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Have Bitcoin (BTC) and Ethereum (ETH) accumulated enough power to rise?

Have Bitcoin (BTC) and Ethereum (ETH) accumulated enough power to rise?
Denys SerhiichukDenys SerhiichukU.Today

The cryptocurrency market is in a neutral mood today as some coins keep rising, while others are in the red zone.

Chart

Top coins by CoinMarketCap

BTC/USD

Yesterday, in the morning, the Bitcoin (BTC) price consolidated in a narrow sideways range around the $63,000 mark. In the afternoon, the volatility of the pair began to grow. The sellers rolled back the price to the support of $61,500, and in the evening, bulls began to restore the pair to its previous level.

BTCUSD

BTC/USD chart by TradingView

This morning, the price collapsed to the psychological level of $60,000, breaking stop losses and closing long positions. A minute later, consolidation in the sideways trend continued again.

Now the pair is holding below the four-hour EMA55, and we believe that this moving average can keep the price from the onslaught of sellers. If sales volumes are at an average level, then the bulls may be able to restore the BTC price above the $64,895 level.

Bitcoin is trading at $60,998 at press time.

ETH/USD

The Ethereum (ETH) price left the high yesterday and rolled back to the nearest support around $4,460. In the evening, buyers were able to restore the pair, and at the end of the day, the bulls renewed the absolute maximum to the level of $4,670. The bullish momentum was rather weak and failed to test $4,700.

ETHUSD

ETH/USD chart by TradingView

At the moment, the pair has rolled back to the level of $4,500 and are consolidating in a narrow sideways trend.

Today, after a short-term consolidation, one can expect a continuation of the race to the target level of $47,00. A new high is possible in the area of $4,750.

Ethereum is trading at $4,484 at press time.

XRP/USD

XRP is the only coin growing from today's list. The price has risen by 1.38%.

XRP

XRP/USD chart by TradingView

Yesterday, the XRP price was able to break through the $1.150  resistance and test the target level of $1.250. The pair has finally come out of the October price range and today may try to continue its recovery to the $1.30 area.

XRP is trading at $1.1828 at press time.

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Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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