Altcoins
Altcoins will be pumped once BTC bottoms, moving slowly for now
- A Bitcoin price recovery above $59,200 would suggest that BTC has already bottomed out, setting the tone for a run north.
- Ethereum price holds above $2,900, maintaining a viable bullish reversal pattern despite fading momentum.
- Ripple Price Wraps North as XRP Bulls Defend $0.5000
Bitcoin (BTC) fell below $60,000 on Wednesday as markets attempted to get ahead of the Federal Open Market Committee (FOMC) meeting.
At the mid-April meeting, the fed reported new uncertainty over whether it could cut rates later this year due to inflation data from the previous quarter. This led markets to anticipate a rate hike, causing the price of Bitcoin to fall, all the way down to the $56,000 range.
However, in a surprising twist on Wednesday, the fed decided to keep rates unchanged, with improving sentiment sending BTC back into the $58,000 range.
The sentiment has extended to Ethereum (ETH) and Ripple (XRP) prices as they continue to hold above key support levels.
Read also: Wave of Relief on Altcoins Likely as Bitcoin Price Posts $5,000 Range
Key Level to Watch as Bitcoin Price Slowly Rises
Bitcoin’s price decline on Wednesday brought it closer to testing the bull market support band at $55,831. However, the dovish news from the FOMC may have turned things around as BTC price slowly rises. If the bulls manage to bring BTC back above the $59,200 level, it could solidify the rally, which would effectively mean that BTC has bottomed at $56,552.
At the same time, Bitcoin price remains in the woods, amid declining momentum and growing bearish sentiment, as shown by the Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators. .
If the bull market support band fails to act as support, Bitcoin price could extend the fall to the $52,000 threshold or, in a dire case, test the psychological $50,000 level.
BTC/USDT 1-week chart
Conversely, with the RSI well above the average level of 50 and the AO still in positive territory, all hope is not lost for BTC bulls. And while a reversal of $59,200 into support would solidify a recovery rally, the bearish thesis will only be invalidated once BTC breaks and closes above $72,000.
Read also: Bitcoin price recovers $59,000 as Fed leaves rates unchanged
Ethereum price still flirting with 25% upside potential
Ethereum Price consolidates within a falling corner pattern. This bullish setup will be executed after a decisive breakout above the upper trendline on a one-day time frame.
The target target for this pattern is a 25% move toward $4,250, determined by measuring the height of the wedge and overlaying it with the expected breakout point. The descending wedge trend remains viable as Ethereum price continues to hold above $2,900 on a 12-hour time frame.
ETH/USDT 12-hour chart
On the other hand, with the RSI’s lower highs, the bears could prevail, sending Ethereum price below the buyers’ congestion level of $2,900. Such a move would not only negate the bullish reversal pattern but also encourage more sell orders.
Traders looking to open long ETH positions should wait for the RSI to move back above the mid-50 level, a move that could be accompanied by a rebound in Ethereum price above the lower boundary of the trend. A 12-hour candlestick closing above $3,212 would be a good entry.
Ripple price defends against further declines
Ripple price could pivot around $0.4952, marked by the 50% Fibonacci placeholder, as XRP bulls show their commitment to defending the $0.5000 threshold. The RSI managed to record higher one-day lows, indicating increasing bullish momentum.
Increased buying pressure could see XRP price rebound with the prospect of reclaiming the range high of $0.5715. In a very bullish case, gains could be seen in price rising above $0.6000, almost 17% above current levels.
XRP/USDT 1-day chart
On the other hand, if the 50% Fibonacci placeholder fails to act as support, Ripple price could decline. A candlestick closing below $0.4782 would produce a lower low, hinting at a possible trend reversal.
The frightened holders then pulled the trigger, sending Ripple Price below $0.4500, or in a dire case move to $0.4188. This would mean a drop of almost 20% from current levels.