BTC/USD and XRP/USD recover, but for how long?

FXOpen

BTC/USD

Last Monday the price of Bitcoin was $10503 and spiked further to $10675 at its highest point. From there the price has decreased by 10.41% as it came down to its lowest point at $9417.9 on Thursday. As the price came down to its significant horizontal support level last Thursday and found support there a recovery has been seen of around 11% as it came up to the same levels as on last Monday.

BTC/USD and XRP/USD recover, but for how long?As you can see from the hourly chart, the price has started to break out to the downside from the symmetrical triangle which was formed since the 26th of June but it found support on the previous low levels at 0 Fibonacci line which has caused a bounce to the 0.236 Fib level and is currently retesting the broken triangle’s support.

If the price gets rejected at the current levels it could be interpreted as a retest of the broken support which is set to cause another downfall with the price most likely going below the 0 Fib level which served as support potentially to around the $8500 area which serves as a the lower horizontal support level but if the breakout momentum increases it will likely not hold. As we’ve seen two WXY corrections the current structure is likely the third one which could either be a five-wave move or another three-wave correction but in either way from here I would be expecting further downside from here.

XRP/USD

The price of Ripple was $0.27788 at its highest point on Monday from where we’ve seen a decrease of 10.34% at its lowest point to $0.249 made on Thursday but as the price came down to its lower horizontal support level and found support there a minor recovery has been seen of around 6% as the price came up  to $0.2645.

BTC/USD and XRP/USD recover, but for how long?Looking at the hourly chart, you can see that similarly like in the case of Bitcoin the price of Ripple has broken out off of the symmetrical triangle and started moving to the downside but made a recovery to its broken horizontal level for a retest. Unlike in the case of Bitcoin, the recovery seen is a minor one which could mean that the recovery would continue but as the price reached the vicinity of the upper horizontal support which now serves as resistance we could see a rejection.

If the price gets rejected at the upper horizontal level at $0.26617 we could see further downside for the price of Ripple but if the price manages to move above it and stays there we could see the recovery continuing to the most significant one at $0.29405.

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.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

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.

Latest from Cryptocurrencies

Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

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. 65.68% 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.