- Bitcoin price is slowing down before it starts moving to retest the previous Monday high at $47,609.
- Ethereum price is seeing a significant bounce off the $3,061 support level and is on track to identify its two-day supply zone, which extends from $3,675 to $3,862.
- Ripple price is stable above the $0.700 to $0.753 demand area as it envisages an upward trend.
Bitcoin price is showing signs of bottoming out and starting a new uptrend. Despite the rejection of BTC in the supply area, this development will be followed by a massive rally that will drive the market cap of the large cryptocurrency. Ethereum and Ripple also appear to be preparing for a bullish attack.
Bitcoin price is preparing for a new high
Bitcoin price created a triple bottom at around $41,000 after collecting the liquidity below it. The resulting rally prompted BTC to retest its one-hour supply zone, which stretches from $42,790 to $43,037.
A decisive shutdown over this obstacle will turn it into a fracture, facilitating a new ascent. The resulting rally is likely to push the bitcoin price to find its way towards last week’s low of $45,874 or the subsequent barrier of $47,609.
In total, this increase could form a 12% rally that could extend to 14% if BTC manages to retest the 200-day simple moving average (SMA) at $48,378.
BTC/USD hourly chart
As things look for the bitcoin price, a decisive close below $39,487 would create a lower bottom, invalidating the bullish theory.
Ethereum price faces a major barrier
Ethereum price showed great strength as it bounced off the weekly support level at $3,061. While the bullish trend for the smart contract coin has begun, ETH needs to beat the 200-day SMA at $3,445 to head higher.
Removing the aforementioned hurdle will open up the ETH pathway to retest the supply area, which stretches from $3,675 to $3,862. If the bulls continue to maintain their streak, Ethereum price may extend to the weekly resistance at $4,066.
ETH/USD 1 day chart
Regardless of the bullish outlook, if Ethereum price breaks the $3,061 support level, it could lead to a retest of the next level at $2,712. A breakdown of this barrier will create a lower bottom, invalidating the bullish theory.
Ripple price has remained stable
Ripple price was in a difficult position hovering around the daily demand zone, extending from $0.700 to $0.753, however, the bulls returned, triggering a bounce higher.
As of this writing, it appears that the XRP price now wants to continue rising, however, the potential upside move for the converter token appears to have been capped due to the presence of multiple resistance lines at $0.994.
However, there is a 13% chance that the Ripple price will start to rise to $0.865, coinciding with the 50-day simple moving average. Although it is unlikely, a breach of this level will allow XRP price to retest the 200-day SMA at $0.951.
XRP/USD 1 Day Chart
On the other hand, if Ripple price achieves a daily close below $0.70, it will create a lower bottom and invalidate the bullish theory. In this case, XRP price could revisit the December 4 swing low at $0.604.