- Bitcoin price finds support from a crucial indicator signaling more uptrend potential.
- Ethereum price show strong bullish signals and is likely to rally towards $1,800.
- XRP price remains undecided as it is confined within the $0.40 congestion zone.
The Crypto market continues to show bullish signals. Still, a trade-per-trade stance is being implemented as markets are highly elevated since January's 40% rally.
Bitcoin price ready to rise
Bitcoin's price has risen 1% today after briefly losing support from the $23,000 price zone. The 21-day simple moving average has jumped in to provide support. This is the first time Bitcoin has engaged with the 21-day SMA since it traded at $16,000 during the first week of January.
Bitcoin price is currently trading at $23,082. Given these factors, it is likely that Bitcoin's will continue to move toward higher price zones. The levels of interest would be the $25,000 boundary and $27,250. This bullish scenario creates the potential for an additional 20% rally.
BTC/USDT 1-day chart
Invalidation of Bitcoin's trend could occur if the recent swing low at $22,260 is tagged. If the breach occurs, Bitcoin will likely retrace toward lower support zones within the winter-rally. The $17,000 zone has a fair chance of acting as support. A test of this barrier would result in a 25% decline from Bitcoin's current market value.
Ethereum price stair-steps north
Ethereum price has dually found support from the recently tested 21-day simple moving average. The support has created a higher low at the $1,600 level, which suggests ETH is ready to surge from the mid-$1,550 consolidation zone it has been confined in as of late.
Ethereum price is currently trading at $1,665. On smaller time frames, the Ethereum price has formed a ramping 1-2-1-2 pattern, which is likely to result in a volatile move. A conservative target to aim for would be the $1,800 price zone, and potentially the psychological $2,000 barrier. This bullish scenario creates space for a 20% rally for traders to participate in.
ETH/USDT 1-Day Chart
Invalidation of the uptrend could occur if ETH falls below the previous swing low within the consolidation zone at $1,530. If this occurs,the Ethereum price could fall towards lower support zones as low as $1,350, resulting in a 20% decline from ETH's current market value.
XRP price still undecided
XRP price continues to cause confusion as the digital asset is not moving in cohesion with the rest of the market. While Bitcoin and Ethereum have both ascended out of their previous consolidatios, the digital remittance token remains suppressed near the $0.40 zone.
XRP is currently trading at $0.399. The 8-day exponential moving average and 21-day simple moving average have both been breached and may result in a bearish cross. In the event that the cross occurs, the XRP price could fall towards previous resistance zones as low as $0.3450.
XRP/USDT 1-day chart
Invalidation of the bearish scenario could occur Ripplr hurrdles above the previous swing high within the range at $0.421. A breach of this level would likely induce a rally towards broken support zones near $0.44, resulting in a 10% increase from XRP's current market value.
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