- BTCUSD hits 1-month high after breaking above 4400
- ETHUSD continues to be capped by 311
- XRPUSD attempting to break higher
Sunday saw some fairly significant technical developments for cryptocurrencies. Let’s look at the charts of Bitcoin (BTCUSD), Ethereum (ETHUSD) and Ripple (XRPUSD) and see what this could mean going forward.
Sunday saw a key break higher above 4400 for bitcoin. Source: xStation
The most widely traded crypto market made a strong break higher yesterday after moving up through prior resistance at 4400. This could now be seen as an important support level on a daily closing basis and whilst price remains above here then furthergains towards the Sep highs of 4863 are possible. A break above 4863 would signal another positive development and would lead to a continuation of the rally seen throughout 2017. The 8 and 21 period EMAs are in a positive orientation (8 above 21) and this is indicative of an uptrend.
Ethereum continues to struggle with prior resistance at 311. Source: xStation
This market has been one of the best performers so far in 2017, but lately there are signs that the uptrend is struggling. Price has tested the 311 level on several occasions lately and failed to close above it for more than a month. The 8 and 21 period EMAs are in a positive orientation but there are closely bunched and it wouldn’t take much downside for there to be a bearish cross. 230 is a level to look for below for possible support should price decline.
Ripple has made a strong break higher above 0.2540 and could set off on a sustained move to the upside. Source: xStation
Ripple made a potentially key break higher yesterday in clearing 0.2540 and there now is the possibility of a sustained move to the upside. The market made an all-time high around 0.4350 back in May but recent attempts to retest this level have been frustrated. 0.2540 could now be viewed as an important support and as long as price remains above here then more upside may lie ahead. The 8 and 21 period EMAs are in a positive orientation and suggest the market is in an uptrend.