Bitcoin Tests $88,800 Support After Trendline Breakdown; XRP Nears Death Cross
Daily technical analysis by CoinDesk analyst Omkar Godbole.
Key points from the latest market movements:
- Bitcoin (BTC) fell 1.5% on Sunday, dropping below a trendline connecting lows from April 9 and April 20.
- The breakdown suggests the recovery rally from under $75,000 may be over, indicating potential for further price decline.
- $88,800 is a critical support level, having previously capped upward moves on March 24 and April 2.
- Crossing below the Ichimoku cloud on the hourly chart indicates bearish momentum.
- A bullish outlook could return if prices rise above the Ichimoku cloud, potentially targeting $100,000.
XRP's Situation
- XRP has fallen back below the 50-day simple moving average (SMA), indicating weakened recovery from April 7 lows.
- The 50-day SMA is set to cross below the 200-day SMA, forming a death cross, which signals long-term bearish trends.
- The historical reliability of the death cross in predicting price trends is mixed.
