down to $6,770, still closing the week 15.5 percent up.
The BTC/USD pair opened the new trading period on Monday by drawing a huge green candle to $7,353. The successful break of the ascending triangle that was formed near $6,900 – $7,000 on the daily timeframe resulted in an 8 percent price increase.
On Tuesday, April 7 the coin was again quite volatile, moving in the $7,486-$7,062 zone before closing with a small loss to $7,203. It was stopped near the 50-day EMA, so bulls could not reach the next obvious target – $7,700.
The mid-week session on Wednesday was seen as a continuation of the bull trend after the profit taking activities that caused the drop in the previous session.
Bitcoin moved up to $7,372, but struggled to surpass the 50-day EMA due to the slightly decreasing volumes that did not support the upward movement.
On Thursday, we witnessed a weak effort from bulls to keep up with the momentum, and a drop to $7,284. The leading cryptocurrency was trading as low as $7,098 during intraday.
Bitcoin kept getting rejected at the 50-day EMA and on Friday, April 10 the fourth consecutive failure there resulted in a heavy drop back to the $6,900-$7,000 zone, which was also the horizontal S/R line of the ascending triangle on the daily chart. BTC erased 5.7 percent and closed at $6,885.
The weekend of April 11-12 started with a relatively calm session on Saturday, during which the BTC/USD pair stayed near $6,880.
On Sunday it remained flat even though it was trading in the wide range between $7,216 and $6,790.
The coin is hovering around $6,700 in the early hours of trading on Monday following a sharp drop in price.
After a successful week, the Ethereum Project token ETH made a slight correction on Sunday, April 5 and closed the week at $142, with a 13.7 percent increase.
The new seven-day period started with a bang as the leading altcoin skyrocketed all the way up to $171. The move resulted in a 20 percent increase for the day and the ETH/USD pair was now inches away from the next S/R line situated at $175.
On Tuesday, April 7, the coin fell to $164, but still it remained in the zone above the $160 support line. Bulls were rejected at $175-$176 where there was a strong accumulation of EMAs near this horizontal line – the two major long-term moving averages (100 and 200-day) + the 50-day EMA were meeting there. Surprisingly or not, the Fibonacci retracement level 38.20 was also placed at $176 making the area extremely saturated indicator-wise.
The third session of the week saw the “ether” regaining its positions around $174 and completely erasing all loses from the previous day.
On Thursday, April 9, the ETH/USD pair was forced out of the strong resistance zone near $170 and closed at $169.
The last of the workweek saw the coin trading significantly lower. It lost 7 percent and moved down to $157, almost touching the psychological level at $150 during the early hours of trading.
The ETH token remained flat during the trading sessions on Saturday and Sunday and ended the week with a 10 percent increase.
The coin is almost perfectly following the Fibonacci retracement levels finding its resistance at 38.20 ($176).
After 6 consecutive green sessions on the daily chart the Ripple company token XRP made a small correction to $0.179 on Sunday, April 5 and closed the week with 10.4 percent increase.
It started the new trading period on Monday by climbing up to $0.198. The coin once again added nearly 10 percent in a single-session, following the great example set by BTC during the same day.
On Tuesday, April 7 it temporarily broke above the psychological level of $0.20, but bulls were rejected at the 50-day EMA in the later hours and closed with a loss to $0.192.
The mid-week session on Wednesday was a good one for the “ripple” as it managed to regain position above $0.20. It looked like though that the $0.20-$0.215 zone was extremely solid and on Thursday, April 9, bears took over control and pushed price back down to $0.197.
The last day of the workweek came with a huge red candle to $0.186, which resulted in a 5.5 percent correction.
The XRP/USD pair experienced no significant changes in price on Saturday and just made a small step up to $0.188. The second day of the weekend brought no further changes and the price continued to hover around the above-mentioned level.The coin was 5.6 up on a weekly basis.
Altcoin of the Week
Our Altcoin of the week is Chainlink (LINK). This cryptocurrency is often described as a decentralized oracle service that facilitates the communication between blockchain and the real world by providing smart contracts with access to external data feeds.
LINK was 43 percent up for the seven-day period and now stands at #12 on CoinGecko’s Top 100 chart with a market capitalization of approximately $1.2 billion. It also added 55 percent to its value for the last two weeks.
The coin peaked at $3.42 on Thursday, April 9 and as of the time of writing is trading at $3.36 against USD on the Kraken exchange.