- Bitcoin price shows strength as it bounces off the 200 three-day SMA, eyeing a retest of the yearly open.
- Ethereum price tries to overcome the volume point of control at $3,129 in an attempt to rally higher.
- Ripple price is on the verge of breaching the $0.77 hurdle as bulls set their eyes on $1.
Bitcoin price has shown considerable strength as it bounces off a crucial support confluence. This bounce is similar to the last two retests that led to a massive upswing. Therefore, Ethereum, Ripple and altcoins are likely to have a green week.
Also read: TELL Stock News: Tellurian declines despite American LNG industry heating up
Bitcoin price kick-starts its journey
Bitcoin price has set up three higher highs and higher lows since January 13, which when connected using trend lines, show an ascending parallel channel. As mentioned in previous articles, the latest tag the lower trend line and the 200 three-day Simple Moving Average (SMA) has already begun propping up Bitcoin price
If the resulting upswing is like the last two retests, investors can expect a massive run-up to the yearly open at $46,198. In a highly bullish case, clearing this barrier could extend the uptrend to the $50,000 psychological level.
BTC/USDT 3-day chart
A daily candlestick close below the $34,752 support level will invalidate the ascending parallel channel and the bullish thesis while opening the door for a crash to $30,000 or lower.
Ethereum price back in bulls’ control
Ethereum price action is still stuck between the support cluster, extending from $2,800 to $3,000 and the volume point of control at $3,129. A breakout to the upside could trigger a bullish move to retest the 200-day SMA at $3,495. If buying pressure increases, however, ETH could extend and revisit the low-volume node at $3,703.
The point of control is the level where the highest volume for an asset was traded.
In some cases, Ethereum price could move higher and tag the next high-volume node at $4,040. High-volume nodes are levels where the asset was traded with a huge volume and hence tend to serve as support and resistance levels.
ETH/USD 1-day chart
A breakdown below $2,820 will create a lower low and invalidate the bullish thesis. This development could crash ETH to the next high-volume node present to the downside at $2,584.
Ripple price to restart its ascent
Ripple price is already grappling with the 2022 volume point of control at $0.76 and is likely to flip it to a support level soon. Since the altcoin has already tagged the buy zone, extending from $0.62 to $0.68, the resulting rally could propel XRP by 19% and tag the range high at $0.916.
A swift move above the $0.916 hurdle could trigger a further ascent to the $1 psychological level. This uptick will allow market makers to collect buy-stop liquidity and form a local top.
XRP/USD 1-day chart
Despite the bullish outlook, if the big crypto takes a U-turn, the rest of the market including Ripple could come crashing down. In such a case, if XRP price breaks below the $0.601 support level it would produce a lower low and thereby invalidate the bullish thesis.
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
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.