- Bitcoin price shows signs of rallying to $35,000 at the start of a new week.
- Ethereum price is likely to follow BTC and trigger a 22% run-up to $2,541.
- Ripple price faces multiple hurdles that could subdue its bullish momentum.
Bitcoin price has been coiling up around the base of a range for quite some time. Monday’s range formation, however, indicates that an up move is likely in the coming days. Investors can expect Ethereum, Ripple and other altcoins to do the same.
Bitcoin price presents a bullish opportunity
Bitcoin price is still navigating a range extending from $29,700 to $32,627. Although the low has been swept, a concerted move higher seems unlikely due to the coincidence of Monday’s high and weekly open at $31,268 providing resistance.
Investors will need to wait for a sweep of Monday’s low at $29,027 to contemplate going long BTC. On the other hand, if BTC penetrates and then flips Monday’s high at $31,268, it will reveal a stronger conviction amongst buyers and suggest a rally is likely.
In such a case, Bitcoin price could first retest the range high at $32,676. Clearing this hurdle would open the path to $34,752. Investors can expect the upside for BTC to be limited to $35,000.
BTC/USD 2-hour chart
A decisive candlestick close below $28,500 without a quick recovery will indicate that the bulls are weak and invalidate the short-term bullish thesis. In such a case, BTC could revisit $26,802 before reevaluating its directional bias.
Ethereum price lags behind BTC
Ethereum price is stabilizing above the $1,986 support level, coinciding with the lower limit of the ascending parallel channel. Depending on how the Bitcoin price unravels, there is a good chance ETH price will rise from here and retest the $2,199 hurdle.
From an optimistic perspective, Ethereum price could flip the said barrier and make a run for the $2,541 blockade, bringing the total run-up to 22%.
ETH/USD 1-day chart
On the other hand, if Ethereum price fails to stay above the $1,986 barrier, it will create a lower low and give sellers control. In such a case, ETH could crash 13% to $1,730.
Ripple price faces an uphill battle
Ripple price has slipped below the inclined trend lined extending back to March 2020. The recent uptick in XRP price has failed to push Ripple price above it, indicating the presence of a resistance barrier.
Unlike Bitcoin, which is well-positioned for an uptrend, Ripple price needs to overcome the inclined resistance barrier to retest $0.509. If this move does occur, it would constitute a 17% ascent from the current position – $0.434.
XRP/USD 1-day chart
Regardless of the bullishness, a rejection at the inclined resistance barrier could knock Ripple price down to $0.401. A spike in selling pressure that flips this support floor into a resistance barrier would create a lower low and invalidate the bullish thesis.
Such a development could see the remittance token crash 17% to retest the immediate support level at $0.336.