Bitcoin Retests 50-Day SMA Support as XRP Faces Bearish Momentum Shift
Technical Analysis Summary
Bitcoin (BTC)
- Current price testing the 50-day simple moving average (SMA), which has supported price bounces twice this month.
- A bounce from the 50-day SMA could establish an upward trend, while a break below may increase selling pressure.
- Recent shallow bounces indicate potential bull fatigue, with previous tests showing diminished price recoveries.
- A high-volume move above $110,000 is necessary to restore bullish sentiment.
XRP
- XRP is trading at the lower end of the Ichimoku cloud, indicating a bearish trend.
- The 50-day SMA has crossed below the 200-day SMA, confirming a death cross pattern.
- A move below the Ichimoku cloud could lead to further declines, potentially below $2.
- Support identified at $1.60, the early April low. Other cryptocurrencies like DOGE, ADA, and LINK have also fallen below their Ichimoku clouds.
