- Bitcoin displays stability within an ascending parallel channel as investors anticipate a weekend rally to $20,000.
- Ethereum bulls are looking forward to a massive upswing to $800 if critical hurdle is broken at $620.
- A breakout above a symmetrical triangle pattern might complete Ripple’s final bullish leg past $1.
The cryptocurrency market is painted in green, apart from a few crypto assets like Polkadot, Uniswap, Yearn.Finance and Huobi Token. Bitcoin is up a subtle 0.9% in the last 24 hours, while Ethereum is trading 2.3% higher. On the other hand, Ripple’s price has remained unchanged while holding around $0.61.
Bitcoin SV and Bitcoin Cash are among the best performers of the day after posting 13% and 5% gains, respectively. Investors are looking forward to the weekend session as they reflect on the bullish wave seen during the previous weekend.
Bitcoin set for a massive weekend upswing
The flagship cryptocurrency appears to have stabilized above $19,000. Besides, BTC is trading within an ascending parallel channel. The channel’s lower boundary has been a formidable anchor, assisting in the uptrend’s sustenance after last week’s plunge to $16,500.
Bitcoin is likely to retest the middle boundary in the coming sessions, perhaps during the weekend. A break above the resistance might boost BTC/USD above $20,000 and open the door for more upward price action.
The bullish optimism has been reinforced by the Relative Strength Index’s rebound from the midline support. If the RSI holds onto the uptrend towards the overbought territory, it might break the bearish divergence, thus pointing to remarkable upward price action.
BTC/USD 4-hour chart
Traders must keep in mind that the bullish outlook will fail to hold water if Bitcoin corrected under the ascending channel’s lower boundary. Besides, trading below $19,000 may see Bitcoin’s supply increase, leading to a massive breakdown.
Tentative support areas are expected the 50 Simple Moving Average and the 100 SMA, while the 200 SMA will seek to absorb the selling pressure and prevent declines back to $16,500.
Ethereum bulls are not ready to give up
Ethereum has settled above $600 after refreshing the support at $575 earlier this week. The bulls’ primary goal has been to break the stubborn resistance, presented by the x-axis of the ascending triangle on the 4-hour chart.
Trading above this immense supply area is likely to result in a 22% upswing to $800. As explained in the Tezos price analysis earlier, the breakout is calculated by measuring the distance between the widest ranges of the pattern and adding it to the breakout point.
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ETH/USD 4-hour chart
The bullish outlook will be invalidated if Ethereum fails to break the resistance at $620. On the downside, the ascending trendline must hold to avert potential losses to $450.
Several support areas exist to cushion Ether from falling like dead weight in the air, including the 50 SMA, the 100 SMA, last week’s support at $480, and the 200 SMA.
Ripple eyes a ballistic spike to $1.1
It seems that Ripple has formed a symmetrical triangle on the 4-hour chart. The pattern is drawn by connecting a series of higher lows with a trendline. Another trendline is also used to connect a series of swing highs. A breakout usually occurs before the trendlines converge.
In other words, Ripple is on the cusp of a breakout that could catapult it above $1 and even push it to $1.1. For the breakout to materialize, XRP has to hold above the 50 SMA. Stability at this level is likely to give buyers ample time to push for gains past $0.65, which could birth the anticipated triangle breakout.
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XRP/USD 4-hour chart
On the flip side, the triangle could negatively break out if the support at the 50 SMA caves. Trading under the ascending trendline is likely to attract massive sell orders, creating enough headwind to push XRP into a colossal breakdown, perhaps below $0.2.