Bitcoin BTC, NEO and Zcash ZEC Price Technical Analysis: Higher Consolidations Are Expected

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Bitcoin BTC, NEO and Zcash ZEC: Bitcoin BTC, NEO and Zcash

Bitcoin Price Analysis

Bitcoin BTC price is consolidating above the coveted $8,000 level after it made a historic recovery during yesterday’s sessions. BTC/USD gained over $1,000 in less than one hour from approximately $6,800 to $7,800. The largest cryptocurrency by market capitalization is up 6.02% in the last 24 hours on Friday. There were upside gains initiate around $7,800 on the hourly timeframe chart and Bitcoin price sharply ascended towards new highs for April.

The upside movement has however been capped below $8,200, although there is a bullish momentum above $8,100 as I write this article. During the recent upside correction, Bitcoin price broke above the 50% Fib retracement level with the previous swing high of $9,015 and a low of $6,450 close to $7,730.

Both the 100 Simple Moving Average and the longer term 200 Simple Moving Average is bending upwards to show that the price could continue to correct higher. However, the 100 SMA is below the 200 SMA to signal that the path of least resistance is to the downside. Other indicators like the RSI are slightly pulling from the overbought regions to indicate that the bearish pressure is looming. On the downside, the 61.8% Fib retracement with the previous swing high of $9,015 and a low of $6,450 is working as an immediate support close to $8,050. Further down, Bitcoin BTC price will find a support at the former resistance level $7,800. The bulls must battle to keep the price above $8,000 to give it enough momentum to retrace towards $8,500 zone.

NEO Price Analysis

NEO price is correcting higher as we usher in the weekend trading sessions. The crypto is up 9.06% in the last 24 hours, although $100 level is still out of the picture at the moment. It is exchanging hands above $65 but $70 appears to be a major hurdle to the upside.

NEO is very popular in the Asian countries, which is a good thing; however, the network is doing its best to ensure the rest of the world shares in the advantages that NEO blockchain has to offer. Consequently, NEO has organized a Europe tour scheduled for April. Some of the major stops during the tour will be Paris, Amsterdam, Vienna and Zurich. NEO price could enjoy the publicity of these events to retrace even higher towards $100.

NEO price is currently testing the resistance at the 50% Fib retracement level with the previous swing of $91 and a low of $44. There is the presence of bearish pressure close to $66, besides the RSI is retracting from the upper positive regions (green) to signal that the sellers have the influence. The 200 Simple Moving Average will act as a short-term support close to $60. However, the major support is at $50 (100 SMA).

Zcash ZEC Price Analysis

Zcash ZEC price, on the other hand, is flirting with $230, although there is a bullish momentum that is forming around this level. ZEC/USD has also been correcting higher due to the bullish force that has been sweeping across the entire cryptocurrency market. The upside correction was started at $180 on the 4-hour timeframe chart.

Currently, the price is up over 12% in the last 24 hours. Besides, the buyers are eyeing the psychological $250 level. Significantly, The 50% Fib retracement level with the previous swing high of $314 and a low $172 is a hurdle that will have to be crossed close to $240. The MACD momentum indicator is dipping deeper into the positive region to signal that the bulls have the control.

On the downside, ZEC/USD will find a short-term support at $200 level in the event a trend reversal happens. The 50 Simple Moving Average will also offer support close to $185, although $180 is a dynamic inflexion point for the price. The buyers have the control of the price currently as the price test $235, however, to protect declines, the price must find a sentimental support above $230. This will allow the bulls to gain momentum to recoil Zcash ZEC price to the upside.

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