This is a daily technical analysis by Coindesk analyst and chartered market engineer Omkar Godbole.
Bitcoin (BTC) weekend price movements pay attention to a support level of $88,800, and XRP, a cryptocurrency focused on payments, appears to be closer to seeing a bearish chart pattern known as “Death Cross.”
BTC fell 1.5% on Sunday (UTC), jumping out of a decline connecting trendlines that reached April 9th and April 20th, according to charts raised from TradingView.
A breakdown of demand zone Rising Trendline shows that the low April 9 recovery rally below $75,000 may be running that course, suggesting possible updated prices. The prices below the cloud clouds on the hourly chart, which is an indicator of momentum, also suggest the same.
On the downside, $88,800 could serve as a key level of support that marks the upward movement before March 24th and April 2nd.
Bearish hourly charts are the risk of invalidating updated risks on a one-sided cloud, which revives the bullish outlook of increasing to $10,000.
The recovery of XRP from the low on April 7th also means no longer steam, and the price will fall below the 50-day simple moving average (SMA).
More importantly, the 50-day SMA will get back on track and cross under the 200-day SMA, known as the long-term bearish indicator of Death Cross.
Against the backdrop of the overall downward trend since mid-January, the impending death cross increases the risk of deeper sales. However, it should be noted that death records in predicting price trends are mixed in both Bitcoin and traditional markets.