After rising 5% over the previous two days, the price of Bitcoin (BTC) was still in the green on Wednesday. Similar to Bitcoin, Ethereum (ETH) and Ripple (XRP) surged and got closer to their main resistance levels, where a breakout would indicate more upward movements.
Bitcoin might rise back to its previous peak
In the two days that followed its Sunday plunge to $98,200, the price of Bitcoin rose 5%, ultimately closing above its 50-day Exponential Moving Average at $103,352. At almost $106,500, it was still moving higher as of this writing on Monday.
If Bitcoin continues its upward trend, it might reach its highest point ever, $111,980, on May 22.
A bullish crossover is being hinted at by the Moving Average Convergence Divergence (MACD); if it is completed, the MACD line will cross above the signal line, indicating a buy signal.
But if Bitcoin corrects and closes below the 50-day EMA at $103,352, it may continue to fall and retest its low from Sunday, which was $98,200.
Ethereum May Rally Further If It Breaks $2,461 Resistance
Since Monday, the price of Ethereum has recovered about 10% during the last two days, closing above its 50-day EMA at $2,425. The $2,461 critical resistance is approaching.
Should ETH close above its resistance level of $2,461, the surge may continue into its subsequent resistance level of $2,724.
On the daily chart, the RSI is circling its neutral level of 50, which denotes waning bullish momentum. In order to maintain the positive trend, the RSI needs to keep rising above its neutral level. The MACD is indicating a bullish crossover, which would provide a buy signal if it materializes. The MACD line is almost above the signal line.
ETH may continue to fall near its Sunday low of $2,111, however, if it is unable to overcome its resistance level at $2,461 and experiences a correction.
XRP Poised to Rally If 50-Day EMA is Breached
On Monday, XRP challenged its daily support at $1.96 and then bounced back, rising 8.55% until the next day. At the time of writing on Wednesday, it was getting close to 2.21, which is its 50-day EMA.
The drop might continue beyond XRP’s May 23 peak of $2.47 if it breaks and closes above its 50-day EMA at $2.21 every day.
Indicating waning positive momentum, the daily chart’s RSI is centered around its neutral level of 50. In order for the positive momentum to continue, the RSI needs to keep rising above its neutral level. A purchase signal would be sent if the bullish crossover that the MACD is indicating is completed.
On the other hand, if XRP is rejected, it may continue to fall until it reaches its daily support level of $1.96.
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