At the start of the week on Monday, April 16 the cryptocurrency market cap was around 338 Billion and has dropped approximately 20 billion dollars on a single day, coming to the lowest point of the week at around 318,320,000,000$. Since then, the market cap rose to around 374 billion dollars, which means that another 55,68 billion dollars have entered the market.
From April 16. Bitcoin’s price has increased by 6,79% coming from 7916$ to 8452$ where is now sitting. The price went above the 50-day EMA as you can see from this daily chart, which is a good sign. However its 100-day exponential moving average is just slightly above it at around 9000$ level and then around 9300$ there is a 0.786 Fibonacci level, which means that the price is likely going to be repealed around those levels.
Overall, daily chart signals a buy.
At the start of the week, Ethereum’s price was sitting around 500$, and it rose up by 90$ which is approximately 17% increase in five days. Looking at the daily chart, we can see that the price went above the 50-day EMA and is now interacting with 1,414 Fibo level. Like in the case of Bitcoin the 100-day EMA is not far enough as the next Fibo level.
Overall, daily chart signals a buy
Starting from Monday, April 16 the price of Ripple has increased by a staggering 34%, coming from 0.64$ to 0.85$ where is now sitting. Looking at the daily chart, we see that price went above its 50 and 100-day EMA, which is an extremely bullish sign. The price is now interacting with its 100% Fibonacci level which is the top of the previous range.
Overall the hourly chart signals a buy
Litecoin’s price has increased around 19% in the last week, coming from 125$ to 149$ where is now sitting. Looking at its daily chart, we can observe that the price went above its 50-day EMA and is now, similarly to Bitcoin and Ethereum, near the 100-day EMA and the next to the Fibonacci level.
Overall hourly chart signals a buy.
After the bull run cryptocurrency market experienced, it is looking like the prices are getting really close to the first strong resistance, and that the pull back is on its way.
The market cap evaluation has exceeded the level on which it was on March 21 by approximately 20 billion dollars, from which we can conclude that the breakout from the descending wedge is real, making higher highs. However, we have to wait for a confirmation on the charts of the leading cryptocurrencies. Till then we have to conclude that we are still in a downtrend, but it definitely looks like the uptrend is in its beginning.
Check out the substitutionary video for the forecast for the upcoming week.