More On: btc
Analyst: Bitcoin prices might soar above $51,000 in the short run owing to a short-term price spike.
Even if it's hovering at its all-time high, there are no signs of a breakout in the price of bitcoin. Furthermore, there doesn't appear to be any skewedness in the data. Ethereum and Ripple both have significant challenges that must be cleared before they can continue to rise.
- The price of bitcoin starts to get a lot tighter around $46,198, which is where the market opened for the year.
- The price of Ethereum is fighting with the 200-day SMA at $3,489 as it tries to move up.
- The price of Ripple is also having trouble with an uptrend as it hovers around the $0.85 mark.
Bitcoin's value has no desire to move.
Four days in a row, the price of bitcoin has been consolidating around the yearly open of $46,198. Increased speculation on the breakout move will be enabled by this sideways swing.
Investors might expect BTC to break out of the current consolidation and make a run at the $50,000 mark. In an optimistic scenario, the price of Bitcoin may possibly reach $53,000 in an attempt to reach a new all-time high.
If Bitcoin's price closes below $44,580 on a daily candlestick, the bullish thesis will be invalidated. The support could be turned into a resistance barrier if this motion is made.
(Ethereum's) value is eroding
After breaching the 100-day and 50-day Simple Moving Averages, Ethereum's price tried to retest the low volume node around $3,703. (SMAs). It appears that the 200-day SMA around $3,489 appears to be stifling the upward momentum.
If this barrier can be successfully flipped, Ethereum's price will be able to retest $3,703 again. ETH may also be able to reach the $4,000 psychological threshold, increasing the total advance to 16%.
The Ethereum price will rise if the giant crypto decides to do a 'one-hundred-and-eighty'. If this happens, Ethereum's price may drop back to the high volume node, which is now sitting at $3,136. The bullish premise will be invalidated if this barrier is broken.
The price of Ripple has slowed.
Since March 11, when it broke out of the bull pennant, the price of Ripple has been steadily increasing. It hit the $0.85 target, but when it tried to hit the following level at $0.91, it didn't hit that one either.
Following its rejection at $0.91, the price fell back to the $0.85 level. Currently, Ripple's price is staying around this level, and there are no signs that it will rise over it.
A drop to $0.76 is likely if the Ripple price does not rise over $0.85 in the near future. It's possible that the bullish thesis may be invalidated if purchasers fail to make a recovery at this point.
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