Connect with us

Hi, what are you looking for?

ELEVENEWS

Bitcoin

Breaking: Bitcoin price majestically rockets past $18,000 as $20,000 beckons

  • Bitcoin price draws closer to the all-time high; support above $18,000 gives bulls time to plan the next attack mission.
  • Ethereum spikes to a new yearly high but falls short of $500.
  • Ripple explores the rabbit hole under $0.30 after rejection at $0.31.

The cryptocurrency market has dotted red and green, especially for the top 50 digital assets. Bitcoin has stood out after emerging above the crucial $18,000 level. On the other hand, Ethereum has hit levels above $490 but retreated before testing $500.

On the other hand, Ripple has struggled to sustain gains above $0.3, hence the retreat to $0.28. If Bitcoin continues with the rally to $19,000, it could birth a new bull run for the entire crypto market.

Bitcoin is one step closer to the all-time high

The flagship cryptocurrency is up 3% on the day and 8% in the last 24 hours. The most remarkable moment was the step it made beyond $18,000. BTC/USD has hit an intraday high of $18,487 but has also retreated to $18,200.

A glance at the 4-hour chart highlights that BTC/USD is trading in exceptionally overbought conditions. The Relative Strength Index is buried deep in the region above 70. Therefore, a reversal is likely to come into the picture.

Bitcoin is probably going to encounter resistance at $18,500 on the run-up to $19,000. Higher support is required, preferably above $18,000, to avoid erasing the progress made this week.

BTC/USD price chart

BTC/USD 4-hour chart

It is worth keeping in mind that price action under $18,000 might trigger a massive selloff. In that case, traders must be aware of the potential support areas. If a breakdown comes into the picture, the flagship cryptocurrency will seek refuge at $17,500, $16,500 and the 50 Simple Moving Average, currently at $16,255.

Ethereum seeks balance before resuming the uptrend

The smart contract giant reacted in tandem with Bitcoin’s spike earlier on Wednesday, stepping above $490 for the first time since July 2019. A new yearly high has been traded at $496, but Ethereum retreated to seek balance under $480. At the moment, ETH/USD is trading at $477 amid a growing bearish momentum.

To resume the uptrend, Ethereum must reclaim the position past $480 and focus on breaking the ascending parallel channel resistance. Meanwhile, other vital support areas include the 50 SMA, at the time of writing at $462.8, the channel middle boundary and its lower limit.

ETH/USD price chart

ETH/USD 4-hour chart

On the other hand, the bullish narrative to $500 will be sabotaged if Ethereum closes the day under the 50 SMA. A rise in sell orders might create enough volume to increase the headwind against ETH. Trading beneath the ascending channel could also trigger losses to the primary support at $440, as highlighted by the 100 SMA.

Ripple’s least resistance path is downwards

The cross-border token recently hit highs above $0.3 but failed to sustain the uptrend to break the next seller congestion area at $0.31. A correction quickly came into the picture, unbothered by Bitcoin’s surge above $18,000.

In the meantime, XRP is trading at $0.293 amid an intensifying bearish grip. A break under the accelerated trendline has confirmed initial support at $0.28. It is essential to note that if Ripple does not close the day above $0.3, selling pressure might surge and ignite another breakdown.

The RSI might validate the downtrend if it prints a bearish divergence, following a retreat from the overbought territory. Extended losses are likely to push XRP under $0.28. Support is expected to come in handy at the 50 SMA, at the time of writing at $0.27, the major trendline and the 100 SMA, slightly below $0.26.

XRP/USD price chart

XRP/USD 4-hour chart

Closing the day above $0.3 may invalidate the potential breakdown. More investors could join the market if Ripple confirms higher support. Consequently, it would be a good gesture for the bulls return and potentially trigger a run-up past $0.31.

 

News source

Advertisement

Trending Post

Chainlink

ChainLink is basically very exciting.  Users have to state that it stirs the imagination and passions of the community in ways that other projects...

IOTA

Senseering offers an IOTA-based solution to create a marketplace for data that can be shared among partners. Senseering’s solution will be used in collaboration...

Ripple

Cryptocurrency investment is becoming a common trend. In the fourth quarter of the year, when investments are said to start doing well, how are...

VeChain

VeChain (VET), BTCMVMNT, and Team Zuby have joined forces to create a limited-edition merchandise collection dubbed “Take the Power Back.” The team says the...

Copyright © ELEVENEWS