- Bitcoin price bounces off the $16,624 support level, signaling a resurgence of buyers.
- Ethereum price skyrockets after BTC’s small spurt in buying pressure, but bears are persistent.
- Ripple price continues to make strides in its attempt to revisit the hurdle above.
Bitcoin price shows a clear trend shift on a lower timeframe after its recent spike. Although this move does not confirm the start of an uptrend, Ethereum, Ripple and some altcoins are already flying high.
Bitcoin price ready to make its move
Bitcoin price triggered an uptrend after bouncing off the $16,624 support level. This move has produced a market structure shift when considering the recent higher high. While the bullish outlook is alive, confirmation of the uptrend will arrive if BTC manages to flip $16,822, which is the highest volume traded level since November 5.
If successful, Bitcoin price could attempt a move to $17,306 followed by the range high at $18,401 and the highest volume traded level for 2022 at $19,237.
BTC/USD 4-hour chart
While the outlook remains bullish, a failure to breach the $16,822 could be a sign of weakness. If Bitcoin price produces a four-hour candlestick close below $16,221, it will invalidate the bullish thesis. In such a case, BTC could revisit the equal lows at $15,443.
Ethereum price reaches its upper limit, what’s next?
Ethereum price is traversing a bear flag pattern as described in a previous article. Based on the technical formation a 12% downswing is forecast upon the breakdown of the flag at $1,206.
For the bearish outlook to play out, BTC needs to remain in a lull or flip bearish and Ethereum price needs to get rejected at the upper limit of the flag, resulting in a steep correction to $1,071 and $1,051 support levels.
ETH/USD 4-hour chart
While things are looking bearish for Ethereum price, invalidation of this thesis will occur if ETH flips the $1,266 hurdle into a support level. In such a case, Ethereum price could revisit the $1,350 resistance level.
Ripple price picks up slack
Ripple price dug a lot lower than other altcoins on January 1 but its recovery since then has come along well. As XRP price trades around $0.348, investors can expect this trend to continue until it tags the $0.374 hurdle.
Beyond this level, if the buying pressure continues to hold, the remittance token could retest the the equal highs at $0.397.
XRP/USD 4-hour chart
Regardless of the bullish outlook seen in Ripple price, a breakdown in the optimistic structure in Bitcoin price could cause altcoins to tumble. If XRP price produces a four-hour candlestick close below $0.316, it will create a lower low and invalidate the bullish thesis.
In such a case, Ripple bulls could try to make a comeback at the $0.288 support floor.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.