xrp crypto stock

Earnings season could spill over into crypto markets, fueling the next leg up

Earnings season could spill over into crypto markets, fueling the next leg up
Written by publisher team

  • Bitcoin price showed a sharp rise on April 26, which faced a strong resistance barrier around $53,000.
  • Ethereum price has breached the 50% Fib retracement level at $2,421 and is looking to retest the all-time high at $2,644.
  • The price of XRP appears to be in sync with the market, which indicates a move towards $1.32 and $1.49.

Bitcoin price is showing some strength for the first time in three days as it climbed towards an important supply zone. Since the crypto-leading and the stock market has shown signs of synchronization since early this year, the cryptocurrency ecosystem may be feeling the ripples of the earnings season, set to happen this week.

Earning season and its impact on the cryptocurrency market

Jim Cramer, host of CNBC’s Mad Money, stated that this week he will have plenty of buying opportunities because earnings season is in full swing.

he added,

Next week there will be reports being met with the negative and they won’t all be really bad, so I urge you to take advantage of this weakness.

Biden’s tax hike caused both markets to crash in tandem, albeit the crash of Bitcoin is much deeper. While picking one data point out of many that fits a specific need would be a great choice, BTC has shown a higher degree of correlation with the S&P 500 since the beginning of 2021.

As the cryptocurrency market is recovering well, the bullish outcome for the traditional market next week should have a bullish impact on bitcoin prices.

Bitcoin price is heading into supply territory

Bitcoin price is showing an 8.5% increase over the past eight hours, which has breached the resistance level extending from $52,570 to $53,826. A decisive close above $53,826 could lure marginal investors to jump on the BTC bandwagon.

In such a case, BTC could rise by 12% to retest the pre-breakout area at $60,284. Continuing bullish actors could push Bitcoin price to $62K, coinciding with the 200% Fibonacci Extension level.

4 hour chart BTC / USDT

4 hour chart BTC / USDT

On the flip side, a failure to break out of the supply zone will lead to a drop to $50,931 followed by another drop of 6.75% to $47,500.

Leading the price of Ethereum by example

The price of Ethereum was on the verge of ripping despite two incidents. ETH is currently trading around $2,442 after rising nearly 15% from its lowest point during last week’s heavy selling. This upward trend in the smart contract symbol demonstrates the resilience and optimism of buyers.

A bounce from the 50% Fib retracement level at $2,421 will signal a continuation of the bullish outlook. In this case, investors can expect the price of Ethereum to rise by 8.7% to retest the record highs of $2,644.

The recently generated buy signal for the SuperTrend indicator adds a tailwind to this scenario.

4 hour chart ETH / USDT

4 hour chart ETH / USDT

Regardless of the upside surrounding the leading altcoin, if $2,421 is broken, Ethereum price could head towards $2,300. A breakdown of this level could lead to a retest of the $2,235 support level.

Looks like XRP price will retest $1.50

The price of XRP has fallen nearly 55% since its peak on April 14th. At the time of writing, the conversion token has recovered 30% from $0.88 to $1.16, where it currently stands.

A decisive close above $1.17 will create a higher top and signal the start of an upward trend. In such a situation, the price of XRP could jump by 13% to the 50% Fib retracement level at $1.32. Accumulating more bid orders could push Ripple to $1.50.

4 hour chart XRP / USDT

4 hour chart XRP / USDT

If XRP investors decide to take profits, and fail to produce a 4-hour candlestick close above $1.17, an extended consolidation may ensue. Here, XRP price may press the upper trend line of the demand zone at $0.97.

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