The price of bitcoin has climbed over the last month, with investors seeing buying possibilities across the board in cryptocurrencies. Ethereum’s price has momentum on the buy-side even as it approaches a bullish breakout with buy-side volume above excessive demand. Even though Ripple is lagging, it is still trapped in a bearish triangle, indicating a bullish inflow.
Bitcoin price regains dominance over the monthly pivot, aided by an increase in buy-side activity.
Bitcoin (BTC) was under pressure from bears in early November when it made new all-time highs. When the price began to fall rapidly, bulls lost control of several fundamental technical indicators, including the monthly pivot, the 55-day Simple Moving Average (SMA), and a break below the Fibonacci level at $59,586. But there are nascent indicators that things may be changing, with inflows detected and an improvement in the Relative Strength Index (RSI), which is now away from oversold.
The main resistance is $65,000, and that’s where we’re looking to break on the weekly chart. We’re still in a bull market on this time frame, but just barely. The BTC price is dancing in wait for its turkey to be baked, with bulls regaining control above the monthly pivot at $57,335. The bounce that occurred after the short-term trend line from November 21 caused the lift. As long as there is continuing influx throughout the day, you should expect a test and perhaps regaining the Fibonacci level at $59,586.
That said, beginning to buy in greater quantities should help investors recognize the increase throughout later sessions. The price will descend toward the 50-day moving average, which should be accompanied by a squeeze and pop above the descending trend line from November 10. Investors should expect Bitcoin’s price to move higher throughout next week, aided by some tailwinds, pushing the currency towards new all-time highs above $69,123.
Ethereum prices are seeing impatient bulls build momentum for a break out towards $5,000.
Ethereum (ETH) price is no different from Bitcoin’s, and it’s undergoing an even more violent rise in the United States today, even though US markets are closed for holidays. The MACD appears to be centred but shows a positive divergence as the price rises from its support level. When combined with a bullish signal on the Stochastic Oscillator, this indicates that the market may soon break out of the wedge and start a new leg higher towards resistance at $0.46. After the first resistance at $4,465, bulls will encounter significantly more difficulty. Expect it to break quickly as buy volume is hefty.
The Bitcoin price will slow down after surpassing $4,465 and then pull back before attempting to test the resistance barrier of $4,646 built from May 12. The greatest technical play is waiting for the failed test, watching the decline towards $4,465, and observing the second wave of buy-in from investors who arrived too late at the party. The $5,000 mark is the psychological threshold that represents a majority of Bitcoin’s price history. Another breakout would follow this to new all-time highs at $5,000.
As a result, ETH prices will be subject to selling pressure from bulls with these two upside levels as barriers. It’s critical to see whether bulls can prevent taking short-term profits to sit on their positions and anticipate new all-time highs.
Although the XRP price is still under pressure, bulls are holding back any further decline.
The price of Ripple (XRP) is still trapped in a downturn, with bears dumping as well as a declining trend line from November 16. In this example, the Ethereum R-Dip measured by the R-Dip is still in a descending trend line. On May 7, it was rejected at $1.23 and subsequently hit bottom at $0.99, with the 200-day SMA as a backup.
The Relative Strength Index (RSI) is a momentum indicator that measures the speed and change in the direction of price movements. We observed similar patterns in the Bitcoin and Ethereum markets, with Ripple’s price fluctuations mirrored by the RSI. However, the drop may extend for a bit longer as bears take advantage of the opportunity to make some more money by taking.