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  • Bitcoin price remains bullish but struggles to build momentum, leading to a consolidation around the $41,762 support level.
  • Ethereum price retests the weekly support level at $3,061 before triggering a 20% ascent to $3,675.
  • Ripple price revisits the $0.693 to $0.752 demand zone, hoping for a bullish reaction.

Bitcoin price is slowing down as it sticks close to a crucial support level with no volatility in sight. Ethereum and Ripple are following the big crypto’s lead and consolidating, showing no directional bias whatsoever.

Bitcoin price unwilling to move higher

Bitcoin price has been hovering around the $41,672 barrier for nearly two weeks and shows no signs of moving away. There is a possibility BTC will swing below Monday’s low at $39,628 before it kick-starts an uptrend.

In such a case, investors can expect Bitcoin price to make a run-up to the weekly open at $43,096. Clearing this hurdle will put BTC on the path to retest the yearly open at $46,224. In a bullish case, the big crypto will move higher and retest the 200-day Simple Moving Average (SMA) at $48,663.

BTC/USD 4-hour chart

While things are looking undecided for Bitcoin price, a four-hour candlestick close below $39,487 will indicate that things could head lower. In this case, BTC will likely revisit the $36,684 support level before it kick-starts another uptrend. 

Ethereum price revisits significant hurdles

Ethereum price managed to produce four daily candlestick closes above the weekly support level at $3,061, leading to a 12% ascent. This uptrend fell short of retesting the 200-day SMA and retraced lower.

The pullback is currently retesting the same weekly support level, anticipating a move higher. A quick bounce off this barrier will send ETH to retest the 200-day SMA at $3,484. Clearing this barrier would open the path for the smart contract token to tag the 2-day supply zone, extending from $3,675 to $3,862.

ETH/USD 1-day chart

ETH/USD 1-day chart

Regardless of the potential bullish outlook, if the big crypto crashes, Ethereum price will follow. A breakdown of the $3,601 support level will send ETH to retest the subsequent barrier at $2,712, where buyers can attempt an upswing again.

A daily close below this barrier, however, will end the bullish thesis and explore the possibility of a crash to $2,440.

Ripple price lacks momentum

Ripple price has retested the daily demand zone, extending from $0.694 to $0.753 roughly four times over the past month. XRP price needs to see bullish momentum off this barrier since multiple retests have weakened the structure, threatening a breakdown.

An uptick in buying pressure could see Ripple retest the $0.817 hurdle or the 50-day SMA at $0.834. Any move beyond this barrier could allow XRP price to retest the 200-day and 100-day SMA confluence at $0.96.

XRP/USD 1-day chart

If Ripple price breaks down below the said demand zone, there is a good chance it will revisit the $0.604 support level. Here, buyers can band together and make a comeback. However, a daily candlestick close below this platform will invalidate the bullish thesis by creating a lower low.

In this situation, the Ripple price will likely tag the $0.518 barrier and collect the sell-side liquidity resting below it.

(Excerpt) Read more Here | 2022-01-19 01:21:32


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