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Bitcoin, Ethereum, XRP Price Analysis: Top 3 Coins On Way To Close April At Monthly Highs

  • As April closes, the cryptocurrency markets have pretty much recovered all of the losses that were seen during the Coronavirus March market collapse.
  • Bitcoin surged by a total of 22% over the past week which allowed the cryptocurrency to climb back above the $9,000 level briefly today.

As we close the month of April, the cryptocurrency markets have surged. Led by Bitcoin, the total market cap valuation for the entire market has managed to increase to the $247 billion levels.

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Source: Coinmarketcap
Source: Coinmarketcap

This price increase was largely led by Bitocin being able to surge by 22% over the last week as it broke the resistance at $8,000 and continued above $9,000 today. It has since dropped beneath $9,000 but we can expect this bullish rally to continue over the next few days as the BTC block halving event is just 12 days away.

With the upcoming block halving, we will see the block reward being slashed from 12.5 BTC per block to 6.25 BTC per block, effectively reducing the incoming supply to circulation by 50%.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTCUSD
BTC/USD. Source: TradingView

Market Overview

Taking a look at the chart above, we can see the majestic price increase for BTC over the past 2-days. It broke past the resistance at $7,800 and stormed above $8,000. After breaking $8,000, BTC continued to climb higher to close the day at the $8,950 level (1.618 Fibonacci Extension level).

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Today, on the last day of the month, we can see that BTC managed to break further above the $9,000 level and reach as high as $9,400 before rolling over and falling back beneath $9,000.

Short term prediction: BULLISH

Bitcoin remains strongly bullish at this time. It would need to drop beneath $7,400 before being considered as bearish. 

If the sellers do push lower, the first level of support lies at $8,500. Beneath this, added support lies at $8,300, $8,1414 (.236 Fib Retracement), and $8,000. Following this, support lies at $7,800, $7,600, and $7,200.

Alternatively, if the buyers push back above $9,000 again, resistance is located at $9,100 (bearish .786 Fib Retracement), $9,200, and $9,500. Following this, added resistance lies at $9,600 (1.272 Fib Extension), $9,750 (bearish .886 Fib Retracement), $9,950 (1.414 Fib Extension), and $10,000.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH USD chart
ETH/USD. Source: TradingView

Market Overview

Ethereum managed to surge by a total of 15% over the past week of trading as the cryptocurrency managed to break above the $180 resistance to reach the $197 level. It stayed here for a few days but went on to climb above $200 and closed at the $218 level (bearish .786 Fib Retracement) yesterday.

Today, we can see that Ethereum spiked higher into $230 but since dropped to trade at $211.

Short term prediction: BULLISH

Ethereum is bullish in the short term and would need to drop beneath $200 to turn neutral. It would have to fall beneath $170 to turn bearish.

If the sellers do push lower, the first level of support lies at $210. Beneath this, added support is located at $200, $191, and $180. If the sellers continue to drive ETH beneath $180, support lies at $175 (100-days EMA), $170, and $160.

On the other side, if the bulls break the $218 resistance (bearish .786 Fib Retracement), higher resistance lies at $224 (1.618 Fib Extension). Above this, resistance lies at $230, $235 (bearish .886 Fib Retracement), and $240. This is followed by added resistance at $250 which is the March 2020 high.

Also Read: Market Update: Bullish Boost For BTC, Bitcoin CME Gap Widens As BTC Moves Past $8,500

Ripple Price Analysis

XRP/USD – Daily CHART – SHORT TERM

XRP Chart
XRP/USD. Source: TradingView

Market Overview

XRP also managed to increase by 15% this week as the cryptocurrency finally broke above the $0.20 level. The cryptocurrency had been struggling to break above $0.20 since the March market collapse but managed to penetrate above here on Tuesday when it surged past the 100-days EMA at $0.206 and closed at $0.218 (1.272 Fib Extension). 

Yesterday, XRP continued higher into the bearish .5 Fib Retracement level at $0.23. In today’s trading session, XRP has dropped lower as it trades at $0.218.

Short term prediction: BULLISH

The break above $0.20 has now turned XRP bullish and it would need to drop beneath $0.20 to turn neutral again. If it was to drop beneath $0.18, the market would be considered as bearish.

If the buyers manage to rebound from $0.218 and push higher, the first level of strong resistance lies at $0.229 (bearish .5 Fib Retracement). Above this, resistance is located at $0.234, $0.24 (1.414 Fib Extension), and $0.257 (bearish .618 Fib Retracement).

Toward the downside, support lies at $0.21, $0.206 (100-days EMA & .236 Fib Retracement), $0.20, and $0.1881 (.382 Fib Retracement). Following this, added support lies at $0.18.

The RSI has dropped from overbought conditions as the bullish momentum is starting to show some signs of weakness.

Bitcoin, Ethereum, XRP Price Analysis: Top 3 Coins On Way To Close April At Monthly Highs
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Bitcoin, Ethereum, XRP Price Analysis: Top 3 Coins On Way To Close April At Monthly Highs
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As April closes, the cryptocurrency markets have pretty much recovered all of the losses that were seen during the Coronavirus March market collapse. Bitcoin surged by a total of 22% over the past week which allowed the cryptocurrency to climb back above the $9,000 level briefly today.
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Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.