- Bitcoin uptrend takes a hiatus as consolidation sets in between $19,000 and $19,500.
- Ethereum holding above the $580 crucial support as buyers look forward to trading past $600.
- Ripple on the verge of significant losses to $0.4 after losing the critical support at $0.6.
Bitcoin made a significant upswing over the weekend after diving sharply to $17,600 on Friday. Some altcoins like Chainlink and Litecoin tried to catch up with the largest cryptocurrency, but their upside remained capped.
Litecoin, as reported, is holding above $80 ahead of an expected spike to $100. On the other hand, LINK is trading at $12.7 amid the bulls’ push to overcome the resistance at $13. The flagship altcoin, Ether, is still trading under $600 despite recovery from support at $530. The rest of the cryptocurrency is dotted red and green at the time of writing.
Bitcoin uptrend slows before rally to $20,000
Bitcoin has settled above $19,000 after it was recently rejected from $19,500 again. This higher support remains key to the uptrend targeting $20,000. As for the bulls, trading above $20,000 before the year ends is their topmost priority.
According to the Relative Strength Index, Bitcoin is poised for consolidation between $19,000 and $19,500. A break above $19,500 is likely to send BTC sharply upwards towards $20,000.
BTC/USD 4-hour chart
IntoTheBlock’s IOMAP model reveals the absence of massive resistance likely to hinder the expected breakout. However, buyers must deal with the minor selling pressure between $19,214 and $19,223.
On the upside, the flagship cryptocurrency is sitting on an area with immense support, as highlighted from $18,634 to $18,194. Here, nearly 1.6 million addresses previously bought roughly 960 BTC.
Bitcoin IOMAP chart
It is worth noting that Bitcoin will correct if it closes the day under $19,000. Support is envisaged at the $18,715 as shown by the 50 Simple Moving Average and the 100 SMA. If push comes to shove, BTC/USD will seek refuge at $18,000 (200 SMA) and $17,600.
Ethereum dancing between crucial resistance and support
The largest altcoin seems to be gearing up for a consolidation period following rejection at $600. On the downside, support has formed at $580 and keeps the bears’ impact in check. Despite the consolidation, Ethereum appears to lean to the upside as per the RSI.
On stepping above $600, ETH will likely spike to the next key hurdle at $600. For now, holding support at $580 remains critical to continuing the uptrend.
ETH/USD 4-hour chart
On the other hand, declines will come in handy if Ethereum closes the day trading under $580. Besides, the death cross formed after the 100 SMA crossed above the 50 SMA hints at a growing seller grip. Support at the 200 SMA will come in handy in case of massive losses towards $500.
Ripple is getting ready to dump some more
While other cryptocurrencies show signs of recovery, Ripple appears likely to breakdown some more before a significant upward price action comes into the picture. The cross border token is facing intense overhead pressure after losing the ground above $0.6.
The support at $0.475 has been tested twice in the same month. On the other hand, XRP can barely hold above $0.50. The rise in selling activities has thwarted all attempts for recovery.
If Ripple closes the day under $0.5, it will be forced to seek refuge at the 200 SMA. In the event losses continue, the next tentative anchor zones are $0.475, $0.45 and $0.4.
XRP/USD 4-hour chart
On the upside, upward price action will come into the picture if Ripple reclaimed the support at $0.52. Trading past $0.54 will call for more buy orders, restoring the hope of exchanging hands above $0.6. The 50 SMA and the 100 SMA might delay the bullish price action.