Armand Sirignan
The market is approaching a real price level that will determine the foreseeable future of the market
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Bitcoin has been steadily rising, and recent price movements suggest that there is no stopping Bitcoin before it reaches $71,000. Analyzing the chart, BTC managed to break through several major resistance levels and finally showed bullish momentum.
The first key resistance level was around $63,000, and Bitcoin faced some consolidation but eventually broke through. The next resistance level is the 50 EMA, which currently sits near $65,000. BTC has also managed to break above this level, demonstrating strong buying pressure and confidence from investors.
Price action shows BTC trading above the 50, 100, and 200 EMAs, a bullish signal that suggests the uptrend is likely to continue. The 100 EMA at around $62,000 and the 200 EMA at around $60,000 are currently acting as strong support levels. As long as Bitcoin remains above these moving averages, the bullish trend remains intact.
Looking ahead, the next major resistance level will be near the previous high of $70,000. If Bitcoin can break above this level, the path to $71,000 and beyond will become clearer. Volume analysis confirms this bullish theory by showing continued interest and demand with increasing purchase volume as BTC rises.
The RSI is currently above 60, suggesting that BTC is in bullish territory but not overbought yet. This gives Bitcoin more room to rise without the immediate risk of a significant drop.
Ethereum ace hole
Ethereum has been in a tough spot in recent weeks. However, the situation has changed somewhat in the bulls' favor as the second-largest cryptocurrency on the market once again breached the $3,000 mark. But there's always a silver lining.
Despite its recent surge above $3,000, Ethereum still faces significant resistance. The 100 EMA, currently around $3,060 and the 50 EMA near $3,180 are important levels that ETH needs to surpass for a sustained bullish trend. More importantly, these moving averages could converge in the near future, causing a spike in volatility that many would not expect.
On the downside, if Ethereum fails to maintain its position above $3,000, it could see a pullback to the $2,800 support level. This support is reinforced by the 200 EMA, which has historically served as a strong foundation for ETH. A break below this level could signal a deeper correction and could push the price below $2,500.
Volume data shows mixed signals. As ETH crossed the $3,000 mark, the purchase volume increased, but not as significant as expected for a strong bullish continuation. This suggests that while there is interest, it is not enough to guarantee a sustained uptrend without further confirmation.
XRP's nemesis
XRP has reached the lower limit of the previously deactivated descending triangle. The lower bound of that formation is currently acting as a resistance level, and breaking it could send XRP above $0.55. Apart from the historical resistance level, the same price threshold has the 26 EMA which also acts as a resistance level.
Looking at the price trend, we see that XRP is consolidating around $0.52 and is struggling to break above the resistance level. A successful break above these levels could trigger a bull run and push the price above $0.60. However, if XRP fails to break out, it could see a pullback to support levels around $0.50 or even lower.
Volume data suggests that there is a lack of significant buying power at the moment. For a breakout to be successful, XRP volume would need to spike, indicating increased buying interest. Without this, the resistance level may be maintained and prevented from rising.
Additionally, the relative strength index is currently near the neutral zone. This shows that XRP is neither overbought nor oversold and has room to move in either direction. An RSI above 60 could increase bullish momentum and support a possible breakout.
About the author
Armand Sirignan
