Since the start of April, crypto markets have been booming thanks to a whale placing a rather large buy order for Bitcoin. Analysts have been calling it a simple fake out, expecting the price to sink back down to the $3,000 range ever since, but markets remain defiant. Now, as we head towards the end of April, the markets are looking stronger than ever before and we could very well be looking at Bitcoin crossing the $7,000 mark.
Unfortunately, it’s not all positive news. XRP is stuck in its own little trend right now and is completely ignoring the rest of the market movements. Could this spell the end for XRP hovering just over $0.30?
Bitcoin Heading to $7,000
There have been many wild predictions over the past few weeks from various analysts – and John McAfee of course. While we would love Bitcoin to be worth $1 million sometime soon, the charts simply aren’t giving us any hope. Despite this, we are very optimistic about Bitcoin over the next few months and it looks like we could see $7,000 broken very soon. All trend lines for 2019 in the BTC/USD markets are pointing upwards. The volume is steadily growing, EMA is showing positive sentiment in the market, and FOMO is in full swing.
Our first price target takes us to around the beginning of May, where we are expecting to see $5,800 – $6,000. From there, it’s going to be another huge shot upwards to the $6,500 – $7,000 mark by the end of June 2019. It might not be the six and seven figures that people are hoping for, but the charts are holding true for $7,000 in June – for now at least.
XRP About to Sink
XRP has had a rotten year for the most part, and while it has enjoyed nice swings in price, it always falls back down. It’s caught in a long-term descending trendline, while a broken ascending trendline is forming in the short-term. There is a stubborn resistance level at the $0.35 mark and every time XRP hits it, it falls back down rather violently. At the moment XRP is balanced on a knife-edge. If it slips to $0.31 we will see it fall to around $0.28 followed by a healthy rebound – so set up a buy order down there to cover yourself. However, if it goes the other way, we could see XRP jump nicely to the resistance level around $0.35 followed by a short-term selloff.
With Ripple launching floods of XRP into the wild, we are expecting it to crash down to $0.28 as a realistic goal. This presents a raft of buying opportunities, as it will inevitably rebound well – should you be that way inclined.
Ethereum Breaking the Trend
Ethereum (ETH) is looking like it has managed to shake its daemons and is breaking its mid-term resistance level of $177. It’s on track to hit this resistance level once more and fall to around $170 – our prime buy zone. If it falls, you should fill your boots, as momentum is going to carry it to anywhere between $180 and $200 by early May. Set up sell orders around the $185 mark, as well as a few more along the way to take profits off the table. ETH has been good to us in the past, and we’re bullish on ETH for the rest of 2019.
That’s our roundup of the crypto markets for this week – as per usual, hold on and let’s head to the moon!
