• Bitcoin price tightens around the yearly open at $46,198, before establishing a directional bias.
  • Ethereum price grapples with the 200-day SMA at $3,489 trying to move higher.
  • Ripple price also struggles with uptrend as it hovers around the $0.85 barrier.

Bitcoin price is bracketing around the yearly open and shows no signs of breaking out. Moreover, a directional bias seems to be absent. Ethereum and Ripple are both facing crucial hurdles, the clearing of which will allow them to move higher.

Also read: AMC stock heads toward fourth straight session of losses

Bitcoin price is disinterested in moving

Bitcoin price shows a tight consolidative range around the yearly open at $46,198 for the fourth day in a row. This sideways movement will allow more players to speculate on the breakout move and hence increase volume.

Investors can expect BTC to make a run at the $50,000 psychological level as it breaks from the ongoing consolidation. In a highly bullish case, Bitcoin price could even tag the $53,000 hurdle in an attempt to set a higher high.

Bitcoin price chart

BTC/USD 1-day chart

While things are looking up for Bitcoin price, a daily candlestick close below $44,580 will invalidate the bullish thesis. This move would open the possibility of flipping the support into a resistance barrier. 

Ethereum price struggles

Ethereum price aimed for a retest of the low volume node at $3,703 after it breached the 100-day and 50-day Simple Moving Averages (SMAs). However, the 200-day SMA at $3,489 seems to be blocking the uptrend.

A successful flip of this barrier will open the stage for Ethereum price to retest $3,703. In some cases, ETH could also tag the $4,000 psychological level, bringing the total ascent to 16%.

Ethereum price chart

ETH/USD 1-day chart

In the event that the big crypto decides to pull a ‘one-hundred-and-eighty’, the Ethereum price will follow suit. Such a development could see Ethereum price retrace to the high volume node at $3,136. A breakdown of this barrier will create a lower low and invalidate the bullish thesis.

Ripple price slows its momentum

Ripple price has been in a steady uptrend since its breakout from the bull pennant on March 11. XRP price tagged the $0.85 target, but when it made a run-up to the next level at $0.91, it failed to tag that.

The retracement following its rejection at $0.91 led to a fall back to the $0.85 level. Currently, Ripple price is hovering around this barrier and shows no signs of moving higher due to the ongoing consolidation with the big crypto.

XRP Price Chart

XRP/USD 1-day chart

On the other hand, if the Ripple price fails to move above $0.85, there is a good chance it will retrace to $0.76. Here, buyers have a chance to make a comeback but failing to do so might lead to a breakdown and invalidation of the bullish thesis.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP