Cryptocurrency market update: Major cryptos trade in tight ranges on Saturday – FXStreet

Major cryptocurrencies are staying relatively quiet on Saturday and struggle to break out of their daily trading ranges amid a lack of significant catalysts.

Bitcoin (BTC/USD) climbed to its highest level since March 13th at $7,250 on Thursday but lost its momentum as the Fibonacci 61.8% retracement of the mid-March fall formed a stiff resistance at that level. After closing the day little changed on Friday, the pair continues to move sideways below $7,000 on Saturday. On the downside,$6,600 (Fibonacci 50% retracement) aligns as the initial support ahead of $6,250 (20-day SMA) and $6,000 (Fibonacci 38.2% retracement/psychological level). Resistances, on the other hand, could be seen at$7,250, 7,650 (50-day SMA) and $8,170 (100-day SMA/200-day SMA).

Ethereum (ETH/USD) advanced to a fresh two-week high of $150.70 on Thursday and had gone into a consolidation phase. As of writing, the pair was up 1.3% on a daily basis at $143. With a weekly close above $150 (Fibonacci 38.2% retracement of mid-March drop), the pair could target $153.50 (Mar. 20 high). The 200-day SMA at $173 is the key resistance for the pair in the near-term. Supports are located at $137 (Apr. 3 low) and $126.50 (Fibonacci 23.6% retracement).

After finding support near $0.16 at the start of the week,Ripple(XRP/USD)gained traction and closed the last five days in the positive territory and gained more than 10% during the period. However, the pair seems to be having a difficult time preserving its bullish momentum as it trades in a tight range above the $0.18 mark. On the upside, the initial hurdle aligns at $0.1875 (Mar. 27 high/Apr. 2high) ahead of $0.2000 (psychological level). Near-term supports for the pair could be seen at $0.1620 (Fibonacci 38.2% retracement of mid-March drop) and $0.1420 (Fibonacci 23.6% retracement of mid-March drop).

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Cryptocurrency market update: Major cryptos trade in tight ranges on Saturday - FXStreet