BTC, ETH, and Ripple are posting modest gains in Thursday’s Asian consultation despite the Federal Reserve’s latest interest rate hike. Keep an eye out for those vital trading levels that can lead to more significant moves.
Bitcoin
XRP
Ethereum
Major cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP (XRP) continued to post modest gains in Thursday’s Asian session, despite the U. S. Federal Reserve raising interest rates to a 22-year high on Wednesday. partly thinking that the existing rate hike cycle would possibly be coming to an end and would continue to focus on crypto-specific factors.
“The Federal Reserve’s announcement does not replace the crypto-like story,” Lex Sokalin of Generative Ventures told CoinDesk. “We are already in a risk-free environment. Perhaps things will become more catastrophic in the event of war or recession, but generation and finance have a solid, compressed valuation, with AI perhaps an outlier.
Below, we take a closer look at the technical titles worth watching on the charts.
Bitcoin price has remained solid to moderately higher since Tuesday, oscillating in a broad, symmetrical triangle-shaped pattern. Volumes have been lackluster, indicating apprehension on the part of the bulls. Traders should keep an eye out for breakouts above or below the upper and lower trendlines. Interestingly, the undeniable 200-day moving average (SMA) aligns strongly with the model’s upper trendline, providing more resistance at this point around $29,720, while the 50-day MA seems to be rising near the declining trendline at $29,220.
Ethereum bulls showed their horns mid-week, pushing the value above a multi-week descending trendline. Surprisingly, the increased volume gets back on track, suggesting some degree of customer conviction. During Thursday’s Asian session, the stock continues to rise after a retest of the trendline, paving the way for further gains. A break above the 200-day SMA may simply lead to an impulsive move towards key resistance levels at $1,900 and $1,920. However, a pullback below the descending trendline may simply result in a retest of the weekly lows around $1,850.
Like Ethereum, XRP price has broken above a downtrend line set at moderate volume, indicating a potential upside. In the short term, the bullish momentum could see the price reach the $0. 75 level, where it will find resistance at the 200-day level. SMA and a horizontal trendline. A convincing break above this indicator may lead to a more extensive advance towards last week’s high around $0. 84. Alternatively, a reversal below the 50-day SMA would invalidate the breakout and could cause a drop until Tuesday. minimum around $0. 6770.