Bitcoin
Week in Crypto: Bitcoin, Ethereum, and Ripple Analysis
This week, cryptocurrencies performed better than the previous week, as the market was brought out of the consolidation phase to increase trading activity.
Bitcoin surpassed the sentimental $65,000 mark, Ethereum saw remarkable growth, and Ripple outperformed both, growing over 40%, until yesterday’s drop.
Memecoins and altcoins contributed equally to carrying positive sentiments, continuing next week with a bullish approach.
Bitcoin (BTC)
Bitcoin Price today faced global challenges and exceeded US$65,000, a very strong psychological support.
The cryptocurrency invalidated negative sentiments amid the global IT shutdown and surged from $64,3900 to a 7-day high of 14.8% to $66,599 at the time of writing.
This price action today printed validation of BTC’s highly anticipated breakout from a broadening rising wedge pattern.
The breakout point is at $70,000 and a break above this level will take BTC beyond the all-time high of $73,000.
Additionally, there is a strong support level formed near $66,100 and $65,000. The bears will need high selling pressure to break these levels, but market sentiments remain bullish.
Ethereum (ETH)
Ethereum Price has seen steady growth this week, rising 11.7% from the $3,100 level to surpass $3,500 today.
ETH flipped the long-term resistance level of $3,500 into support and invalidated speculations of a downward trajectory after the coin faced significant resistance at this level.
However, this could also be a restest, but buying pressure is still higher compared to selling pressure. A slight correction and recovery are anticipated.
Currently trading at $3503, ETH will need a push above $3700 to continue the rally. The RSI at 60 indicates a growing bullish sentiment and not an overbought condition. There is still room for buyers to buy and watch the price action.
Ethereum is expected to pullback and recover towards the $3,500 level and continue a sideways movement.
XRP
Ripple and XRP have outpaced BTC and ETH in weekly gains, rising 18% in 7 days.
It was only on Friday that there was a dip in price below the ascending support line, but the bulls managed to recover XRP today back on the upward trajectory.
This comes after news that the Securities and Exchange Commission (SEC) has canceled settlement negotiations with Ripple.
Currently trading at $0.610 with an impressive 8.59% growth in 24 hours, the RSI at 61 indicates that bullish sentiments remain strong above the support zone.
However, the MACD levels show that traders are ready to release the horses if the price drops below $0.60.
XRP’s recovery after yesterday’s dip is in line with sentiments in the green; the asset needs to sustain the rally above the $0.62 support to invalidate any bearish attempts and continue the week on an upward trajectory.