The end of the week is upon us and the market has that tired feel about it. New highs made, sharp reversals dealt with and now awaiting fresh direction, albeit at still elevated levels. Price action over Friday and into the weekend is muted as if the market is taking a well-earned rest. Or maybe like your scribe, crypto traders the world over turned their attention to a certain golf tournament won eventually by Tiger Woods.
OK, maybe not but whatever the reason price action has been limited with BTC trading close to $5,100 and ETH at $165. The magnitude of the recent rally and BTC aside, the pullbacks, has traders a little cautious.
The major support and resistance levels sit an uncomfortable distance away and with little in the way of market news, traders will be mindful of entry and exit levels. Heading into the new week, expect dips to still be well supported at $4,700 in BTC and $154 in ETH. $5,800 and $187 will be tough resistance.
Of all the major coins, XRP has benefitted least from the recent broad rally. While still the number 3 ranked coin by market capitalization, it has failed to capitalize from the sudden crypto euphoria. The $0.3800 continues to provide stiff resistance and was only briefly tested. To the downside $0.2780 provides major support.
On the 2H chart below you can also see ETH (in orange) superimposed over the top of XRP (green and red). Since the middle of February, ETH has far outperformed. Technically there is little to suggest this trend will change anytime soon.