- BTC price seems overextended as the crypto battles the weekly resistance at $42,816 and 50-day Simple Moving Average.
- Ethereum overpowers crucial barriers, nearing a 50-day Simple Moving Average of $3,242.
- Ripple approaches the supply zone at $0.757 – $0.807, which might halt the uptrend.
Bitcoin price witnessed remarkable gains within the last 72 hours, and it tries to overpower a massive obstacle. Though alt like ETH and XRP mimicked the bullishness, enthusiasts should be cautious with news positions as retracements might resurface.
Bitcoin on a Decisive Moment
Bitcoin price gained 18% within the previous four days and hovered beneath the 50-day SMA and weekly resistance confluence near $42,816. If the uptrend turns into a bull trap, the crypto might encounter rejection before retracing towards the nearest support at $38,481.
Breaching the mentioned footing will knock BTC down towards $34,752. Extreme bearishness might take Bitcoin towards the psychological level at $30,000 and gather liquidity beneath it.
Meanwhile, a daily candle close beyond the breaker’s topside border at $44,387 will annul the bearish narrative. Though such a move will cancel the sell-side momentum, it will not imply BTC price shifting to bullish. Nevertheless, a daily candle close past $52,000 will form a higher high, suggesting a potential uptrend.
Ethereum about to Invalidate Bearish Structure
Ethereum followed Bitcoin and breached the bearish breaker in the $2,789 – $3,167. Further bullishness will push Ether higher to retest 50-day Simple Moving Average around $3,242. Presuming Bitcoin corrects, Ethereum will meet rejection near $3,242m suffering a 25% fall towards the weekly support zone at $2,324.
The increased bearish influence will see Ethereum revisiting $1,730 weekly footing and gathering liquidity beneath the level.
Though the bearishness, Ethereum might cancel the near-term pessimistic with a daily candle close beyond the resistance at $3,167. Meanwhile, a bullish case might emerge of buyers ensure a swing peak at $3,413.
Ripple Encounters a Blockade
Ripple overcame its consolidation before surging 25% to $0.754 from $0.604. The impressive move retests weekly resistance at $0.740, the level beneath another obstacle stretching between $0.757 and $0.807.
Considering Bitcoin’s situation, the remittance token will likely encounter rejection at these multi-resistances. With that, XRP fans may witness a 16% drop towards the consolidation territory at $0.628.
A daily candle close past the supply region’s top limit around $0.807 will show buyers’ resurgence, indicating bulls’ willingness to climb higher. With that, XRP price might witness higher highs, rallying by 12% towards $0.911.