- Bitcoin price looks strong and ready to conquer higher highs as it bounces off the 2-day demand zone, ranging from $60,018 to $63,567.
- Ethereum price action remains contained within the ascending parallel channel, eyeing a retest of the $5,000 psychological level.
- Ripple price struggles below the $1.31 to $1.41 supply zone, despite eyeing a retest of $2.
Bitcoin price has made it through the weekend with a bullish outlook and while the same can be said of Ethereum price, Ripple price is a whole other story. Investors can expect the choppiness in the cryptocurrency market to continue until BTC makes an authoritative move, commanding capital inflow from other altcoins into it.
Bitcoin price remains bullish
Bitcoin price set up a new all-time high at $69,000 on November 10 but since then has dropped 10%. The correction pushed the big crypto into the 2-day demand zone, however, ranging from $60,521 to $63,620.
This move gave BTC a base from which to launch a surge in bullish momentum, allowing it to rally 6.5%. While this uptick is optimistic, a daily close above $69,190 is required for confirmation of the uptrend. Doing so will solidify the bullish outlook and propel BTC to tag the 161.8% Fibonacci extension level at $77,525.
This upswing would constitute a 17% climb and set up a new high. In some cases, BTC could extend this run-up to $80,000.
BTC/USD 1-day chart
On the other hand, if Bitcoin price reenters the 2-day demand zone, ranging from $60,018 to $63,567, the upswing narrative could weaken a little. Further, if BTC produces a daily close below $60,018, it will completely invalidate the bullish thesis.
This move could further knock the big crypto down to $56,004.
Ethereum price action remains intact
Ethereum price has been on a constant uptrend since September 29, producing higher highs and higher lows. Connecting these trend lines results in the formation of an ascending parallel channel.
This upswing has been choppy, however, and is currently hovering above the $4,609 support floor after ETH set up a new high at $4,875. While Ethereum price is a few dollars away from tagging the $5,000 psychological barrier, it is not clear if the upswing will continue higher without a retracement.
Investors need to be cautious about trading ETH, therefore. From a long-term perspective, Ethereum price could still remain choppy and make a run for the 161.8% Fibonacci extension level at $6,387.
ETH/USD 1-day chart
A breakdown of the $4,609 support floor will indicate a weakness among buyers, and f Ethereum price produces a daily close below $4,387, it will create a lower low and invalidate the bullish thesis.
Ripple price struggles
Ripple price has struggled for more than three months now to successfully breach the $1.24 resistance level and stay above it. This consolidation will also face the $1.31 to $1.41 supply zone, which must be breached to confirm the uptrend.
In this scenario, Ripple price will retest the $1.54 resistance barrier and make a run for the $1.97 swing high formed on April 14. A daily close above this barrier will likely set XRP price on the path to retest the all-time high at $3.317.
XRP/USD 1-day chart
On the contrary, if Ripple price fails to move past the $1.24 resistance barrier, it will indicate a weakness of bullish momentum. This move will knock XRP price down by 17% to a stable support floor at $1. While the buyers can attempt a comeback here, a daily close below it will likely invalidate the bullish thesis and lead to a crash in XRP price back down to $0.85.
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