The cryptocurrency markets kept the gains and formed new trading ranges, returning to growth. The volatility present in the cryptocurrency market speaks for it itself as the prices undergo massive changes in a span of few days or even hours weeks
The Bitcoin added half a percentage point to 5,319 USD at 11:00 GMT. However, the Bitcoin price failed to gain momentum above 5,350 USD and corrected lower. Looking specifically at the 50-week moving average there was an initial bounce off of that back in 2015, then a further 105 days of accumulation when Bitcoin pulled back again. Only when Bitcoin retested the 50 SMA and broke through it did the bull run start in full. This happened in October after the initial test in July. A similar scenario in 2019 may play out if Bitcoin does not break resistance at the 50 SMA and could test this level at the end of April.
Other cryptos are also into the green with Ethereum appreciating by 1.35% to 171.61 USD and XRP adding 1.84% to 0.3269 USD. Bitcoin Cash, EOS and Litecoin rose between 0.3% and 1.5%.
The total value of the cryptocurrency market reached 178.889 billion USD.
Bitcoin price analysis
In the past two days, the Bitcoin price made a few attempts to break the 5,350 USD resistance. The cryptocurrency failed to gain momentum above 5,350 USD and recently corrected lower. It broke the 5,300 USD and 5,250 USD support levels. There was even a break below the 5,220 USD level and the 100 hourly simple moving average. However, the 5,200 USD support area acted as strong support and the price recently bounced back above 5,220 USD and 5,250 USD.
There was a break above the 50% Fib retracement level of the recent decline from the 5,348 USD high to 5,200 USD low. However, the 5,315 USD level acted as a strong resistance. It represents the 76.4% Fib retracement level of the recent decline from the 5,348 USD high to 5,200 USD low. There is also a crucial bullish trend line in place with support at 5,245 USD. It seems like the pair is approaching the next key break either above the 5,300 USD resistance or towards 5,200 USD.
If there is an upside break above the trend line and 5,300 USD, there could be more gains. The next important resistance is at 5,350 USD, above which the price could accelerate towards the 5,400 USD resistance. Conversely, if there is a downside break below 5,250 USD and 5,245 USD, the price could revisit the 5,200 USD support area. Any further losses may put a lot of pressure on the bulls and the price is likely to slide towards the 5,100 USD level.
Ethereum price analysis
The Ethereum price jumped resistance levels around 174 USD and 175 USD to move to a positive area. But the price did not keep the bullish impulse above 178 USD.
It formed a peak of just under 178 USD and then fell below the 175 USD level. There was a breakthrough under 170 USD and a 100-hour simple moving average (SMA). The price traded near the 166 USD level, where buyers took a stand.
Recently, the price has recovered above the 168 USD level and the 23.6% Fibo retracement rate of the recent decline from 178 USD high to 166 USD low. However, the area of 170 USD and the 100-hour simple moving average act as a strong resistance.
There is also a major bearish trend line on the ground with a resistance of 171 USD. Above the trend line, the next drag is close to 172 USD and the 50% Fibo retracement rate of the recent decline from 178 USD high to 166 USD low.
On the downside, the initial support is 168 USD, below which the price can revise the support of 166 USD. Any further losses are very unlikely and it looks like the price can return over 171 USD and 172 USD. The main resistance is 175 USD, above which the price could go to 180 USD and 182 USD.
The price of Ethereum seems to be adjusted to 166 USD or 165 USD. However, the overall mood is positive and the price can go back after completing the current adjustment close to 165 USD.
On the upside, a breakthrough of 172 USD is needed for a new increase to the 178 USD level. Over 178 USD, the price may break the resistance of 180 USD.