- Bitcoin eyes new all-time highs toward $25,000 after slicing through the hurdle at $20,000.
- Ethereum is poised to spike to $800 following a breakout above an ascending triangle pattern.
- Ripple's recovery stalls at the 100 SMA on the 4-hour chart, hinting at declines to $0.5.
The cryptocurrency market is extremely bullish at the time of writing, especially for Bitcoin. The flagship cryptocurrency is up 16% in the last 24 hours after hitting new all-time highs.
Altcoins have not been left behind this time, with Ethereum trading a new annual high at $655. On the other hand, Ripple avoided the potential losses eyeing $3.5 earlier this week to post over 22% in gains.
The bullish outlook seems to have been experienced by most digital assets as reported for Bitcoin Cash and Litecoin. As Bitcoin hunts for new all-time highs, experts and key industry figures are once again going ballistic with predictions. For instance, Coinfund's Seth Ginns said on Thursday that Bitcoin would hit $1 million by 2022.
Bitcoin searches for new all-time highs
Bitcoin entered a price discovery phase on breaking above the psychological barrier at $20,000. Since there is no known resistance ahead, speculation and the fear of missing out (FOMO) are likely to drive BTC to incredible highs.
For now, closing the day above $23,000 will confirm that the uptrend still has the momentum to hit higher price levels. Expected to confirm the uptrend is the incoming golden cross when the 50 Simple Moving Average crosses above the 100 SMA on the 4-hour chart. The golden cross pattern is a bullish signal and helps to confirm that the uptrend will hold.
BTC/USD 4-hour chart
Bitcoin's uptrend will be thrown out the window, perhaps due to overbought conditions as the Relative Strength Index spikes towards the maximum level. A correction from the current price level may seek support above $20,000, but the key resistance lies at $19,000, as shown by the 50 SMA.
Ethereum breakout eyes new yearly highs at $800
The largest altcoin finally broke above the x-axis of an ascending triangle pattern. Such a bullish formation has a price target on the upside.
This target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point. For instance, Ether is likely to rally a new yearly high at $800 if the triangle trend is sustained.
Meanwhile, closing the day above $650 will serve as a bullish signal that demand behind ETH is still intact. On the upside, price action above $700 will validate the rest of the journey to $800.
ETH/USD 4-hour chart
It is worth noting that Ethereum will abandon the bullish momentum if overbought conditions finally overwhelm the market buyers. Realize that the RSI has slowed down the region's uptrend and could soon embark on a retreat. The triangle's hypotenuse will function as crucial support, probably to prevent the price from falling to $600.
Ripple stalls short of $0.6
The cross-border cryptocurrency rebounded from the double-bottom pattern, as discussed on Wednesday. The move saw the token rise above $0.5 and even extend the price action towards $0.6.
Resistance seems to have been presented by the 100 SMA, limiting further price movement to the upside. Currently, XRP is trading at $0.54 while seeking support above the 50 SMA. The RSI validates the strengthening bearish grip as it dives toward the midline. If the 50 SMA support fails to hold, Ripple could plunge to refresh support at $0.5.
XRP/USD 4-hour chart
The bearish outlook will be thrown out the window if XRP closes the day above the 100 SMA. Moreover, trading above $0.6 may renew the uptrend towards the coveted $1. Former hurdles at $0.65 and $0.82 may delay the recovery.
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