Merely hours after reaching a low of $6,480, the BTC price rallied significantly to reach a daily close of $7,101. Numerous altcoins followed suit, posting double-digit gains until the daily close.
At the time of writing, the BTC price was trading very close to the $7,150 resistance area. This area had previously acted as support but turned to resistance after the April 10 breakdown. The price initially validated it as resistance on April 12 and has now generated a double top inside this area.
This area also coincides with the 0.618 Fib level of the entire downward move, making it a very likely level for the price to reverse its trend. A breakout above this level would likely take the price to $7,500, while a definitive rejection would put $6,310 into play.
At the current time, the direction of Bitcoin’s next move is still unclear, due to conflicting signs in the longer-term, which we have outlined here.
The outlook is undetermined. A breakout above $7,150 would be bullish, while a rejection from this area would be bearish.
The Ethereum price has been moving upwards since March 13. The increase has taken the form of an ascending channel, both the resistance and support lines of which have been validated sufficient times.
At the time of writing, the ETH price was trading very close to the resistance area of $175, where it has possibly created a double top, which is known as a bearish reversal pattern.
Furthermore, the double top is combined with bearish divergence in the RSI, a strong sign that the price will move downwards. If it begins to do so, the closest support level is found at $160, right at the ascending support line of the channel.
Ethereum is likely to decrease and validate the support line of the channel. At the time of writing, we cannot confidently predict a breakdown from the channel.
The XRP price has been following a descending resistance line since March 12. At the time of writing, the price was trading right at this resistance line, having validated it for the fourth time.
XRP is also resting above the $0.18 support, being stuck between this support level and the descending resistance line, together creating a descending triangle, which is known as a bearish pattern.
However, until the price moves out above/below this range, its outlook remains neutral. The chances for a breakdown are slightly higher, if only because of the possible descending triangle and bearishness in the BTC price.
A breakdown would take the price to $0.16, while a breakout would take it towards $0.225.
Neutral outlook for XRP, until the price either breaks out above the descending resistance line or breaks down below the support area.
Bitcoin Cash (BCH)
The BCH price has been following a descending support line since March 20. It reached this line on April 16 and immediately bounced upwards, beginning the current upward movement.
Even though the upward move has been substantial, it still is a lower high relative to the increase that occurred on April 12. In addition, it seems that the price is in the process of creating a head and shoulders pattern, currently completing the right shoulder. A breakdown from this pattern is also supported by the hourly RSI, which has generated bearish divergence.
The BCH price is expected to break down from the head and shoulders pattern and move towards the descending support line once more.
Bitcoin SV (BSV)
The BSV price has been following a descending support line since Jan. 14. At the time of writing, the price was in the process of validating the line for the fourth time.
On a bullish note, the price is trading above the $175 area, which is acting as support, and the 200-day moving average (MA).
On a bearish note, it still has not broken out above the descending resistance line and has made several successive lower highs.
BSV is expected to trade between the $175 support area and the descending resistance line. An eventual breakdown is slightly more likely due to the possibility of a drop in the price of BTC.
The LTC price is trading inside a steep descending channel and has been since April 8. The price has validated both the resistance and support lines thrice.
At the time of writing, the price was trading inside the $42 resistance area, in what looks like a bearish retest. In addition, there is hidden bearish divergence developing in the RSI, further supporting the possibility of a price decrease.
The Litecoin price is expected to decrease towards the support line of the channel, which currently is at $37.
Binance Coin (BNB)
The BNB chart shows that the price has been trading inside an ascending wedge since March 13. The price is quickly approaching the point of convergence between the resistance and support lines.
Even though the price has been gradually making higher highs since the beginning of April, they have been combined with a growing bearish divergence in the RSI.
Combining this with the fact that the ascending wedge is a bearish pattern, we can come to the conclusion that a breakdown is likely. If one occurs, the closest support level is found at $13.5
The BNB price is likely to break down from the ascending wedge and reach the support area at $13.5.
The EOS price is trading inside a symmetrical triangle and has been doing so since March 9. Yesterday’s high served to provide the slope of the descending resistance line.
The symmetrical triangle is considered a neutral pattern, making both a breakout and breakdown possible. A breakdown is slightly more likely, since the pattern often acts as continuation and is succeeding a downward move.
The anticipated movement from this level would be further consolidation inside the triangle before the price decides on the direction on its move.
The closest support and resistance areas are found at $2.15 and $3.1, respectively.
The EOS price is likely to continue trading inside its pattern. A breakdown is slightly more likely due to the preceding downward move and possible bearishness for BTC.
The XTZ price is trading inside an ascending channel and has been doing so since March 13. On April 14, the price reached the ascending support line of this channel, which coincides with the $1.8 support area and began the current upward move, which is still ongoing.
The moment is entirely on the bulls’ side, due to the strong reaction once the price reached the support line/area.
In addition, the price was successful in moving above the 50-day MA, which had been previously acting as resistance.
The XTZ price is likely to continue increasing until it reaches the resistance line of the channel, which is currently at $2.4.
The LINK price has been following an ascending support line since March 13. It increased gradually at its slope until April 6, when the rate of increase greatly accelerated.
At the time of writing, the XTZ price was trading inside the $3.5 resistance area. Until it is successful in reclaiming it, its price movement is considered a retracement rather than the beginning of a new upward movement.
However, the RSI suggests that the price will not be successful in reclaiming the area as support. It has generated considerable bearish divergence, which suggests that the price will move downwards, especially since the divergence is present inside an important resistance level.
If the price begins to decrease, it is likely to find support at the ascending support line, which is currently at $2.8.
The LINK price is likely to decrease until it reaches the ascending support line outlined above.