Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple have a bullish start to Saturday, following Fridays drop – FXStreet

Posted: May 11, 2020 at 11:51 am

The price of BTC/USD has gone up from$9,806.63 to $9,848.50. There is a dip in the RSI, but it is still trending within the overbought zone at 79.63. While this ideally means an upcoming short term bearish correction, we believe that the bulls will continue to consolidate till Tuesdays halving.

The MACD indicates increasing bullish momentum. Ideally, the bulls will want to conquer resistance levels at 10,036 and $10,359.55. On the downside, healthy support lies at $9,500 and $8,780, which must be defended on the face of a sudden bearish onslaught.

ETH/USD is consolidating below the $218 resistance level as it went up from $211.50 to $213.20 in the early hours of Saturday. The price is hovering below the red Ichimoku cloud. The bulls gain enough firepower to enter the cloud by conquering the $227.40 resistance level. On the downside, there are healthy support levels at $207.25 and $198.

The SMA 50 is looking to crossover the SMA 200 to potentially chart the highly bullish golden cross pattern. The MACD shows slightly bearish market momentum.

XRP/USD bulls remained in control for the third straight day as the price went up a bit from $0.2187 to $0.219, trending above the triangle formation in the process. The bulls must garner enough momentum to beat resistance at SMA 200, $0.2284 and $0.2362. The last resistance level will bring the price above the 20-day Bollinger Band.

On the downside, the buyers must make sure that support at $0.2113 and $0.1962 remain strong. The Elliott Oscillator has fallen from 0.026 to0.0163 over the last seven days.

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Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple have a bullish start to Saturday, following Fridays drop - FXStreet

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