By Franklin Smith
Briefly-
- Bitcoin made a massive comeback, rallying 9% in the last 48 hours.
- Ethereum matches towards $5,000, following a slight bounce from support at $4,380.
- Ripple saw its price gaining 11%, hoping to flip the supply zone at $1.31 – $1.41.
Bitcoin sustained a steady upsurge in the last two days and might continue rising. Ripple and Ethereum follow the leading cryptocurrency as they head higher. With this trend, other alternative coins might follow suit soon.
BTC Price and Volatility Emerge
Bitcoin consolidated below the resistance barrier at $63,757 and footing near $60,000 for around 16 days. Meanwhile, the sudden surge in buying momentum on 8 November had BTC increasing by over 4%.
If the coin extends its surges for a daily close past $65,000, it will kick-start a new uptrend. Such cases can take Bitcoin high towards the psychological barrier at $70,000, translating to new peaks. However, if the crypto fails to conquer the obstacle at $65,000, it may dip into consolidation. A daily close under $60,000 will cancel the bullish narrative, knocking Bitcoin down towards the liquidity zone in the $52,956 – $56,004 range.
Ethereum on an Upward Road
Ethereum has recorded a slow but unwavering upward trend since 1 October. The latest Bitcoin price slowdown didn’t stop Ethereum as it formed new highs past $4,460. The renewed BTC bullish momentum seems to reflect on Ethereum as the leading alt trades in a discovery mood, recording a new ATH at $4,768.
If the bullishness persists, Ethereum will increase its probability of tagging the psychological level at $5,000 before running towards the next target located at $6,348. On the other side, if BTC drops to 51,000, market players can see ETH retracing toward the support floor at $4,000, then $3,600.
Ripple Prepare to Tackle Obstacles
Ripple formed three higher lows and several lower highs from 9 August. Connecting the swing point with trend lines results in a symmetrical triangle. This technical shape predicts a 79% upswing to $1.98. Meanwhile, XRP overpowered the pattern’s top trend-line on 2 November and surged 19%. Continuing this ascent will have XRP beyond the supply territory extending in $1.31 – $1.41. A daily close past this area can trigger more surged towards $2.
However, if XRP fails to overcome the supply area, market players can expect a retracement towards the 50% FIB retracement at $1.13. Breaching this obstacle will cancel the anticipated upswing, resulting in a possible $1.05 support retest.