Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.
Bitcoin price action has spent the week developing a particularly nasty bear trap off a head-and-shoulders pattern. Ethereum price pulled back from the recent rally, but it has found support and shows signs of buyers returning to continue the push higher. XRP price has developed a near-identical reversal setup to Ethereum as Ripple targets a 20% gain.
Polygon (MATIC) has fallen back into the red lower part of the bandwidth after trading mainly in the blue area and even above in the last part of 2022. Price at the moment looks to be consolidating a bit, smack in the middle of the trend channel, together with the Relative Strength Index (RSI) at 50.0. Near-term price action could go either way but expect the uptrend to continue as the golden $3 target remains in sight.
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