$40,000 in the cards for BTC as this bullish call executes
- Bitcoin price could run 5% north to test the $40,000 psychological level amid rising momentum and bullish RSI crossover.
- Ethereum price coils up for a 5% move past the range high at $2,141 with the RSI mirroring Bitcoin momentum.
- Ripple price eyes 10% gain to the supply barrier at $0.6582 but only if the $0.5981 support level holds.
Bitcoin (BTC) price is trading with a bullish bias, leading the broader market north with a price action characterized by higher highs. It points to growing volatility with forces such as the legal troubles of Binance and spot exchange-traded funds (ETFs) approvals chatter continuing to drive the market.
Ethereum (ETH) and Ripple (XRP) prices are also teasing with bullish biases, hinting at bullish moves depending on how the bulls play their hands.
Also Read: Bitcoin price gains might be sustainable with declining stablecoin dominance
Bitcoin could move north if RSI crossover is enough to go by
Bitcoin (BTC) price has breached the $38,008 resistance level, though not decisive just yet, to trade for $38,139 at the time of writing. There remains potential for a stretch to the range high at $38,414, or in a highly bullish case, a neck up to tag $40,000.
The Relative Strength Index (RSI) is moving north and is just about to cross above the signal line (yellow band). Historically, every time this crossover happens, BTC reacted with a bold move north, thereby qualifying the crossover as a buy signal.
In the same way, the Awesome Oscillator (AO) continues to hold in positive territory, showing that bulls still have control despite a strong bearish pull.
BTC/USDT 1-day chart
On the other hand, increased selling pressure could see Bitcoin price fall back below the $38,008 support, or worse, test the $35,487 support. In a more dire case, the slump could see BTC lose the support confluence between the horizontal line and the 50-day Simple Moving Average (SMA) at $33,912. A break and close below this level would invalidate the bullish thesis, setting the tone for an extension south to the $30,000 psychological level.
Also Read: Bitcoin’s bull trend in question as spot ETF momentum fades
Ethereum price eyes a 5% climb
Ethereum (ETH) price eyes a 5% climb to test the $2,141 range high before a possible correction, with the bullish breaker still holding as a support zone. The immediate support is at $2,029, atop which ETH continues to sit. Like in the case for Bitcoin, the RSI is about to cross above the signal line, hinting at a possible move north.
ETH/USDT 1-day chart
However, if sellers have their way, Ethereum price could fall into the supply zone turned bullish breaker, confirming the continuation of the move south by breaking and closing below the midline of this order block at $1,935.
The slump could extrapolate for Ethereum price to flip the bullish breaker back into a supply zone under the $1,864 support.
Also Read: Ethereum whale activity could pave way for ETH price to hit new yearly highs
Ripple price must hold above $0.5981 for 10% gain to play out
Ripple (XRP) is coiling up for a 10% move to the supply barrier stretching from $0.6582 to $0.7186, but it all depends on whether the $0.5981 support level holds. To confirm the uptrend, XRP must shatter the midline of the supply zone at $0.6857. In a highly bullish case, the $0.8000 psychological level could be tagged soon.
XRP/USDT 1-day chart
On the other hand, if the bears dominate, selling pressure could send XRP price below $0.5981, thereby invalidating the bullish thesis. In an extended move south, Ripple price could test the 50-day SMA at $0.5853, with prospects for more losses past the 200 and 100-day SMAs at $0.5531 and $0.5480, respectively.
Also Read: XRP price to pull north as Ripple beckons financial institutions to adopt XRPL XRP token.
