• Bitcoin achieved new yearly highs, retreated to confirm support at $15,400 before resuming the uptrend.
  • Ethereum rally hit a wall slightly above $440, but higher support appears to be forming above $430.
  • Ripple struggled to catch up with BTC and ETH, crowning the bulls' efforts with a spike past $0.25.

The cryptocurrency market caught yet another tailwind as the world waits for the United States to finalize the ongoing vote counting exercise. Bitcoin was the biggest winner, with the price going ballistic above $14,000, $15,000 and closing in on $16,000. Ethereum also joined the bullish party, spiking above $440.

The crypto space is mainly in green, with selected assets growing between 1% and 5% on the day. For instance, Litecoin stepped beyond $60 after making a 5% comeback. As discussed, NEO is on the verge of a breakout, already changing hands 3.5% higher on the day.

It is unclear how far the bullish cycle will go at the moment. However, buyers could remain in the cockpit for some time before a significant reversal comes into the picture.

Bitcoin bulls shift the focus to all-time highs

The flagship cryptocurrency is changing at $15,740 amid an ongoing recovery from the newly established support at $15,400. BTC was earlier rejected at $15,888 during its approach to the crucial $16,000 level. The new yearly high is currently the immediate resistance and if pushed into the rearview, the bellwether cryptocurrency might quickly rally towards the all-time high around $20,000.

According to the Relative Strength Index, Bitcoin is comfortably sitting in the bulls' hands. The RSI is still elevated in the overbought region. It is usual for the RSI to stay in this region longer, especially in bullish markets. Therefore, Bitcoin may continue rallying before a reversal comes into play.

BTC/USD price chart

BTC/USD 4-hour chart

It is worth mentioning that even though the RSI can hold in the overbought area for a long time, a reversal seems imminent, mainly if bulls fail to take down resistance at $16,888. Simultaneously, short-term support at $15,400 must be guarded at all costs; otherwise, a breakdown may ensue.

The moving averages are far behind the price, which means that strong support could be unavailable. Therefore, reversal is likely to be detrimental to the progress made this week, eyeing support between $13,500 and $14,000.

Ethereum ballistic uptrend takes a breather

The smart contract token rocketed above the resistance discussed at $420 on Thursday. Buyers assumed complete control over the price amid Bitcoin's surge to new yearly highs. Ether shot up towards $450 but stalled at $442. Meanwhile, a shallow retreat seeks balance above $430 before the crypto asset can eventually lift off to higher levels.

It is deducible that bulls are at the helm of the ongoing price action. The Moving Average Convergence Divergence, although a lagging indicator, highlights the immense presence of buying pressure. A bullish divergence above the MACD reinforces the intense bullish grip.

ETH/USD price chart

ETH/USD 4-hour chart

Reversals are common in bullish markets; therefore, traders should be aware that Ethereum could correct from the rally. If the resistance turned support at $420 fails to hold, Ether might quickly revisit the next support target at $400. The 100 SMA and the 50 SMA are in line to stop declines heading to $390, while the 200 SMA will prevent losses below $380.

Ripple has a clear path to $0.3

XRP continues to build on the momentum created after it was pushed out of the descending parallel channel discussed earlier this week. Trading above the 50 SMA also added credibility to the bullish outlook. Another spike past the 100 SMA and the 200 SMA in the 4-hour timeframe culminated in the ongoing bullish price action.

The cross-border cryptocurrency is doddering at $0.254 at the time of writing. Price action above $0.255 is likely to catapult XRP beyond $0.26 and towards $0.3. The RSI shows that the path of least resistance is upwards as it enters the overbought area.

XRP/USD price chart

XRP/USD 4-hour chart

If XRP fails to break the short-term resistance at $0.255 or the medium-term hurdle at $0.26, bears would most likely reclaim control over the price. On the downside, declines may overshoot the 200 SMA and the 100 SMA to test the major support presented by the 50 SMA at $0.24. It is worth noting that Ripple's most robust support lies at $0.23.

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

What Shiba Inu price needs to do to trigger a breakout

What Shiba Inu price needs to do to trigger a breakout

Shiba Inu (SHIB) price is seeing a bit of a pullback and could drop even further in search of support after bulls failed to keep their act together during the recent rally and began grasping at early profits. 

More Shiba Inu News

Former Ripple CTO is dumping millions of XRP, traders beware

Former Ripple CTO is dumping millions of XRP, traders beware

XRP price shows promise that it is ready to trigger a massive run-up as the first half of the year comes to an end. There are three reasons why investors should be bullish on Ripple.

More Ripple News

Is Cardano’s Vasil hard fork a ‘sell the news’ event?

Is Cardano’s Vasil hard fork a ‘sell the news’ event?

Cardano price looks like it will face a massive amount of selling pressure that could lead to choppy price action. However, the fundamental side of things looks good for ADA considering the recent update regarding the highly anticipated Vasil hard fork.

More Cardano News

New sources affirm USDD is on a path to collapse like Terra’s UST

New sources affirm USDD is on a path to collapse like Terra’s UST

Tron launched its stablecoin USDD in May, at the same time as Terra’s sister tokens LUNC (formerly LUNA) and UST were imploding. The stablecoin recently detached from its $1 peg, sparking fears of a crash. 

More Terra News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis