As we approach the end of another week, there’s more to ingest than one can actually comprehend. The world woke up to a barrage of missiles in the air as the long-term enemies Israel and Iran settled their old scores. The U.S. joined allies with Israel and hit Iranian nuclear sites, and shortly after, Iran retaliated. However, later on, with President Donald Trump calling for a ceasefire, although it was reportedly violated shortly after, the situation seems to have subsided. In the backdrop of chaos, one would expect the prices of the crypto market to have taken a roller coaster ride; however, amidst the mayhem happening around, the crypto markets have recovered magnificently despite the slight dip.
Analyst spots bullish set up on BTC chart
Bitcoin was trading at 104K when the markets opened for the week; however, towards the middle of the week, the price crashed, and Bitcoin reached its weekly lowest price of $98.4K on Monday. However, the king of crypto recovered in grand style, breaking the psychological resistance at $100K. At the time of publication, BTC is trading at $107.4K.
Souce: Tradingview
During the course of the week, Bitcoin took the pattern of a bearish double top. Although a drastic drop was expected once BTC completed the pattern, however, the bearish outlook was invalidated, as BTC rebounded off the lower trendline and is moving towards testing the upper trendline one more time. The bulls have pulled off an incredible feat as the price has crossed above the 50-day Moving average, which is a good sign.
Source: Tradingview
Crypto Jack spotted a setup as shown above. In the event this set up is validated, there is a high chance that Bitcoin could hit $145K.
The 50-day MA–Ethereum’s immediate resistance
Source: tradingview
As the 50-day Moving Average (MA) closes in on the 200-day MA, a Golden Cross could be on the cards in the near future on the ETH daily chart. A Golden Cross is a bullish sign where the price of cryptocurrency increases drastically after the lines intersect. The lines may intersect once the ETH prices break above the 50-day MA. In the event, ETH breaks above the 50-day MA, the price could reach $2.7K.
XRP on its way down looking for support
Source: Tradingview
XRP has been trading inside a falling wedge. After touching the upper trendline, the token is heading towards the lower trendline. Since the falling wedge is not fully formed, XRP could continue falling. It will look for support near $2.11 first, however, with the bear mount more pressure, it will further fall towards $2.05 before reaching the lower trendline at $2.
On the Altcoin season index chart, the altcoin market cap (grey) is making lower highs or the the altcoin market cap is falling. When the altcoin market cap is falling the Altcoin season index falls deep into the Bitcoin season territory, which indicates that the altcoin season where the altcoins appreciate drastically, could be delayed.
