New short and medium-term technical analyses are always occurring on TradingView. This time we have chosen the three most interesting cryptocurrencies with the highest market capitalization, namely Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
Technical analysis on Bitcoin
As far as BTC is concerned, the analyst explained in his posts between today and May 27th, bitcoin is in a decisive phase because if it were to reach $9600 there would be a solid short zone, whereas if the price would go to test the $9000 level, it would go to test a long zone.
“We have price holding on 200 EMA on 4 hours timeframe which sound like bullish sign, but the idea of the symmetrical triangle should not be over look as price may take any form,” the trader initially explained on TradingView on May 27th.
Ripple: head and shoulder in progress
The technical analysis of Ripple, on the other hand, is certainly not very positive.
“Ripple’s current situation and what we can expect the next time. As already mentioned in past analysis ripple is trading in a critical zone where it has to establish further support to even get closer to increase on a likelihood scale for a bullish continuation. At the moment there are still several levels of resistance which can indicate more bearish pressure to the downside as RIPPLE already tested the remaining weak support levels in the structure”.
As also explained in a recent analysis by Messari, the price of Ripple will hardly rise if its high rate of inflation continues like that.
“As you can see in my chart the last time RIPPLE made an important breakdown and fast recovery into the channel after testing the highly important support to hold between the 0.174 and 0.176 range which is marked with the light blue box in my chart, it is a good sign that the support hold”, explained the analyst.
Ethereum: which level to keep an eye on
Another analysis, this time related to ETH, suggests instead that Ethereum could go up a lot if the price breaks the $224 threshold. If it does, the price could go up $50, otherwise it could go down to $150.
Currently, ETH is at $218.
“Ethereum is currently trading in a Important Resistance area! If it breaks upside the resistance it will go more higher up to $290,” is claimed on TradingView.