U.Today – As has been the case for a few months now, the price channel in which it is trading is declining. When Bitcoin approaches the upper boundary of this channel, which is around $70,000, the possibility of another attempt to break this level increases, but so does the possibility of a pullback.
Bitcoin price has recently bounced off lower levels, indicating strength according to chart analysis, but it is still stuck in this descending channel. Bitcoin will need a strong catalyst or a sizable buying momentum to break above the upper trendline and launch a significant advance towards $70,000.
It could reach new highs if it manages to test $70,000 once again. However, we could witness a pullback to important support levels if BTC fails to sustain this mounting pressure.
In case of a pullback, attention should be paid to the psychological level of $60,000, as it is also the current resting point of the 100-day moving average. The 200-day EMA and the previous consolidation zones, as well as $58,000, provide further support below that level.
In a bull market, the $75,000 level would be the next target if Bitcoin crosses the $70,000 threshold. Bitcoin may face difficulties in this area once again as it has proven to be a strong resistance zone in previous market cycles.
XRP Pattern Is DevelopingA symmetrical triangle pattern on XRP has just seen a notable breakthrough suggesting that there may be more bullish momentum ahead. Since August, this triangle has been developing suggesting that XRP was gaining strength and preparing for a move. Moreover, it is evident that the market is moving towards a bullish sentiment now that the breakout has occurred.
These patterns frequently precede sharp moves in either direction, making the breakout of this symmetrical triangle noteworthy. Since XRP was able to break out to the upside, this indicates that the bulls are currently in the driver’s seat. It is not yet clear whether this momentum will continue or if there may be an invalidation.
Although XRP appears to be in good shape at the moment, invalidation is still a possibility. The breakout may have been a false move if the price fell back into the triangle and broke below important support levels.
XRP must stay above the $0.58 support zone, which has been a major area of interest to confirm a sustained uptrend. A quick pullback to the lower $0.55 region could be the result of failing to hold this level. On the upside, if XRP continues to rise and sustains above the resistance, it could see additional gains. In an attempt to capitalize on the recent breakout, the market can set its sights on the $0.65–$0.70 region as its next target.
makes a comeback
After a brief period of bullish momentum, Ethereum has returned to its descending price channel; however, the overall trend seems to be waning. The second-largest cryptocurrency by market cap is showing signs of a possible reversal despite its recent uptrend.
Since mid-2023, the price of ETH has been on a downward trend due to a persistent downtrend that the cryptocurrency has struggled to overcome. Ethereum has recovered quite well over the past week, as seen on the current chart, breaking back above the $2,500 threshold. But the bullish momentum seems to be waning as the price approaches significant resistance levels around $2,600 and $2,700.
Currently, the price is consolidating within this descending channel and there is a noticeable lack of strong momentum. The crucial thing to watch is whether Ethereum can hold this level or if there will be a reversal towards $2400 or even $2300.
A return to bearish sentiment and further downside movement in the coming weeks could signal a break below these crucial support levels. But there is some good news for ETH holders. Ethereum can still gain more traction in the upcoming trading sessions, especially on Monday when markets typically see a surge in activity. ETH may retest the $2800 region if buying interest increases and the price can break above its current resistance.
This article was originally published on U.Today
