- Bitcoin price recovery hits a temporary barrier around $18,500, but buyers still have eyes on $20,000.
- Ethereum has built on the support at $480, remaining bullish ahead of the imminent launch of ETH 2.0.
- Ripple must hold above $0.6 to focus on breaking the most robust resistance at $0.65.
The cryptocurrency market is bullish again after last week’s pullback. It seems the bull cycle suffered a temporary setback, as discussed last week. The weekend session also displayed a liking for Bitcoin, Ethereum and other selected cryptocurrencies.
Bitcoin recovered significantly above $18,000 but has stalled slightly above $18,500. Ethereum spiked from last week’s support at $480 and almost brushed shoulders with $600. Ripple is trying its best to hold above $0.6 after rejection at $0.65.
Bitcoin’s path to all-time highs still intact
BTC/USD has reclaimed the position above the 50 Simple Moving Average on the 4-hour chart. A minor retreat is underway following the rejection from the resistance marginally above $18,500. The Relative Strength Index reflects the correction after abandoning the journey to the overbought region
However, higher support is expected to come into play above $18,000 as well as the 50 SMA. A bounce from the support might place Bitcoin on a trajectory to the next key resistance at $19,500. Breaking above this barrier is likely to trigger a spike to $20,000, mainly supported by speculation due to the fear of missing out (FOMO).
BTC/USD daily chart
On the other hand, if the correction stretched under the 50 SMA, a sharp fall might come into the picture. Higher supply for Bitcoin could see the largest crypto asset give in to the bearish forces and spiral towards the 200 SMA at $16,200.
Ethereum’s new uptrend hit a barrier at $600
Ethereum recently dived to $480 but has made an impressive recovery above $500. The bullish momentum remained consistent over the weekend to the extent of almost hitting $600. However, a minor correction is in progress, with Ether trading at $578 at the time of writing.
The resistance is likely to be a minor setback if we keep in mind that the smart contract token is reinventing itself with the impending launch of ETH 2.0. Demand for the token is expected to go up significantly. An increase in the tailwind might boost Ethereum in the direction of $1,000.
Meanwhile, closing the day above $600 will allow the bulls to focus on the yearly high at $625. Trading above this level is expected to call for more buy orders and even validate the massive rally eyeing $1,000.
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ETH/USD 4-hour chart
It is worth noting that the ongoing minor retreat will gain momentum if Ethereum does not embrace higher support, preferably above the 50 SMA. Besides, the correction is validated by the RSI as it falls gradually from near overbought levels.
Ripple ultimate test lies at $0.65
Ripple has sustained the uptrend above the 50 SMA despite the massive breakdown from the yearly highs at $0.92. Support at $0.45 came to the rescue of the bulls last week. However, recovery has stalled under $0.65 despite the seller congestion being tested twice.
At the time of writing, XRP is doddering at $0.61 amid the rush to defend the initial support at $0.6. Sideways trading action is likely to come into play based on the levelling of Moving Average Convergence Divergence within the positive territory.
Buyers are mainly in control despite the hurdle at $0.65. Therefore, closing the day above $0.6 will confirm stability in the market. An increase in buy orders might create enough volume to support an uptrend above $0.6 and towards $1.
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XRP/USD 4-hour chart
It is worth mentioning that cross-border token will resume the downtrend if the short-term support at $0.6 breaks. Trading beneath the 50 SMA might trigger a massive selling activity and force XRP back to last week’s support at $0.45.
If push comes to shove and supply for XRP soars, the price will embark on an extended downtrend and perhaps revisit the 200 support, marginally below $0.35.