Bitcoin and major altcoins rallied this week following Ripple’s legal victory and Dollar weakness, but are facing resistance at key levels. Here’s a price analysis of BTC, ETH, BNB, XRP, ADA and other major cryptos:
Bitcoin
- Bitcoin broke above $31k resistance but faces difficulties building momentum
- The RSI is forming a bearish divergence, suggesting weakening bullish momentum
- $31k remains a key level for BTC; a break below could trigger a drop to $30k
- Upside is limited until BTC crosses $32.4k resistance
Ethereum
- ETH failed to sustain below the 50-day SMA, attracting strong buying
- It is facing resistance at $2k but the rising 20-day EMA favors bulls
- ETH needs to cross $2k and then $2.14k-$2.2k resistance to continue its rally
- A break below the 50-day SMA at $1.85k would weaken the bullish momentum
BNB
- BNB broke out of a symmetrical triangle pattern and crossed the 50-day SMA
- It is facing resistance at $265, with the triangle resistance line at $245 support
- A re-entry into the triangle would suggest the breakout was a bull trap
- A break above $265 resistance would signal a rally to $280 and then $300
XRP
- XRP skyrocketed above $0.56 resistance following Ripple’s legal victory
- It is now facing profit-taking near $0.94 after an overextension of its $0.82 target
- Support lies between $0.7-$0.75; a break below $0.7 could delay its next leg up.
- Upside is limited until XRP crosses $0.94 resistance.
In summary, while the general trend remains bullish, most major coins are facing resistant at key levels following the recent rally. They will need to break above these hurdles to continue their upward momentum. The short-term outlook points to consolidation or minor corrections before the next leg up.
