Leading cryptocurrencies have updated their April highs. Today the recovery will end and the downward trend will resume
BTC/USD
Yesterday the price of Bitcoin continued to recover and set the April high at 7506.00 USD. The driver of the positive mood of traders is considered to be the publication dated 04/02/2018 of an interview with Bitcoin Foundation Executive Director Jon Matonis on the American news portal Business Insider.
In its interview, which touched on issues related to the Innovate Finance conference held in London in March of this year, John Matonis said that Bitcoin is the needle that will pierce the stock market bubble. It is stock markets that are a bubble because they are artificially supported by central banks.
In his opinion, interest in the cryptocurrency market on the part of large banks such as Goldman Sachs will help increase the liquidity of digital assets and reduce volatility.
Over the past 24 hours, the price of Bitcoin has increased by approximately 5%. However, further price growth was limited by resistance in the form of the moving average EMA55 on the four-hour timeframe. We believe that today the recovery of the BTC/USD pair will end and the price will resume its decline towards the target level, as part of the global downward trend.
ETH/USD
Since yesterday the BTC/USD pair showed positive dynamics, the price of Ethereum being above the middle line of the Bollinger Bands all day, it also sought to set a new April high. The limiter for the growth of the ETH/USD pair was the resistance level of 420.00 USD. Therefore, having set a new high at 419.00 USD, the price resumed its decline to the recent support level of 380.00 USD.
XRP/USD
The price of Ripple yesterday was also above the middle line of the Bollinger Bands and its growth was limited by resistance 0.55 USD. As a result, the price broke through the resistance line, setting a maximum at 0.553 USD. We believe that the correction will end here and today the price will test the middle line of the Bollinger Bands.
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