Crypto Update
Ethereum at a Major Resistance - XRP Breaking Our - Bitcoin Overheated?
Each Saturday, the Weekly Compass offers technical analysis and price targets for over 20 securities, including Bitcoin. It is a pleasure to highlight another successful call: the Weekly Compass accurately identified a bullish reversal setup for Bitcoin on April 12th, and the cryptocurrency has since rallied by more than 20%. Get access to the publication:
Following this rally and Ethereum's strong bounce, what's next? This publication provides weekly levels to help you manage risk in potential consolidation setups.
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BITCOIN
The current price action suggests a consolidation phase. Previously in April, after reaching the upper Bollinger Band, the price consolidated around the $93K level for a couple of days before a significant upward move from the 20-day moving average. Given the recent heightened volatility, it's important to note that the bullish trend remains intact as long as the price stays above $100.8K, with a potential target of $108K. However, if the ongoing consolidation leads to a break below $100.8K, a move down to $96.6K would likely follow (Based on the rally during the weekend, these levels are updated).
The annual target published last Saturday remains intact. For access, click here.
Ethereum and XRP continue, make sure to upgrade your subscription to unlock the complete publication.
ETHEREUM
After such a rally, here is the main level to watch: