- Bitcoin price could take a breather before resuming its upward trend.
- Ethereum is following in Bitcoin’s footsteps when it buys pressure shovels, but its bullish target is still intact.
- Ripple is showing a massive breakout of the head and shoulders pattern, suggesting a spike towards $ 1.
Bitcoin and Ethereum paused their trajectories when this technical indicator flashed a cycle top signal. The subsequent retracement liquidated many of the over-leveraged traders. Regardless, both cryptocurrencies still have their ultimate goal.
Ripple broke away from the consensus and saw a massive surge in upward momentum pushing the price up 17%. This caused an uptrend to break out, indicating more gains on its way.
Bitcoin price sees a slight retreat before the uptrend resumes
The Bitcoin price rally appears to have been contained in an ascending parallel channel since Jan 8th as it has produced two higher highs and three lower lows.
At the time of writing, BTC appears to be lagging lower due to the upper signal of the Momentum Reversal Indicator (MRI) cycle shown in the form of a red candlestick on the daily chart.
This setup predicts a correction of one to four candles. If the downtrend continued, Bitcoin price would most likely head towards the support at $ 54,978, which is in line with the 50 Simple Moving Average (SMA) and 78.6% Fibonacci retracement level.
A jump from this barrier could propel the flagship cryptocurrency 37% towards the upper trendline around $ 75,300, with a pit stop on the MRT’s breakout line at $ 67,600.
BTC / USD 1-day chart
However, if the demand barrier collapsed at $ 54,978 it would signal the start of a downtrend. If so, the BTC price could fall 14% to $ 47,220, which overlaps the 100 SMA.
The price of the Ethereum is slowing down before the next uptrend
Unlike Bitcoin, Ethereum produced several lower highs and higher lows from February 20 to March 29. Such price action forms a symmetrical triangle pattern when the swing points are connected using trend lines.
As of March 30th, the ETH price exceeded the upper limit of this setup and confirmed a 36% surge to USD 2,530. This goal is determined by measuring the distance between the high and low turns in the widest part of the technical formation.
With the MRT display showing a cycle top signal for the Etheruem price on April 2nd, this upswing was temporarily halted. Now ETH is waiting for an accumulation before continuing its rally to USD 2,530.
ETH / USD 1-day chart
A surge in selling pressure pushing the price of Ethereum to break the 50 SMA at $ 1,760 signals a possible reversal of the game. The turnaround will be confirmed if the bears drop below the Fibonacci retracement level of 78.6% at $ 1,620.
In that case, the token for the smart contracts platform would drop 6% to 100 SMA at $ 1,520. Following this, a 15% drop in the immediate demand barrier at $ 1,300 seems likely.
Ripple Price eyes $ 1 when buyers come out of the woodworks
While BTC and ETH saw a decrease in their momentum, Ripple price showed a massive pump that resulted in a head-and-shoulders breakout.
The XRP Prize created three bottoms with the extremes known as “shoulders” that have comparable depths. However, the middle one is called the “head” and is lower than the rest. The peaks of all of these dips have been turned off by a common supply barrier of $ 0.63 called the “cutout”.
This setup predicts a 73% upswing, which is found by adding the distance between the bottom of the head and the neckline. If you add this metric to $ 0.63, the goal is $ 1.09.
As of Monday, an increase in buying pressure has led to a breakout of the cutout, signaling the start of the 73% bull rally.
XRP / USDT 1-day chart
Unless buyers keep XRP price above $ 0.63, the rebound may be in jeopardy. The bullish outlook will be endangered if sellers push Ripple below 61.8% Fibonacci retracement levels at $ 0.42.