This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
The Bitcoin weekend price movement (BTC) drew attention to the level of support of $ 88,800, while XRP, the cryptocurrency focused on payments, seems almost confirming a model of lower graphic known as the “Cross of Death”.
The BTC dropped 1.5% on Sunday (UTC), plunging from a trend line connecting the stockings reached on April 9 and 20, according to graphics from tradingView.
The breaking of the growing trend line, a demand area, indicates that the recovery rally from the low April 9 of $ 75,000 could have followed its course, which suggests a potential for a renewed price. The prices crossing the Ichimoku cloud on the hourly graph, an indicator of Momentum, also suggest the same thing.
Lowering, $ 88,800 could serve as a level of key support, having previously capped the movements up on March 24 and 2, which suggests that it could act as a critical price if it is tested again.
The lowering hourly graph has set up risks of invalidation on the renewal above the Ichimoku cloud, which would restore upward prospects for an increase at $ 100,000.
XRP death cross
The recovery of XRP from the levels of April 7 is also short of steam, the prices falling below the simple 50 -day mobile average (SMA).
Most importantly, the 50 -day SMA appears on the right track to cross the 200 -day SMA in what is called the long -term long -term lower -low indicator.
The cross of imminent death, in the context of the overall decreased trend since mid-January, increases the deeper risk of sale. Note, however, that the Death Cross record in pricing trends has been mixed both on bitcoin and traditional markets.
