The crypto market has rallied this week, but Bitcoin does not appear to be able to catch up on the momentum that Alts are currently receiving. This is clearly visible in the graph below and shows that large-cap altcoins fared significantly better in dollars.
Bitcoin
Bitcoin has seen a small price increase of 5.4% over the past seven days as it currently stands at $ 54,300. It found support at $ 47,000 (0.5 fib) on Sunday and rebounded from there to close the daily candle around $ 49,000.
On Monday, Bitcoin rebounded, pushing back above $ 50,000 to hit $ 54,000. The rise continued on Tuesday and Wednesday, but Bitcoin was unable to close a daily candle above the USD 55,400 resistance. From there, it fell lower yesterday until support was found at USD 52,486 (.382 Fib). Since then, it has risen to its current price of $ 54,300.
There is a worrying signal generated this week. The 20-day MA exceeded the 50-day MA for the first time since October 2020, which could be the first signal of a short-term bearish trend.
Looking ahead, the first resistance is at $ 55,400. This is followed by USD 56,040 (bearish .5 Fib & 20-day MA), USD 56,900 (50-day MA), USD 58,355 and USD 60,000.
On the flip side, initial support is at $ 52,486 (.382 Fib). This is followed by USD 51,340 (long term 0.618 Fib), 50,400 USD (100 days MA & 0.618 Fib), 50,000 USD and 48,920 USD (0.786 Fib).
BTC / USD Daily Chart. Source: TradingView
ether
Ethereum had a strong performance this week as the price rose 13.6% to hit the current level of $ 2,755. ETH also printed a new ATH today for around $ 2800. The cryptocurrency started the week by bouncing off support at the lower bound of a symmetrical triangle pattern in which it was trading.
Ether managed to move up on Monday as it continued to break $ 2,500. The uptrend continued throughout the week as ETH hit new ATH prices every day until it hit nearly $ 2800 today.
Looking ahead, initial support is at $ 2600. This is followed by $ 2500 (.236 Fib), $ 2400 (20 days MA), $ 2320 (.382 Fib) and $ 2172 (.5 Fib).
On the downside, when the bulls break $ 2800, initial resistance will be at $ 2929 (1.272 Fib Extension). This is followed by USD 2929 (1.313 Fib Extension), USD 3000, USD 3075 (1.618 Fib Extension) and USD 3157.
ETH / USD daily chart. Source: TradingView
ETH is doing remarkably well against Bitcoin as it hits prices that have not been seen this week since March 2018. The coin was trading around 0.044 BTC over the weekend when it started rising higher.
As the week progressed, Ethereum continued to climb to new year highs until it encountered resistance at 0.0515 BTC (1.618 Fib Extension) yesterday. It failed to close above this resistance and has since fallen to the current BTC price of 0.0507.
Looking ahead, the initial support is at 0.05 BTC. This is followed by 0.0478 BTC (0.236 Fib), 0.0465 BTC (price channel support), 0.0453 (0.382 Fib) and 0.0432 (0.5 Fib & 20 days MA).
On the other hand, the first resistance is at 0.0515 BTC (1.618 Fib Extension). Beyond 0.052 BTC, resistance is at 0.0541 BTC (April 2018 low), 0.055 BTC, 0.0566 BTC (1.618 Fib Extension), and 0.058 BTC.
ETH / BTC daily chart. Source: TradingView
Ripple
XRP saw a solid price increase of 38% this week as it is currently trading at $ 1.53. The cryptocurrency rebounded from the support at USD 0.92 (0.618 Fib) on Sunday and returned above USD 1.00 by the time the candle closed.
XRP started rising on Monday until a resistance at USD 1.42 (bearish 0.5 Fib) was found on Tuesday. That resistance was only penetrated today as it rose as high as $ 1.60. It fell slightly as it tried to overcome resistance at $ 1.55 provided by a bearish .618 Fib.
Moving forward, the first resistance above $ 1.60 is at $ 1.74 (bearish 0.786 Fib). This is followed by $ 1.98 (April highs), $ 2.10 (1.618 Fib expansion), 2.25 $, and 2.38 $ (1.272 Fib expansion).
On the other hand, the initial support is at USD 1.40 (20 days MA). This is followed by $ 1.25 (February 2019 highs), $ 1.10 (0.5 Fib), $ 1.00, and $ 0.927 (0.618 Fib and 50-day MA).
XRP / USD Daily Chart. Source: TradingView
Against Bitcoin, XRP found support at SAT 1972 (.5 Fib) on Sunday as it began to rebound higher. By Monday, XRP had hit above 2500 SAT but struggled with resistance at 2600 SAT as the week progressed.
2600 SAT was finally penetrated today when XRP rose to 2940 SAT. It has since fallen and needs to close above resistance at 2877 SAT (.618 Fib) to stay higher.
Looking ahead, the first resistance above 2877 SAT is at 3038 SAT (April highs). This is followed by 3200 SAT, 3362 SAT (Fen 2020 highs), 3485 SAT (bearish 0.786 Fib) and 3783 SAT (October 2019 highs).
On the other hand, the first support is at 2600 SAT. This is followed by 2450 SAT (20 days MA), 2225 SAT (.382 Fib), 1900 SAT (low from July 2020) and 1719 SAT.
XRP / BTC daily chart. Source: TradingView
Cardano
ADA is up a whopping 17% this week as the coin hits $ 1.33. ADA found support around $ 1.10 earlier in the week as it started rising again. By Tuesday, ADA had climbed back above the 20-day MA after staying below it for eight days.
The coin now appears to be struggling to bottom above $ 1.35 and will need to break through that level to continue the rebound to the April highs.
Looking ahead, the first level of resistance is at $ 1.35. This is followed by $ 1.50 (1.618 Fib extension), 1.58 USD (ATH price), 1.72 USD (1.272 Fib extension), and 1.80 USD (1.414 Fib extension).
On the flip side, the initial support is at USD 1.30 (20 days MA). This is followed by USD 1.20 (50 days MA), 1.10 USD and 1.00 USD (100 days MA).
ADA / USD Daily Chart. Source: TradingView
ADA is also doing very well against Bitcoin this week. The cryptocurrency has been trading in a symmetrical triangle pattern for the past two months of trading. Earlier this week ADA found support at 2200 SAT (20 days MA) and started pushing higher.
It managed to break out of the symmetrical triangle pattern on Tuesday and set a new high for April at 2600 SAT yesterday.
In the future, the first resistance will be at 2600 SAT. This is followed by 2800 SAT (1.414 Fib Extension), 3000 SAT and 3196 SAT (Feb highs).
On the other hand, the first support is at 2400 SAT. This is followed by 2300 SAT (20 days MA), 2200 SAT and 2060 SAT (0.5 Fib).
ADA / BTC daily chart. Source: TradingView
Binance coin
The BNB saw a sharp 18.7% price surge this week as it surged above $ 600 and moved back towards ATHs at $ 638. The BNB has been trading in an ascending price triangle with a roof of the triangle of USD 600 for a month.
The coin found support at $ 477 (0.382 Fib) earlier in the week as it pushed back up. It reached the roof of the triangle yesterday and managed to break over it today when it breaks over $ 600.
Looking ahead, the first resistance is at the ATH price of $ 638. This is followed by $ 680, $ 700, $ 720, $ 755 (1.272 Fib extension), $ 800 and $ 815 (1.414 Fib extension).
On the flip side, initial support is at $ 600. This is followed by $ 560, $ 520 (lower angle of the triangle), $ 500, $ 477 (.382 Fib) and $ 430 (.5 Fib).
BNB / USD Daily Chart. Source: TradingView
The BNB is also doing very well against Bitcoin this week as it sets a new ATH price of 0.0114 BTC. The market also traded in an ascending triangle with a roof of 0.0105 BTC for the past 14 days.
Additionally, the BNB traded in a narrow range between 0.0105 BTC and 0.00988 BTC for the past ten days. This range was only penetrated yesterday when the NBB started setting the new ATH price today.
Looking ahead, the first resistance is at 0.0121 BTC (1.272 Fib Extension). This is followed by 0.0129 BTC (1.414 Fib Extension), 0.0135 BTC and 0.0142 BTC (1.618 Fib Extension).
On the other hand, the initial support is at 0.0105 BTC. This is followed by 0.01 BTC, 0.0095 BTC (20 days MA), 0.00875 BTC (0.382 Fib) and 0.08 BTC.
BNB / BTC daily chart. Source: TradingView
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