- Bitcoin price tightens around the yearly open at $46,198, before establishing a directional bias.
- Ethereum price grapples with the 200-day SMA at $3,489 trying to move higher.
- Ripple price also struggles with uptrend as it hovers around the $0.85 barrier.
Bitcoin price is bracketing around the yearly open and shows no signs of breaking out. Moreover, a directional bias seems to be absent. Ethereum and Ripple are both facing crucial hurdles, the clearing of which will allow them to move higher.
Also read: AMC stock heads toward fourth straight session of losses
Bitcoin price is disinterested in moving
Bitcoin price shows a tight consolidative range around the yearly open at $46,198 for the fourth day in a row. This sideways movement will allow more players to speculate on the breakout move and hence increase volume.
Investors can expect BTC to make a run at the $50,000 psychological level as it breaks from the ongoing consolidation. In a highly bullish case, Bitcoin price could even tag the $53,000 hurdle in an attempt to set a higher high.
BTC/USD 1-day chart
While things are looking up for Bitcoin price, a daily candlestick close below $44,580 will invalidate the bullish thesis. This move would open the possibility of flipping the support into a resistance barrier.
Ethereum price struggles
Ethereum price aimed for a retest of the low volume node at $3,703 after it breached the 100-day and 50-day Simple Moving Averages (SMAs). However, the 200-day SMA at $3,489 seems to be blocking the uptrend.
A successful flip of this barrier will open the stage for Ethereum price to retest $3,703. In some cases, ETH could also tag the $4,000 psychological level, bringing the total ascent to 16%.
ETH/USD 1-day chart
In the event that the big crypto decides to pull a ‘one-hundred-and-eighty’, the Ethereum price will follow suit. Such a development could see Ethereum price retrace to the high volume node at $3,136. A breakdown of this barrier will create a lower low and invalidate the bullish thesis.
Ripple price slows its momentum
Ripple price has been in a steady uptrend since its breakout from the bull pennant on March 11. XRP price tagged the $0.85 target, but when it made a run-up to the next level at $0.91, it failed to tag that.
The retracement following its rejection at $0.91 led to a fall back to the $0.85 level. Currently, Ripple price is hovering around this barrier and shows no signs of moving higher due to the ongoing consolidation with the big crypto.
XRP/USD 1-day chart
On the other hand, if the Ripple price fails to move above $0.85, there is a good chance it will retrace to $0.76. Here, buyers have a chance to make a comeback but failing to do so might lead to a breakdown and invalidation of the bullish thesis.
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