BTC, ETH and XRP: the situation on the crypto market on April 28

  • Interesting times are coming for Bitcoin in light of the approaching halving date.

  • In this analysis, we will look at the current situation for BTC, ETH and XRP..

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Bitcoin (BTC) has made several bullish attempts to break out of the important $ 7,800 resistance level, but they all failed..

In general, very interesting times have now come for Bitcoin, given the approaching halving in May and the quantitative easing rush that has swept the central banks of the world.

Below we will consider the top three popular cryptocurrencies and try to understand what awaits them next..

Bitcoin (BTC)

The bitcoin rate has been trading within the ascending channel since April 23.

BTC, ETH and XRP: the situation on the crypto market on April 28

At the time of writing, the price is holding just above the median line of this range. Also, this level is strengthened by the 50-hour moving average (MA).

As long as trading continues above this level, we will continue to expect the pair to once again reach the resistance line of this channel and possibly make a bullish breakout..

In the event of a bullish breakout, Bitcoin could bounce to highs in the $ 8000 area where longer-term resistance is located, strengthened by the 200-day MA.

Ethereum (ETH)

Ethereum made a bullish breakout of the long-term downward resistance line on April 16 and began to strengthen after that.

BTC, ETH and XRP: the situation on the crypto market on April 28

As a result, the price reached a high of ₿0.026 on April 18, from where Ethereum then pulled back slightly.

The pair is trading inside a symmetrical triangle. Although this pattern is considered neutral, in this case it appeared on the chart after a bullish move. This increases the likelihood that this pattern will act as a continuation pattern. Accordingly, this could lead to a bullish breakout..

If this happens, the ETH rate could reach the next resistance area at ₿0.027.

Ripple (XRP)

XRP has been declining since February 17, moving along the line of downward resistance. The price did not sync with any support lines, but the support area is highlighted on the chart, located in the area of ​​2550 satoshi.

BTC, ETH and XRP: the situation on the crypto market on April 28

As soon as the market reached it, it rebounded and began to rise in the direction of the resistance line.

BTC, ETH and XRP: the situation on the crypto market on April 28

Taking into account the fact that this is a descending line, each subsequent bullish move was weaker than the previous one. Accordingly, the pair has formed a series of declining highs on the chart..

XRP touched the mentioned support area again on April 28, after which it immediately began to rise. This move was preceded by bullish divergence signals on the RSI.

At the time of writing, XRP has reached the 25-day moving average (MA), which represents resistance. Until we see a bullish breakout of the aforementioned downward resistance line, we will regard the price action as bearish and expect a new decline towards the 2550 satoshi support area.


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