This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin’s (BTC) Weekend Price Movement has brought attention to the $ 88,800 support level, while XRP, the payments-focused cryptocurrency, seems close to confirming a bearish chart pattern known as “Death Cross.”
BTC fell 1.5% on Sunday (UTC), which dived out of a trend line that connects low, reached April 9 and April 20, according to diagrams taken from TradingView.
The division of the rising trendline, a demand zone, indicates that recovery mounting from April 9 low under $ 75,000 may have run its course, suggesting the potential for a renewed price turn. Prices crossing under the Ichimoku cloud on the hourly card, a momentum indicator, also suggest the same.
On the downside, $ 88,800 could act as a key support level after he previously limited upward movements on March 24 and April 2, which suggests it may act as a critical price point if tested again.
The Bearish Time Diagram created risks invalid for renewed over the ichimoku cloud, which would reintroduce the bullish prospects of increase to $ 100K.
XRP Death Cross
XRP’s recovery from April 7 lows has also run out of steam, with prices falling back under the 50-day simple sliding average (SMA).
More importantly, the 50-day SMA appears on track to cross during the 200-day SMA in what is known as Death Cross Long-term Barish indicator.
The impending Death Cross based on the overall downward trend since mid -January increases the risk of deeper sales. Note, however, that Death Cross’s record by predicting price developments has been mixed in both bitcoin and traditional markets.
