- Bitcoin is batting the seller congestion at $19,500, as bulls shift the focus to highs above $20,000.
- Ethereum is barely sitting above $600, but the battle to hit levels beyond $700 has just started.
- Ripple is in consolidation mode according to the Bollinger bands, constriction hints at possible breakout.
Bitcoin is leading the recovery in the cryptocurrency market after reclaiming the position above $19,000. Ethereum has managed to bring down the critical hurdle at $600 while Ripple is holding slightly above $0.62.
The uphill battle for new yearly highs is still on, especially for Bitcoin. As explored earlier, the Hash Ribbon, an on-chain metric, hints at a potential buy signal. Ethereum is also awaiting the ultimate liftoff to highs above $700. On the other hand, Ripple is in consolidation, but the analysis on Thursday suggested the possibility for gains above $1.
Bitcoin still eyes new all-time highs above $20,000
Bitcoin has confirmed that it is ready for another rally after reclaiming the ground past $19,000. The flagship cryptocurrency is dancing around $19,400 while bulls push for gains beyond $19,500.
BTC/USD must close the day above the hurdle at $19,500 to affirm the final leg to the all-time high at $19,915. If Bitcoin spikes to $20,000, it could rally exponentially towards $30,000, primarily pushed by the speculation due to the fear of missing out (FOMO).
The Relative Strength Index has reinforced the ongoing recovery after bouncing off the midline support and heading towards the overbought area. An ascending trendline is also becoming a pivotal anchor to BTC’s uptrend.
BTC/USD 4-hour chart
It is worth noting that Bitcoin will resume the downtrend if it closes the day below $19,000 or the ascending trendline. Selling pressure might also surge under $19,000 as investors panic sell to take profits. The first crucial point of contact would be the confluence formed by the 50 Simple Moving Average and the 100 SMA, but declines could stretch to $16,500.
Ethereum shifts the focus to $700
Ether has finally overcome the hurdle at $600 and is trading at $602 at the time of writing. The bulls’ primary goal is to guard the critical level, which will allow them to concentrate on lifting to levels above the recent high at $636.
The RSI is gradually moving toward the overbought area as a critical bullish signal for the short-term trend. Trading above the resistance at $620 will add credibility to the expected uptrend to $700, but first, the support at $600 must be protected at all costs.
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ETH/USD 4-hour chart
The bullish outlook to $700 will be invalidated if Ether dives under $600. Closing the day below this level might call for more sell orders, creating enough volume to further weaken the bulls. The 50 SMA has emphasized potential support at $560, while the 100 SMA might prevent losses to $540.
Ripple motionless as a breakout looms
The cross-border cryptocurrency is currently in consolidation, as shown using the Bollinger bands. XRP/USD is trading at $0.62 while its immediate upside is limited by the Bollinger bands middle boundary.
Above the immediate resistance, bullish price action might place Ripple on an upward trajectory while getting ready for a massive breakout towards $1. The squeezing of the Bollinger bands suggests that a breakout is around the corner. Moreover, the RSI doubles down on the sideways trading as it levels at the midline.
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XRP/USD 4-hour chart
Two key levels support Ripple’s immediate downside; the Bollinger bands’ lower boundary and the 50 SMA. A breakdown would come into the picture if XRP closed the day under these crucial support zones. The 4-hour chart also shows that declines might extend to the 100 SMA at $0.5 or even last week’s support at $0.45.