Bitcoin and Ripple - Next move will dictate longer trend development

FXOpen

BTC/USD

Last week on Monday the price of Bitcoin was sitting at $9723.8 at the open from where we’ve seen an increase of 12.11% until Friday’s high when the price reached $10901 at its highest point. From Friday’s high the price has depreciated by 6.71% to Monday’s low at $10172 and but has recovered since and is currently sitting slightly above at around $10271.

Bitcoin and Ripple - Next move will dictate longer trend developmentLooking at the hourly chart, you can see that the price is still above the upper descending trendline which serves as support but has fallen below the 0.236 Fibonacci level and is forming a cluster. As the interaction with the 0 Fib line ended as a retest of the support level with the price finding support an increase of over 15% occurred but this increase mighty still be corrective before we see a strong downward move, especially considering that the price came up above the symmetrical triangle's resistance level and attempted to break out to the upside but found strong resistance there and pulled back inside the triangles territory.

Since the yearly high was made we’ve seen a correction taking place inside the triangle structure and it consisted of two WXY three-wave corrections which is why after the second Y wave ended around the 0.618 Fib level the third structure is likely developing. As the third structure is likely to push the price for a lower low a breakout to the downside looks more likely but we could see the current recovery continuing for another attempt for a breakout to the upside.

XRP/USD

The price of Ripple has been stuck in a horizontal range from $0.24730 with its median line being the Monday’s low at $0.25393 and its resistance level being at $0.26617. From last Monday’s low which was an interaction with the median level we’ve seen an increase to its resistance level but another minor retracement after the interaction ended as rejection with the price currently sitting at around $0.26.

Bitcoin and Ripple - Next move will dictate longer trend developmentOn the hourly chart, we can see that from the yearly high at around $0.5 the price of Ripple has been nothing but decreasing and has depreciated in value by slightly over 50% coming below the most significant horizontal support level at $0.29405 when it was also stuck in a horizontal range and continued to breakout to the downside. Will the same pattern develop and we are to see further downtrend continuation it is still unclear but the current horizontal range could be interpreted as a consolidative one from which recovery is to take place. A breakout from either side is going to dictate the longer-term trend development which is why the horizontal range outline levels are serving as pivot points.

 

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

USD/CAD Consolidates
Forex Analysis

USD/CAD Consolidates

In the second half of April, the USD/CAD chart has shown a decline in volatility following significant spikes observed since February.

The Canadian dollar has stabilised against the US dollar within the 1.390–1.380 range over the

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.