The market is sending mixed signals on Friday. Bitcoin is leading the recovery, however, other major cryptocurrencies like Ripple and Ethereum seem unbothered. Ripple, for instance is down a subtle 0.01% while trading at $0.3063.
The 1-hour chart shows the price breaking out above the triangle resistance. The price has extended gains past $0.3150and is testing $0.3160. A retracement is likely to occur at this level creating a double-top pattern. On the downside, the 50 SMA 1-hour is anchoring the price at $0.3060. The 100 SMA in the same 1-hour range will offer support as well above $0.3040.
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