Mixed market sentiment continues

Fundamental Data

Bitcoin was able to produce the strongest gain on a weekly basis since Trump took over oval office this year. The positive market sentiment also helps pushing crypto markets to higher levels, where the general trend to the upside can be seen. According to some market analysts the current rally might have the chance to also push BTC to new record levels beyond the USD 100.00 zone. ETFs listed in the US have been able to accumulate USD 2.68 billion until Thursday last week.

Technical Analysis:

BTC – Bitcoin is trading at USD 94,311. Last week, the market was able to rise further after the strong bounce off the important support based on the 50- moving average zone. This is another example that crypto markets now also tend to follow general price areas, being observed by traders around the globe. Since the psychological zone at USD 90,000 has been broken to the upside more positive momentum might now follow.

BTCUSD weekly chart

The price is currently not far away from the USD 100,000 level and a break of that zone brins the previous all- time- high in close proximity. Based on the recent positive trend the momentum might help here.

ETH – Ethereum is currently trading at USD 1,805. The positive trend can also be found here, as compared to Bitcoin. However, the market is lagging behind and has not been able to push that much to the upside. Currently, the price seems to be capped by the 50- moving average, based on the daily chart.

ETHUSD daily chart

The mentioned zone, which currently emerges at around the USD 1,855 level is critical for the further development of this token. A break might have the chance to quickly unleash more buying pressure, whereas if prices fall back below that zone could also indicate that the market could fall back below the USD 1,500 price area. This week’s fundamental data from the USD might be of impact here as well.

XRP – Ripple is currently trading at USD 2.2099. Also, this token has been able to capitalize on the positive market sentiment. After initially falling at the early days in April a sharp recovery in the recent couple of trading days helped to push this market higher. The result might be a 

very bullish candlestick pattern, should the market be able to close the month like this on Wednesday this week. This might then result in a break above the USD 2.5000 price level and beyond in May.

SOL – Solana is currently trading at USD 149.48. Similarly to ETH the upside momentum can be found but is also lagging behind slightly. The weekly chart might suggest that the price could have difficulties breaking beyond the important 50- moving average, should that zone be tested. That zone currently acts as strong resistance.

SOLUSD weekly chart

As the weekly chart above shows the upside momentum might continue even further if also the USD 170.00 price level will break.