- Bitcoin surges to $19,000 after struggling to hold above $18,500.
- Ethereum is likely to continue with the rally to $700, mostly if the price closed the day above $620.
- Ripple quickly spiked above $0.9 but retreated just as fast to levels under $0.7 as sellers swung into action.
Altcoins have in the last 24 hours rocketed to new levels, including Ethereum, Ripple and Bitcoin Cash. Ether and XRP hit new yearly highs, while BCH has added more than 17% to its value to trade at $345. Other smaller altcoins like Stellar Lumens and TRON also soared impressively to exchange hands at $0.17 and $0.036, respectively.
Intriguingly, HedgeTrade has spiked more than 370% in the last 24 hours and 391% in just one hour, according to CoinMarketCap. It seems the altcoin season is taking over, even with Bitcoin hitting new yearly highs above $19,000. Most of the top 50 assets are in the green on Tuesday during the European session.
Bitcoin on the cusp of an 8% upswing to $20,000
The flagship cryptocurrency recently hit a barrier near $20,000. The resistance threw buyers off-balance, leading to declines that tested support provided at $17,500 and the 50 Simple Moving Average (SMA).
A reversal occurred, sending Bitcoin on a recovery mission, but it has been able to hold above $18,500. BTC is at the time of writing making new yearly highs above $19,000 and closing in its all-time highs, amid a bullish building momentum. The formation of a symmetrical triangle pattern on the 4-hour chart points towards an 8% upswing to $20,000.
BTC/USD 4-hour chart
On the flip side, if the spike above the triangle’s upper boundary fails to confirm, bears could gain confidence and push for another correction. A breakdown under the triangle might result in an 8% spiral to $16,500, completely sabotaging the bullish outlook to $20,000.
Ethereum lifts to highs above $600
Ethereum beat the $620 prediction on Thursday, ascending to new yearly highs at $621. The smart contract token is still holding to the bullish momentum despite a minor retreat following the resistance at 2020 high.
At the time of writing, ETH/USD is trading at $618, but bulls aim for gains above $620. Investors and analysts believe that Ethereum is yet to reach its 2020 limit, especially with the launch of ETH 2.0 around the corner.
The Relative Strength Index has validated the bullish outlook, which continues to strike higher levels within in the overbought territory. If Ethereum closed the day above $620, buyers would be encouraged to increase their positions and perhaps create enough volume to support another breakout to $700.
ETH/USD 4-hour chart
It is worth mentioning that Ethereum’s bullish outlook will be invalidated if the price hits a barrier at an ascending wedge channel. Trading under the wedge may call for more sell orders, resulting in a slump under $600. The most formidable support lies at $580, $520 and $440.
Ripple’s flash flight to $0.9
The cross-border token went ballistic on Monday, almost hitting $1, following a flash liftoff. The drastic upswing sliced through various resistance zones such as $0.6 and $0.7. However, a retreat from the new yearly high has extended under $0.7.
XRP is trading at $0.68 at the time of writing amid developing bearish correction. The RSI has validated the slump as it drops from the oversold region. If a bearish divergence confirms, XRP could embark on a gains-trimming exercise. For now, the path with the least resistance is downwards until formidable support is established.
XRP/USD 4-hour chart
On the other hand, closing above $0.7 could renew the uptrend to $1. Meanwhile, the 50 SMA is still extending the gap above the 100 SMA and the 200 SMA, suggesting that buyers still control the token. Support is likely to be embraced at $0.6, $0.5 and $0.4.