- Bitcoin sits on the 4-hour SuperTrend, hinting at a possible breakout to $77,000.
- Ethereum rebounds towards $1,800 as bulls look forward to trading around $2,000.
- Ripple found support at $0.5, paving the way for the expected move to $0.75.
Cryptoassets are mostly red following a widespread bearish wave towards the close of the trading session on Sunday. Bitcoin was also caught up in the correction after failing to break the crucial hurdle at $50,000.
However, recoveries have already started across the board, led by the flagship cryptocurrency's rebound towards $50,000. Ethereum is trading under $1,800 amid the continuous push by buyers for higher highs. Similarly, Ripple suffered significant losses following rejection from $0.65.
Bitcoin is primed for a massive upswing
The pioneer cryptocurrency is resting on top of the SuperTrend indicator. This technical indicator is a trend tracking overlay that resembles a moving average on the chart. It illustrates the prevailing trend direction. The green color shows that the trend has a bullish impulse and could continue to influence Bitcoin price in the near term.
The last time the SuperTrend indicator flipped bullish, Bitcoin rallied by nearly 140%. A break above $50,000 may significantly extend the bullish leg above this area, targeting an upswing to $77,000. For now, the least resistance path is upward, especially with the Relative Strength Index (RSI) bouncing off the midline.
BTC/USD 4-hour chart
Bitcoin's expected rally above $50,000 may fail to materialize immediately, favouring a consolidation period. Support at $46,000 remains vital, but if selling orders surge, BTC will seek refuge at $44,000.
Ethereum resumes uptrend eyeing $2,000
Ethereum has just broken above an ascending channel middle resistance. The uptrend comes after the bearish leg stretched from the recent all-time highs at $1,875 to support around $1,660. Moreover, the channel's lower edge contributed to strengthening this support, giving credence to the ongoing recovery.
Ether is exchanging hands at $1,790 as bulls push for higher price levels. Closing the day above the channel's middle boundary or $1,800 will be a major bullish signal. The remaining journey to $2,000 will carry on as the fear of missing out (FOMO) grips retail investors.
A bullish signal will be presented if the Moving Average Convergence Divergence (MACD) holds above the midline. A call to buy is likely to come to the picture if the MACD line (blue) crosses above the signal line.
ETH/USD 4-hour chart
If the smart-contract token makes a daily close under the middle boundary of the channel, the expected upswing to new record highs will be invalidated. On the other hand, correcting below the ascending parallel channel may result in a massive breakdown to support around $1,600.
Ripple bulls relentlessly fight for gains toward $0.75
Ripple suffered rejection on approaching $0.65, which put a temporary halt on the uptrend eyeing new yearly highs above $0.75. The retracement overshot the critical 61.8% Fibonacci level, allowing losses to test support at $0.5.
A recovery has ensued, with Ripple gaining the ground above the 61.8% Fibo. The cross-border token is trading at $0.56 at the time of writing, as bulls focus on launching for $0.75. XRP must close the day above the Fibonacci support level to add credence to the bullish outlook. However, a step past $0.6 would call out to more buyers as the uptrend strengthens.
XRP/USD 4-hour chart
The RSI shows that recovery may not come easy and it might be a safe bet to expect a period of consolidation. Simultaneously, if Ripple fails to hold above the 61.8% Fibo, a bearish outlook will emerge, risking losses back to $0.5.
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.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.