Helin Çelik, ICRYPEX Treasury Expert; He commented on the technical outlook for Bitcoin, Ethereum, Litecoin and XRP.
Bitcoin: BTC / USD
On April 16, 2020, BTCUSD 7328 resisted the upward movement by testing the 6550 support. BTCUSD, which has retreated with the impact of sales pressure in the financial markets, is currently pricing below the 6970 level. It is thought that if the volume increases in short positions continue, the cryptocurrency can be withdrawn up to the 6550 support it has tested during the week. Breaking the 6550 support may accelerate the selling pressure and transition to the downstream expansion phase. In the downside scenario, 6258 and 6000 levels can be considered after 6550 support. In case the 6000 level is broken, it is beneficial for the investor to follow the support levels up to date.
On the other hand, pricing above 6970 resistance in the cryptocurrency, which draws attention to its proximity to the balance level, may increase the purchases. If the cryptocurrency gains momentum upwards and especially above 6970 resistance, acceleration may be experienced up to 7700 and later 8107 resistance. At this point, it is thought that 7328 should be followed carefully as a buffer zone. Failure to provide permanence on this region, where it is periodically tested and withdrawn, may appear as a downward scenario that can be repeated in upward mobility. A positive outflow from the area will increase the importance of the resistors.
Resistance Levels; 6970 – 7328 – 7700 – 8107
Support Levels; 6550 – 6258 – 6000 – 5441
Ethereum: ETH / USD
With the support of 153, the acceleration of buyers dominated and ETHUSD tested the 191 level that we focused on by breaking the 172 resistance. The cryptocurrency, which faced sales pressure in its area on April 18, 2020, is trying to hold above 172 support. Acceleration up to 191 resistance in the cryptocurrency is thought to be possible if it provides persistence on the support. For continuity, the 191 level should be broken upwards. Thus, the cryptocurrency can find strength to accelerate up to 215 resistance.
On the contrary scenario, if 172 support breaks, channel support should be carefully monitored. Drooping under the channel support may raise 153 support and increase sales pressure in the cryptocurrency. The abandonment of 153 support by buyers with the transition to the oversold region may bring prices up to 126 in the first place.
Resistance Levels; 191 – 215 – 253 – 268
Support Levels; 172 – 153 – 138 – 126
Litecoin: LTC / USD
Returning from resistance 43 last week, LTCUSD broke down 20 MA to 39 support. The fact that the pricing is close to the balance level, the cryptocurrency’s holding above the 39 support triggers upward activity. In this context, it is thought that the pricing in the region will continue to follow the resistances 43 and 49 gradually. 49 resistance, on the other hand, remains important as it is the area where downside oscillations may occur. It is beneficial for the investor to pay attention to the two resistances we have stated in the upward mobility. An upward exit from the 49 resistor can carry the cryptocurrency up to level 57.
Breaking 39 support in cryptocurrencies, which is currently priced below 20 MA, may increase volumes in short positions. Thus, supports 36, 32 and 28 can be considered. The next level should be carefully followed with the exit from the band range in which it is located.
Resistance Levels; 43 – 49 – 57 – 61
Support Levels; 39 – 36 – 32 – 28
Ripple: XRP / USD
XRPUSD, which has brought the channel support it has created as of 13 March 2020 to the resistance position, is currently priced at the balance level. In the cryptocurrency where the investor is in an unstable phase, the upward break of 20 MA in the daily chart may bring along the resistance of 0.1979. With the market’s progressive pickup, the resistance of 0.2171 and 0.2305 can be followed, respectively.
A downside return from 20 MA may require the follow-up of 0.1735 support in the first place. Breaking 0.1735, which is a strong support, can create a pull up to 0.1424 levels. Support levels should be followed carefully in the scenario that may occur downstream.
Resistance Levels; 0.1979 – 0.2171 – 0.2305 – 0.2440
Support Levels; 0.1735 – 0.1424 – 0.1262 – 0.1029