ZB Market Daily: BTC, XRP & XLM technical daily analysis
According to a tweet from the CEO of MicroStrategy, “MicroStrategy has purchased an additional — 253 bitcoins for $15.0 million in cash at an average price of -$59339 per #bitcoin. As of 4/5/2021, we #hodl -91579 bitcoin acquired for $2.226 billion at an average price of -$24311 per bitcoin.”
From a fundamental perspective, this tweet was a boost in BTC volume while retail traders are optimistic of their position. Bitcoin was in accumulation phase as it consolidated in preparation for massive Bull Run.
As result of the consolidation of BTC, altcoins went on sporadical rally to the upside such XRP, XLM etc.
XRP rallied yesterday, reaching a yearly all time high of $0.94. The token has now surpassed Cardano, becoming the sixth largest cryptocurrency by market capitalization $42,579,584,367. Because of XRP’s rally, the total value of cryptocurrency market capitalization has surpassed $2 trillion for the first time in history.
Yesterday, the bulls were faced with a resistance of $59098.23, which resulted to an indecision in the market after a long tail Doji candle was printed during of the Asian session. Failure of the bulls to thrust BTC price above this level led to a minor dip to a low of $56589.61.
The EMA crosses acted as a dynamic support which prevented further dip as buying pressure from MicroStrategy increased. Bitcoin regained its intraday losses and closed the daily session at the opening price of yesterday at $58920.98.
Bitcoin consolidated yesterday as the money flow index moved in sideways. But as of the time of writing, the MFI uptick 66.16 index and also broke above the 20-period simple moving average.
For the day ahead, during the Asian opening trading session, high volatility could cause BTC price to print bullish engulfing candle above yesterday’s hurdle of $59098.23. If the scenario plays out, upon retest of the resistance, buying pressure could increase by retail traders.
In support of this bias, technically, BTC price printed on head and shoulder pattern on the daily chart. This is a bullish signal on the day ahead. BTC will be set for a new breaking record all-time high.
XRP rallied by 47.61% yesterday after breaking a higher high of $0.63207.
Yesterday, XRP opened the trading at $0.63386. With high volume and strong momentum from the bulls, XRP spiked to a high of $0.72270 during the Asian session. As trader booked for profit, XRP fell to $0.65983 on the 20-period simple moving average but the XRP army were violet on on the smaller time frame.
XRP rallied hard with high volume to print an intraday high of $0.92361.
As of the time of writing, XRP price is steering at the EMA crosses for a dynamic support of the sudden surge of price.
RSI is at the over-bought territory, indicating that the bulls are still in control of price.
For a healthy uptrend market structure, XRP will need to create a higher low at the EMA crosses or the 20 period simple moving average at $0.77327 in the day ahead.
XRP army will need to defend this price level if this scenario plays out. Traders can take snap buying opportunity at this level for a probable target of $1.49.
Yesterday, XLM rallied by 28.56% to an intraday high of $0.5504.
On the 3rd and 4th of April, XLM price created a double top structure at $0.45512, leading to price slipping to a low of $0.40935.
Volume started piling up as the Money flow index uptick from the 40index. As the volume increased, the bulls got momentum to push XLM price to the upside.
After breaking the EMA crosses and 20-period simple moving average simultaneously with a bullish engulfing candle, XLM price rallied hard to print an intraday high of $0.55044.
At press time, XLM price steered at the $0.45512 to create a higher low.
If the first 4-hour candle closes bearish during the Asian session, XLM could probably go for correction of yesterday’s rally to create higher low market structure. If this scenario plays out, traders can take buy opportunity at this price level for a probable target of $1 in the next few session ahead.
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