- Bitcoin is on a trajectory to $15,000 after sustaining price action above $14,000, trading at new yearly highs.
- Ethereum must hold the immediate support at $400 to sustain the uptrend towards $420.
- Ripple broke out of a descending parallel channel but stalled at the 50 SMA while awaiting another breakout.
The entire world is waiting anxiously for the United States 2020 presidential election’s final result. Joe Biden is leading while Donald Trump, who claimed victory on Wednesday, is trailing with an electoral vote of 214. Cryptocurrencies, especially Bitcoin and Ethereum, rallied amid the tension.
Bitcoin rose to new yearly highs while the largest altcoin stepped above $400. Most of the major cryptocurrencies are in the green, pulled by BTC’s surge to $14,378. The total market capitalization also shot above $400 billion and currently holds at $410 billion. On the other hand, the 24-hour trading volume stands at $960 billion.
Bitcoin bags the US elections rising to new yearly highs
As predicted earlier this week, volatility heightened in the market, allowing Bitcoin bulls to control the price. The largest cryptocurrency built upon support at $13,600 and blasted through the critical level at $14,000. Unlike the first two times when Bitcoin stalled slightly above this level, the bellwether cryptocurrency has sustained an uptrend.
The upswing also elevated Bitcoin above the ascending parallel channel discussed multiple times this week, giving credence to the bullish outlook. The Relative Strength Index (RSI) is yet to reach the overbought region, suggesting that there is room for growth.
For now, BTC/USD is changing hands at $14,375 amid a strengthening bullish grip. Meanwhile, the growing volume hints at a potential rally to $15,000.
BTC/USD 4-hour chart
Bitcoin bulls must make sure to find support above $14,000 to sustain the uptrend. On the flip side, if a reversal overshoots the crucial $14,000 level, Bitcoin may revisit the next support target at 50 Simple Moving Average (SMA). Other support areas to keep in mind include the 100 SMA and the 200 SMA.
Ethereum price uptrend hits pause
The smart contract token spiked in tandem with Bitcoin, lifting above the descending parallel channel and the stubborn resistance at $400. This called for more buy orders, pushing Ether towards $410. Unfortunately, unexpected seller congestion forced the crypto asset to retreat towards $400.
At the time of writing, Ethereum is changing hands at $402, while buyers work extra hard to defend the immediate support at $400. Price action below this anchor may lead to a breakdown likely to touch $390 and $370, respectively.
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ETH/USD 4-hour chart
It is worth noting that Ethereum is changing hands above all three moving averages; the 50 SMA, 100 SMA and 200 SMA. This means that the crypto is sitting on robust support zones, giving credibility to the bullish optimism. Besides, if bulls defend the critical $400 support, ETH/USD would resume the uptrend targeting $420.
Ripple must break the immediate resistance for a sustained uptrend
XRP followed in the footsteps of Bitcoin and Ethereum, but the 50 SMA constrained its price movements. Intriguingly, the cross-border token had blasted out of a descending parallel channel. However, the momentum was not strong enough to disperse the seller congestion at 0.24.
At the time of writing, the fourth-largest cryptocurrency is trading at $0.239, while selling pressure makes a comeback. If the price slides into the descending channel, a bearish outlook will be validated towards $0.23.
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XRP/USD 4-hour chart
It is worth stating that if Ripple reclaims the ground above the 50 SMA, the bullish narrative would be revitalized. Demand for XRP would also increase, with buyers positioning themselves to take advantage of the run-up to $0.26. Traders must have it in mind that the 100 SMA and the 200 SMA might delay the breakout below $0.25.