- Bitcoin rejected the new all-time high but embraced support above $19,000 as it prepares for the liftoff to $22,500.
- Ethereum reclaimed the ground above $600 ahead of the imminent launch of Ethereum 2.0.
- Ripple has eyes on $1, but bulls must break the stubborn resistance between $0.7 and $0.75 first.
The cryptocurrency market appears to be retreating after Bitcoin hit a new all-time high of around $19,882. Over the last 24 hours, the top 50 crypto asset posted considerable gains. For instance, Litecoin soared by 12% to trade above $90; Bitcoin Cash is up 9% to exchange hands at $313, while TRON swung 8% upward to dance at $0.033 at the time of writing.
Bitcoin’s springboard to $22,500
The bellwether cryptocurrency is trading at $19,540 after reclaiming the ground above $19,500. As discussed earlier, Bitcoin must hold this crucial level to sustain the uptrend targeting $20,000 in the near term. A break above the recent high at $19,882 might catapult BTC into another bullish cycle, perhaps eyeing $22,500.
The fear of missing out (FOMO) has started to manifest in the market. Investors expect Bitcoin to enter a price discovery route. Besides, on-chain metrics, as explained earlier, suggests that BTC is just at the beginning of the bull run.
BTC/USD 4-hour chart
On the downside, support at $19,500 and $19,000 remain key to the ongoing rally. If not guarded firmly, massive selling activity might be triggered, perhaps strong enough to push Bitcoin under $18,000. Note that the 50 SMA is in line to offer support slightly above $18,000, thus the likelihood of BTC rebounding to higher levels.
Ethereum breaking out to new yearly highs
Ethereum crossed above $600 as predicted on Monday and has just broken above $620, making new year-to-date highs after rebounding from the initial support at $600.
Ether bulls are intentional when it comes to pushing to new yearly highs, especially with the likely launch of Ethereum 2.0 on December 1. Notably, the staking feature on Ethereum is a catalyst to the uptrend. Therefore, Ether might skyrocket to highs above $700, thereby entering another bullish cycle towards $1,000.
ETH/USD 4-hour chart
On the flip side, the bullish case to price levels above $630 will be invalidated if bearish momentum builds under $610 and forces ETH below $600. The next tentative support holds the ground at $560, but if declines stretch further down, Ethereum will seek refuge at $520 and $500, respectively.
Ripple eyes $1 if this key resistance is shattered
XRP seems to be building upon the support at $0.65. The cross-border token continues to lead other altcoins in the ongoing bullish cycle, as discussed earlier. Trading $0.7 and the next hurdle at $0.75 might boost Ripple significantly towards $1.
On the downside, the third-largest cryptocurrency is trading above areas with immense support. Apart from the immediate support at $0.65, Ripple has held above the 50 Simple Moving Average since October. The wide gap made by the 50 SMA above the 100 SMA and 200 SMA hints at bulls remaining in control much longer.
XRP/USD 4-hour chart
On the other hand, the bullish outlook will be invalidated if Ripple gets rejected at $0.7 and the declines overshoot the tentative support areas at $0.65 and the 100 SMA. Last week’s support at $0.45 will come in handy if massive losses materialize. The 100 SM and the 200 SMA will also contribute significantly to stopping the downtrend.
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