- Bitcoin price draws closer to the all-time high; support above $18,000 gives bulls time to plan the next attack mission.
- Ethereum spikes to a new yearly high but falls short of $500.
- Ripple explores the rabbit hole under $0.30 after rejection at $0.31.
The cryptocurrency market has dotted red and green, especially for the top 50 digital assets. Bitcoin has stood out after emerging above the crucial $18,000 level. On the other hand, Ethereum has hit levels above $490 but retreated before testing $500.
On the other hand, Ripple has struggled to sustain gains above $0.3, hence the retreat to $0.28. If Bitcoin continues with the rally to $19,000, it could birth a new bull run for the entire crypto market.
Bitcoin is one step closer to the all-time high
The flagship cryptocurrency is up 3% on the day and 8% in the last 24 hours. The most remarkable moment was the step it made beyond $18,000. BTC/USD has hit an intraday high of $18,487 but has also retreated to $18,200.
A glance at the 4-hour chart highlights that BTC/USD is trading in exceptionally overbought conditions. The Relative Strength Index is buried deep in the region above 70. Therefore, a reversal is likely to come into the picture.
Bitcoin is probably going to encounter resistance at $18,500 on the run-up to $19,000. Higher support is required, preferably above $18,000, to avoid erasing the progress made this week.
BTC/USD 4-hour chart
It is worth keeping in mind that price action under $18,000 might trigger a massive selloff. In that case, traders must be aware of the potential support areas. If a breakdown comes into the picture, the flagship cryptocurrency will seek refuge at $17,500, $16,500 and the 50 Simple Moving Average, currently at $16,255.
Ethereum seeks balance before resuming the uptrend
The smart contract giant reacted in tandem with Bitcoin’s spike earlier on Wednesday, stepping above $490 for the first time since July 2019. A new yearly high has been traded at $496, but Ethereum retreated to seek balance under $480. At the moment, ETH/USD is trading at $477 amid a growing bearish momentum.
To resume the uptrend, Ethereum must reclaim the position past $480 and focus on breaking the ascending parallel channel resistance. Meanwhile, other vital support areas include the 50 SMA, at the time of writing at $462.8, the channel middle boundary and its lower limit.
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ETH/USD 4-hour chart
On the other hand, the bullish narrative to $500 will be sabotaged if Ethereum closes the day under the 50 SMA. A rise in sell orders might create enough volume to increase the headwind against ETH. Trading beneath the ascending channel could also trigger losses to the primary support at $440, as highlighted by the 100 SMA.
Ripple’s least resistance path is downwards
The cross-border token recently hit highs above $0.3 but failed to sustain the uptrend to break the next seller congestion area at $0.31. A correction quickly came into the picture, unbothered by Bitcoin’s surge above $18,000.
In the meantime, XRP is trading at $0.293 amid an intensifying bearish grip. A break under the accelerated trendline has confirmed initial support at $0.28. It is essential to note that if Ripple does not close the day above $0.3, selling pressure might surge and ignite another breakdown.
The RSI might validate the downtrend if it prints a bearish divergence, following a retreat from the overbought territory. Extended losses are likely to push XRP under $0.28. Support is expected to come in handy at the 50 SMA, at the time of writing at $0.27, the major trendline and the 100 SMA, slightly below $0.26.
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XRP/USD 4-hour chart
Closing the day above $0.3 may invalidate the potential breakdown. More investors could join the market if Ripple confirms higher support. Consequently, it would be a good gesture for the bulls return and potentially trigger a run-up past $0.31.