- Bitcoin takes a breather from the two-day rally and remains pivotal at $23,000.
- Ethereum bulls hold the throttle, ready to push forward as a golden cross pattern comes into the picture.
- Ripple made a remarkable recovery to $0.66 but could erase gains back to $0.44.
The bull run in the cryptocurrency market appears to have taken a hiatus after Bitcoin stalled within a whisker of $24,000. Despite the drab action observed as the weekend approaches, some altcoins are still posting tremendous gains, such as Litecoin, up 18% in 24 hours. Synthetix and Elrond have also recorded double-digital gains while flying the bullish flag high.LitecoinElrond
Bitcoin rally at a hiatus while still eyeing new yearly highs
Bitcoin slowed down the recovery at $23,776, leaving $24,000 untested. A correction came into the picture, allowing Bitcoin to confirm support at $22,200. At the time of writing, BTC/USD is trading at $23,055 while remaining pivotal at this level.
The Relative Strength Index hints at a consolidation, perhaps between $22,200 and the new yearly high. Bitcoin's potential to rally to new all-time highs is massive, especially with the extremely volatile market.
A golden cross has formed on the 4-hour chart, adding credibility to the bullish scenario. If Bitcoin closes day above $23,000, buyers will likely shift their focus on higher levels towards $24,000 and $25,000, respectively.credibility to the bullish scenarioBitcoin
BTC/USD 4-hour chartBTC/USD 4-hour chart
On the other hand, closing under the pivotal level at $23,000 might renew the bearish outlook. Massive sell orders could come into the picture if investors lose trust in the ongoing rally. Overhead pressure will intensify as whales rush to realize profits, perhaps creating enough volume to force declines under $20,000.
Ethereum bulls prepare to push the throttle forward
Ether is exchanging hands at $653 after bouncing off the ascending channel's middle boundary. The recovery is targeting resistance at $680 as well as the upper limit of the channel. A daily close above the immediate support (middle border) will cement the bulls' position in the market.
For now, the least resistance path seems upwards as validated by the incoming golden cross pattern as the 50 Simple Moving Average crosses above the 100 SMA. Besides, the RSI doubles down on the bullish narrative by reentering the overbought region.the least resistance path seems upwards
ETH/USD 4-hour chartETH/USD 4-hour chart
Losses from the current price levels will come into the picture if ETH closes the day under the support at $640 or the middle boundary. If the declines stretch past the channel's lower boundary, we can expect Ethereum to drop to $600 before giving way to another gigantic spike.
Ripple recovery in danger as overhead pressure mounts
XRP spiked from the double-bottom pattern discussed on Thursday. The spike surpassed the conservative prediction at $0.6 and touched $0.66. However, an immediate correction forced Ripple to retest support at $0.56 ahead of the ongoing push to break the hurdle at $0.6.discussed on ThursdayRipple
Massive declines will occur if the cross-border token ends the day under $0.6. Support at $0.56, as highlighted by the 100 SMA, may be tested. However, the most robust support zones hold positions at $0.5 and $0.44.
XRP/USD 4-hour chart
Sideways trading could take over, perhaps leaving XRP/USD to remain pivotal at $0.6. This way, buyers will have ample time to plan the next attack on crucial resistances such as $0.66 and $0.82.