This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
The Bitcoin weekend price movement (BTC) has drawn attention to the support level of $ 88,800, while XRP, the cryptocurrency centered on payments, seems to be close to confirming a bearish graphic pattern known as the “Cross of Death.”
BTC fell 1.5% on Sunday (UTC), leaving a trend line that connected minimums reached on April 9 and April 20, according to graphics from TrainingView.
The breakdown of the ascending trend line, a demand zone, indicates that the recovery of April 9 moves below $ 75,000 may have followed its course, which suggests potential for a renewed fainting. The prices that cross under the Ichimoku cloud in the table per hour, an impulse indicator, also suggests the same.
On the negative side, $ 88,800 could serve as a key support level, having previously limited upward movements on March 24 and April 2, which suggests that it can act as a critical price if proven again.
The doping table per hour established the invalidation of risks in renewed above the Ichimoku cloud, which would restore the upward perspectives of promotion to $ 100K.
XRP Death Cross
The XRP recovery of April 7 has also run out of steam, and prices fall below the single mobile average (SMA) of 50 days.
More importantly, the 50 -day SMA appears on the way to cross below the 200 -day SMA in what is known as the long -term bearish indicator of Death Cross.
The imminent cross of death, in the context of the general tendency to decline since mid -January, increases the risk of a sale of a deeper sale. However, keep in mind that the record of the Cross of Death in the prediction of price trends has been mixed both in Bitcoin markets and in traditional markets.
