BTC Expects Further Gain Approaching $7.8k; XRP May Keep Rising

News / 08.04.2020

A downside dip began on the BTC/USD pair from its $7,447 monthly high. The price tested the $7k to $7.1k key demand area, having returned to the upside recently.

Yesterday saw significant upswings over two barrier levels ($7k and $7.2k). Having cleared the $7.4k level, it was however can reach the $7.5k mark. While the pair broke the $7.2k support zone buyers protected the demand area between $7k and $7.1k and maintained over the 100 hourly SMA.

The price has since swang to the upside over $7.2k. There is the formation of a key buying trend line on the pair’s hourly chart with support of close to $7.2k. If it can sustain a price surge over $7.4k, a $7,447 high is possible. The next key barrier stands at around $7.5k. Clearing this could raise the possibility of approaching the $7.8k and $8k barrier levels.

Switching to the downside, several supports are observable, starting with $7.2k. The likelihood points to the pair maintaining prices over $7.2k and $7.1k in the short term.

The key support is presently rising close to $7,080, beneath which sellers could focus on testing the $7k support and the 100 hourly simple moving average. Further declines and the pair will be moving towards the $6.9k breakout area.

XRP/USD Pair Price Analysis

The XRP/USD pair experienced a downside retracement from the $0.2050 barrier. The price tested the $0.1900 support zone and it is now moving towards $0.2000.

The pair experienced strong gains in the previous day over hurdles at $0.1880 and $0.1950. The pair surged past $0.2000, but not over the $0.2025 hurdle zone.

Two attempts thanks to a bullish run to move over $0.2050 resistance failed, causing a retracement from the $0.2055 swing high. The pair moved beneath the $0.2000 support zone, but not below the 100 hourly SMA.

An hourly chart shows a main barrier formation near the $0.2000 level. Besides, there is the formation of a main declining trend line with the barrier close to $0.2000. 

A successful crossing over the $0.2000 resistance (daily) may spur a huge upsurge. The immediate barrier is close to $0.2050, over which the buyers could focus on two levels ($0.2120 and $0.2150).

If the pair strives to surge over the $0.2000 barrier, a lowering price correction may kick in. The first support is close to $0.1920. The key support area is close to $0.1900 and $0.1880. The 100 hourly simple moving average is close to $0.1880 to offer support. More dips may come in if the daily close is below the $0.1880 support.

Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.