Originally published by AxiTrader
The major cryptocurrencies had a decent rally in April, with (Bitcoin) crossing the 200 DMA and now approaching a major resistance level at $10,000. Resistance ahead of that level is likely to be heavy, but the cryptocurrency has gathered decent momentum and should test it soon. A breakout seems unlikely on the first attempt, but the outlook for BTC/USD has improved, with the crypto market slowly maturing.
Resistance now lies at $10,000. A clear break above that level would pave the way for a rally to $11,760. To the downside, support is seen at $9150 and $8700, followed by the 200 DMA at $8200.
Not just Bitcoin is approaching a key resistance level. Ripple is slowly moving towards the $1.00 level. A clear break above $1 would pave the way for a recovery to at least $1.50/60. The Daily RSI is showing slightly overbought conditions, but still far away from extreme.