- Bitcoin renews the uptrend and trades a new all-time high at $35,888.
- Ethereum is settling for consolidation in a bid to avoid losses under $1,000.
- Ripple is looking forward to a breakout as the Bollinger bands squeeze.
The year started with a bang as Bitcoin skyrocketed to new all-time highs. The latest upswing saw the forerunner cryptocurrency step above $35,000 and trade an intraday high of $35,888. Some selected altcoins have also soared incredibly, recording double-digit gains such as Cardano (26%), Stellar (63%), NEM (18%) and VeChain (22.5%).
Bitcoin renews the uptrend to a new all-time high
The pioneer cryptocurrency is exchanging hands at $34,600 amid the push to establish higher support, preferably at $34,000. If the price closes the day above, this immediate support may encourage the bulls to increase their entries in anticipation of a rally towards $40,000.
As covered earlier, Bitcoin aims for the ultimate upswing to $50,000 in the next few days. The buying pressure behind BTC is likely to surge, especially with institutional investors rushing to capitalize on the rally.
%20(100)-637455238810442358.png)
BTC/USD 4-hour chart
It is worth mentioning that bears will get their way if Bitcoin closes the day under $34,000. The next support target lies at $32,000, but extended losses will seek refuge at $30,000. Note that BTC fell slightly under $28,000 before resuming the ongoing uptrend.
Ethereum settles for consolidation ahead of another breakout
The flagship altcoin is trading marginally above $1,100 after correcting a new yearly high at $1,170. On the downside, robust support seems to have been established at $900, hence the liftoff past $1,000.
For now, the bulls' priority is to hold Ethereum above $1,000 if not at $1,100. The Relative Strength Index brings into the picture the possibility of consolidation taking precedence in the coming sessions. A daily close above $1,000 will save the bulls' from a freefall back to $900.
%20-%202021-01-06T122605.152-637455238895446600.png)
ETH/USD 4-hour chart
It is worth mentioning the bullish outlook will be thrown out the window if Ethereum closes the day under $1,000. Support is envisaged at $900 but maybe shattered if overhead pressure increases massively. On the brighter side, the 50 Simple Moving Average is in line to offer support at $850.
Ripple finds stability despite market volatility
It has been a rollercoaster ride for XRP investors over the last three weeks. Support established at $0.17 allowed the bulls to control the price where they pushed for gains above $0.20. On the upside, resistance at $0.25 has become a hard nut to crack.
In the meantime, consolidation has come into the picture, as highlighted by the Bollinger bands' constriction. The cross-border digital asset is teetering at $0.226 while remaining pivotal at the Bollinger bands' middle boundary. The RSI also reinforces the sideways trading as it levels at the midline.
%20(34)-637455238985764387.png)
XRP/USD 4-hour chart
A bearish outlook will likely come into the picture if XRP falls under $0.22. The RSI can be used to validate the bearish, especially if it spirals toward the oversold region. Support at $0.17 will come in handy to avoid extreme losses.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.