Cryptocurrency Industry in Shambles as Bitcoin (BTC) Consolidates

Bitcoin Cryptocurrency Ethereum News Price Analysis Ripple (XRP)

Briefly –

  • BTC price drags lower, suggesting a retest of 50 weekly Simple Moving Average at $44,778.
  • Ether price seems ready for a 16% breakout.
  • Most assets mimic Bitcoin’s price action.

Bitcoin (BTC) presents sideways movements, trapped between weekly MAs. The consolidation affected Ether’s price as the leading altcoin sets a bullish formation, preparing a breakout. Meanwhile, digital coin’s displayed mixed price actions over the past session. Ripple appears ready to revive its underperformance period, anticipating another run-up.

BTC Awaits Near-Term Losses

Bitcoin price prints gradual downtrends while planning to hit the 50-week SMA at $44,778. Though such a move will leave Bitcoin with a 3% drop, it may trigger a bounce, catalyzing a bullish picture.

A successful rebound from the mentioned SMA will clear the path towards the 21-week Simple Moving Average at $51,256. Massive bullishness will have Bitcoin exploring the resistance level of $53,709. If buy orders continue, the leading digital asset will rise towards the barrier at $57,845.

Nevertheless, the bullish narrative depends on a fruitful rebound off the 50-week Simple Moving Average of $44,778. If BTC breaches this level, it might extend its downside trip towards $40,596 and gather liquidity beneath this mark. Meanwhile, a daily close under $44,778 will overturn the bullish thesis.

ETH Eyes Higher Highs

Ether price has outlined a declining wedge pattern since 28 November. The technical formation originates from connecting four lower highs and three lower lows with trend lines. Meanwhile, the setup predicts a 16% surge. The target emanates from adding the space between the initial swing high and swing low to the $3,912 breakout. That puts the leading alt at $4,533.

Presuming ETH price bounce from a 70.5% retracement area of $3,780, the upswing will mean a 20% price surge. Therefore, market players should watch the retracement’s reversal. However, shattering the $3,780 and $3,740 support floors will translate to more drops to retest the $3,669 range low. A 4hr candle close under this mark will form a lower low, annulling the bullish case.

The downward trends by BTC have impacted other assets in the financial space. Most altcoins trade in red today as bears control the sentiment.

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