- Bitcoin price has cleared crucial levels, suggesting a consolidation phase to begin again.
- Ethereum price plans to revisit the $4,000 psychological level.
- Ripple price marches slowly but surely to $1 to collect the buy-stop liquidity resting above it.
Bitcoin price action for the last two weeks has caused it to flip some crucial hurdles. This move is likely to translate into another phase of consolidation, allowing Ethereum, Ripple and other altcoins to explode.
Bitcoin price to explore higher highs
Bitcoin price broke out of an ascending triangle on March 27 but is stuck now consolidating above the yearly open at $46,198. Going forward, investors can expect BTC to continue consolidating between $53,000 and $45,000. This will have the effect of giving altcoins ‘free reign’.
In the case of Bitcoin price producing a weekly close above $52,000, there is a good chance the run-up might extend to $60,000.
BTC/USD 1-day chart
While things are looking up for Bitcoin price, a daily candlestick close below $45,000 will invalidate the bullish thesis. This move opens the threat of price reentering the ascending triangle.
Ethereum price ready for more gains
Ethereum price reveals its intention to move higher through the volume profile indicator. This indicator shows a low volume node at roughly $3,703, indicating that not a lot of volume was traded up to this level.
This suggests Ethereum price will move into this area and consolidate around here to fill the inefficiency. In some cases, bulls could try to move into the high volume node present above, at $4,040.
ETH/USD 1-day chart
As for the downside, Ethereum price has a stable support barrier at $3,136 coinciding with the volume point of control. To make things interesting, the 100-day Simple Moving Average (SMA) is also present at $3,040.
Hence, a breach of $3,040 will be key and invalidate the bullish thesis for ETH, triggering a further crash to $2,853 or lower.
Ripple price continues its strut
Ripple price has been in an uptrend since it breached the bullish pennant formation on March 11. An absence of volatility, however, seems to be causing the run-up from $0.76 to $0.85 to be extremely slow.
Regardless, the momentum seems to be favoring bulls – with minor retracements only every now and then. If this trend continues, XRP price will likely strut toward the next target at $0.91 and eventually reach the $1 psychological level. This move will allow market makers to collect the buy-stop liquidity resting above these levels.
XRP/USD 1-day chart
The outlook for Ripple price seems extremely safe compared to Bitcoin or Ethereum. A retracement down to $0.76 will only delay not end the uptrend. A daily candlestick close below this level, however, will create a lower low and invalidate 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.