- Bitcoin renews the uptrend and trades a new all-time high at $35,888.
- Ethereum is settling for consolidation in a bid to avoid losses under $1,000.
- Ripple is looking forward to a breakout as the Bollinger bands squeeze.
The year started with a bang as Bitcoin skyrocketed to new all-time highs. The latest upswing saw the forerunner cryptocurrency step above $35,000 and trade an intraday high of $35,888. Some selected altcoins have also soared incredibly, recording double-digit gains such as Cardano (26%), Stellar (63%), NEM (18%) and VeChain (22.5%).
The pioneer cryptocurrency is exchanging hands at $34,600 amid the push to establish higher support, preferably at $34,000. If the price closes the day above, this immediate support may encourage the bulls to increase their entries in anticipation of a rally towards $40,000.
As covered earlier, Bitcoin aims for the ultimate upswing to $50,000 in the next few days. The buying pressure behind BTC is likely to surge, especially with institutional investors rushing to capitalize on the rally.
BTC/USD 4-hour chart
It is worth mentioning that bears will get their way if Bitcoin closes the day under $34,000. The next support target lies at $32,000, but extended losses will seek refuge at $30,000. Note that BTC fell slightly under $28,000 before resuming the ongoing uptrend.
Ethereum settles for consolidation ahead of another breakout
The flagship altcoin is trading marginally above $1,100 after correcting a new yearly high at $1,170. On the downside, robust support seems to have been established at $900, hence the liftoff past $1,000.
For now, the bulls’ priority is to hold Ethereum above $1,000 if not at $1,100. The Relative Strength Index brings into the picture the possibility of consolidation taking precedence in the coming sessions. A daily close above $1,000 will save the bulls’ from a freefall back to $900.
ETH/USD 4-hour chart
It is worth mentioning the bullish outlook will be thrown out the window if Ethereum closes the day under $1,000. Support is envisaged at $900 but maybe shattered if overhead pressure increases massively. On the brighter side, the 50 Simple Moving Average is in line to offer support at $850.
Ripple finds stability despite market volatility
It has been a rollercoaster ride for XRP investors over the last three weeks. Support established at $0.17 allowed the bulls to control the price where they pushed for gains above $0.20. On the upside, resistance at $0.25 has become a hard nut to crack.
In the meantime, consolidation has come into the picture, as highlighted by the Bollinger bands’ constriction. The cross-border digital asset is teetering at $0.226 while remaining pivotal at the Bollinger bands’ middle boundary. The RSI also reinforces the sideways trading as it levels at the midline.
XRP/USD 4-hour chart
A bearish outlook will likely come into the picture if XRP falls under $0.22. The RSI can be used to validate the bearish, especially if it spirals toward the oversold region. Support at $0.17 will come in handy to avoid extreme losses.