Cryptocurrency Weekly Analysis – Week Ending 5th April 2019


XRP

This week XRP chart analysis shows that the bulls have taken charge, eliminating close supply zones (resistance levels). Price retraced at 200EMA, (which serves as dynamic support/resistance) retested the demand zone and rallied again. This proves that there is a clear demand in control and bullish sentiment. If price closes above the 0.38176 resistance line, we envisage that price will continue to move towards the 0.41433-0.46643 resistance zone.

BITCOIN (BTC)

The price of BTC has picked up in the last few days. An important question is: Is this a giant liquidity tap or are we seeing a new value area being built in the 4 to 5K range?  Do market makers want to build some longs up in the 4 to 5K range so they can slam it back down and take profit on a short? Or are they filled up nicely from their accumulation in the 3K range and ready for a run upward? There is no real way to answer these questions, but as Bitcoin has significantly increased in price on the daily time frame, we expect a retracement back to the recent demand zone on the 4 hour time before the trend resumes towards the $5445.6-6049.9 resistance zone.

LITECOIN- LTC

With a clear significant price correlation between the litecoin and bitcoin, we expect litecoin to follow suit with bitcoin. With a significant weekly performance of 46.02% and a volatility of 11.97% we expect litecoin to follow the  Price action of bitcoin.

From the technical analysis stand point we can see on the daily time frame chart that there is a clearly defined  strong uptrend as the demand has consistently eliminated the supply zone and as price is heading toward a major resistance point (supply) we expect price to consolidate around that region in the next few days, continue upwards or retest the last demand zone.

ETHEREUM- ETH

Technical analysis has shown that the price action of ethereum has approached a major supply zone in the daily time frame. Thus, this supply zone(resistance zone) has been tested several times forming an ascending triangle which indicates an imminent breakout. In the coming weeks we expect price consolidation between $140-180. If prices closes above the 182-190 resistance zone, it could move towards the 221.53 resistance level.

Disclaimer: This article is provided for information purposes only without regard to any particular user’s investment objectives, financial situation, or means, and Quidax is not soliciting any action based upon it. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Adviser.

Arinze Nnabuo
Arinze is an analyst at Quidax. He actively trades cryptocurrencies and loves all things cryptocurrency related. His interests cut across finance, medicine and blockchain.