Bitcoin BTCUSD, Ethereum ETHUSD, and XRP reacted well to the overall market conditions these past few days.
BeInCrypto has analysed the current stance of the big three crypto assets and where they could be heading from this point.
Bitcoin Continues Its Ascent
Bitcoin’s price has surged by 8.89% over the past week, forming a right-angled descending broadening wedge pattern, a technical indicator that often suggests a breakout is imminent. If this pattern holds, Bitcoin could potentially rally by 27.6%, reaching $91,410. Achieving this level would be a significant milestone and could validate long-term bullish predictions for the cryptocurrency.
However, a more conservative target lies at the upper trend line of $71,600, which is a more realistic short-term goal. Bitcoin recently bounced off the lower trend line, and flipping $60,000 into a solid support level is crucial to sustaining this uptrend.
Should Bitcoin fail to establish a safety net at $58,986, the price could tumble further, bringing $55,883 into play as a critical support level. This scenario would invalidate the bullish outlook and signal a potential downturn in Bitcoin’s current price action.
Ethereum Is Taking a Bullish Shape as Well
Ethereum is trading at $2,418, bouncing off the support at $2,344. This rather crucial support floor when last tested in August, resulted in the altcoin king jumping to $2,681. A similar move is expected from ETH over the coming days.
The next barrier for the cryptocurrency lies at $2,546 and breaching it would enable a rise to $2,681. Breaking this resistance level is unlikely given the current momentum but it would at least keep ETH from testing the downtrend line as support again.
But if Ethereum’s price fails to breach $2,546, a drop to $2,344 again is likely. This would bring ETH back into a short-term consolidation and also invalidate the bullish thesis.
XRP Takes the Lead
Amongst the big three, XRP price managed to stand as the best performer as it rose by 12% in the past week. This brought the altcoin back above the 38.2% Fibonacci Retracement line, marked at $0.55.
The Ripple native token is now closer to breaching the resistance at $0.60, which coincides with the 50% Fib line. Flipping it into support would mark a three-week high for XRP price, enabling further rise.
But a failed breach of this resistance would dissipate the bullish momentum formed in the last few days. Rising selling pressure could further worsen the situation bringing XRP price to $0.55, and invalidating the bullish outlook.
