After a month in a daily uptrend, Bitcoin is now, for the first time, dangerously close to losing it. The digital asset dropped down to $6,853 and the bulls are currently defending the 12-period EMA support on the daily chart.
This is not game over for the bulls which are still holding the daily uptrend, the last low is set at $6,551. If the bulls manage to defend that level, the uptrend will be maintained. The daily EMAs just crossed bullish 3 days ago but there is a risk of reverting back to the bearish territory. Similarly, the MACD is looking at a bearish cross if the bears can get more continuation.
The 4-hour chart has flipped bearish and the RSI is on the verge of being overextended. The bulls couldn’t defend the EMAs here and the MACD has also turned bearish. The next support level is found at $6,677.
Ethereum Drops Down But Is Stronger Than Bitcoin
As usual, most cryptocurrencies simply followed Bitcoin’s drop, however, Ethereum is by far stronger right now. The digital asset had a massive 20% bull break back in April 6 and the bulls are now extremely comfortable even after the recent crash. ETH price hasn’t even touched the daily EMAs yet.
The last daily low for ETH is all the way down at $138 and it’s currently trading at $158, the risk of losing the daily uptrend right now is pretty low. The MACD is also stronger and the bears would need a ton of continuation for the indicator to turn bearish.
The ETH/BTC chart clearly shows how Ethereum has taken over Bitcoin. It was also a bull break on April 6 when ETH managed to break above several resistances.
XRP Was Close to Pre-Crash Levels
XRP has also been really strong and was trading around $0.2 which was extremely close to the $0.216 level that the digital asset was trading previous to the crash. Similarly to Bitcoin, XRP bulls managed to defend the daily 12-period EMA after a 5% crash today.
The last low for XRP is at $0.176, if the bulls can defend this level, the daily uptrend will remain intact.
Today, all XRP indexes have reached new daily highs doubling their volume within the past month. This seems to indicate that the demand for XRP is growing significantly following the current world crisis.