- Bitcoin has recovered from support at the 50 SMA while buyers look forward to slicing through $19,000.
- Ethereum eyes $620, but ETH price must close the day above $580 to sustain the uptrend.
- Ripple is likely to stay in consolidation above $0.45 ahead of another breakout above $0.5.
Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.
The cryptocurrency market is mainly in the green on Monday during the European session. Some of the biggest gainers over the last 24 hours include Waves (WAVES), Cardano (ADA), VeChain (VET) and IOTA (IOT).
BTC resistance at $19,500 sends jitters across the market
Bitcoin closed in on $19,000 last week but retreated to confirm support slightly above the 50 Simple Moving Average. At the time of writing, BTC is trading above $18,612 after gaining over 13% in the last seven days.
The primary resistance lies at $19,000, but if a retest fails to sail through, the breakdown that would follow could be massive. For now, the trend is still in the bulls’ hands, as illustrated by the Relative Strength Index on the 4-hour chart.
As mentioned, rejection at $19,000 might throw bulls off-balance culminating in declines eyeing the 50 SMA and the 100 SMA (above $16,500). The subtle buyer congestion at $18,000 could absorb the selling pressure, thus controlling the drop.
BTC/USD 4-hour chart
On the flip side, closing the day above $19,000 could confirm the final leg to $20,000. If Bitcoin hits its all-time high, the price may rally extensively, with the spike mainly driven by the fear of missing out (FOMO).
Ethereum relentlessly fighting for the rally to $620
Ethereum overshot our last week’s prediction of $520 after breaking above $500. The largest altcoin closed above several barriers, including $560 and $580. At the time of writing, Ether is dancing at $584 while still fighting for new yearly highs towards $600.
If ETH/USD closed the day above $580, buyers would have ample time to increase the buy orders and volume for gains above $600. A spike above $600 may extend to $620 as investors position themselves for the much-anticipated launch of ETH 2.0, likely to occur before the year ends.
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ETH/USD 4-hour chart
It is worth mentioning that the bullish outlook will be invalidated if ETH closed the day under $580. This would call for more sellers to join the market as investors rush to cash out for profit. Support is envisaged at $560 and $520, respectively.
However, if the bearish force becomes more robust, Ethereum bulls will be forced to look much lower for refuge, preferably at the 50 SMA and 100 SMA.
Ripple embraces higher support ahead of breakout
Ripple touched $0.50 over the weekend after rallying massively from the recent support at $0.28. As discussed on Friday, seller congestion at $0.31 gave the bulls a difficult time during the week. However, buying pressure ballooned on stepping above it, opening the door for gains to $0.5.
The cross-border cryptocurrency retreated slightly from the recent highs but held above support at $0.4. Building upon this support allowed buyers to regain control over the price, which explains the prevailing market level at $0.46.
The RSI confirms the likelihood of a sideways trading action dominating the coming sessions before another breakout comes into the picture. Meanwhile, holding above $0.45 would ensure that stability remains in the market, hence averting potential declines back to the anchor at $0.45.
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XRP/USD 4-hour chart
On the other hand, failing to close the day above $0.45 could increase sell orders. Support at $0.4 is very crucial to the uptrend. Otherwise, if shattered, XRP might spiral to seek anchorage at the 50 SMA.
Losses under $0.3 would be detrimental to the progress made in November, but the 100 SMA at $0.2962 and the 200 SMA at $0.2716 are in line to cushion the token from falling sharply.