- Bitcoin renews the uptrend above $18,000, temporarily invalidating the bearish case to $16,500.
- Ethereum has topped $500 for the first time since July 2018 in readiness for the upswing to $520.
- Ripple reclaims the position above $0.3 after it bounced from the support at $0.28.
The bull cycle in the cryptocurrency market seems poised to take matters to the next higher level. Over the last 24 hours, crypto assets in the top ten have posted considerable gains, with Litecoin (LTC) and Polkadot emerging the biggest gainers.
Bitcoin has not been left behind either, especially now that it has reclaimed the ground above $18,000. Ethereum is up 4% over the last 24 hours to exchange hands at $492. On the other hand, Ripple is battling the uphill task of regaining the position above $0.3.
Bitcoin is on the cusp of another breakout
Bitcoin is trading at $18,216 after making a remarkable recovery above the critical $18,000 level. The flagship cryptocurrency's bearish outlook to $16,500 discussed on Thursday was invalidated, allowing bulls to assume control over the price.
For now, the path of least resistance appears to be to the upside and has been reinforced by the Relative Strength Index renewed uptrend towards the overbought territory. An incoming constriction of the Bollinger Bands hints at a possible breakout.
If Bitcoin closed the day above $18,500, more buy orders are likely to come into the picture, as investors anticipate new yearly highs above $19,000.
BTC/USD 4-hour chart
On the flip side, closing the day underneath the Bollinger Bands' middle boundary may culminate in a 50 Simple Moving Average breakdown. If Bitcoin slides further, panic selling and the rush to cash out for profit could drive it to the 100 SMA and the 200 SMA.
Ethereum tops $500 for the first time since July 2018
The smart contract giant is about to flip $500 into support after brushing shoulders with the level for the first time since July 2018. Our predictions have suggested that Ethereum is on a trajectory to $520, perhaps before ETH 2.0 launches, which might elevate it to $900.
At the time of writing, ETH/USD is trading at $498 while battling the seller congestion at $500. The ongoing bullish momentum has been validated by a breakout above the ascending parallel channel. If Ether closes the day above $500, the next rendezvous for the bulls would be $520. Here, they will work on a plan to lift the token to a higher price level.
ETH/USD 4-hour chart
On the other hand, if the resistance at $500 remains intact, Ethereum may lose traction and slide back into the channel. An increase in selling pressure is likely to send ETH/USD downstream towards $480, the 50 SMA and 100 SMA, marginally above $450.
Ripple reclaims position above $0.3
XRP is sitting above $0.3 after recovering from the accelerated ascending trendline support in conjunction with the buyer congestion at $0.28. It is not certain that Ripple will continue with the uptrend to $0.31 but holding above $0.3 would be a bullish sign.
All the three applied moving averages, the 50 SMA, 100 SMA and 200 SMA, are trying to catch up with the up-trending price, which is another bullish indicator. Moreover, the RSI is not oversold at the moment, presenting room for growth.
XRP/USD 4-hour chart
The TD Sequential indicator has just presented a sell signal on the daily chart, which might invalidate the bullish outlook. The sell signal manifested in a green nine candlestick. Usually, if validated, this signal could see the price fall in one to four daily candlesticks.
XRP/USD daily chart
Simultaneously, if XRP fails to hold the ground above $0.3, bears will likely start exploring the rabbit hole towards $0.22. The recent support at $0.28 (50 SMA) will come in handy when stopping declines. Other key levels traders can keep in mind are the main ascending trendline, the 100 SMA and the 200 SMA.
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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.