xrp crypto value

Stand aside $50K, Bitcoin is on the way to $57K

Crypto markets look for a floor as risks remain
Written by publisher team

  • Bitcoin price is outperforming the psychological value of $50,000, but there is still a divergence in the momentum on the daily chart.
  • Ethereum price is making new higher highs with the 61.8% Fibonacci retracement at $3,358 now.
  • XRP is quietly emerging from a symmetrical triangle continuation pattern on the intraday charts, targeting 20% ​​gains.

Bitcoin price closed for five consecutive positive weeks for the first time since November 2020 and is now up 20% for the month. Ethereum price has not been able to record the fifth week in a row, but it is still up by 31% for the month and 45% for the third quarter. XRP price closed last week -4.52% lower. Since mid-July, this has been the first negative weekly performance, but Ripple is still up 65% for August and 75% for the third quarter.

Bitcoin price reached a tipping point

Bitcoin price ended the short decline on August 19 with a rally outside the day and a close above the 200-day simple moving average (SMA) and the 2020 ascending trendline. BTC continued its momentum as it rushed to a fresh bullish high and tested $50,000, showing a 70 percent gain. % from the low on July 20.

During the July 20 low, the bullish pattern was the number of bullish days outside the daily chart. There were four, July 30, August 5, August 9, and August 19. Three of the four appeared when the bitcoin price approached the short-term support level. It emphasizes the strength of basic giving when there is weakness.

Today’s jump above $50,000 increases the possibility that bitcoin will rise to the 78.6% retracement level at $57,173 before entering into fierce resistance formed by the February, April and May peaks. At this level, BTC investors can expect a deeper pullback and consolidation.

The bearish BTC factor that could interrupt the Bitcoin price journey higher is the continued divergence of bearish momentum on the daily RSI, despite the new highs. Bearish momentum divergence occurs when the RSI does not confirm new price highs with new highs.

BTC/USD daily chart

Let’s say the bearish momentum divergence becomes a headwind for the bitcoin price. In this case, it is well supported by the previous trifecta of support between $41,500 and $43,000, which includes the January high, February low, June high, and the 38.2% retracement level at $42.589. Only a daily close below $41,500 would change the bullish BTC story.

An interesting but positive development for Bitcoin price is the amount of negative comments towards BTC. Sentiment sentiment for Bitcoin is likely to be the most negative since July, despite rising to $50,000.

Often when the trend is down while the price of bitcoin is rising, the price of the leading cryptocurrency is expected to rise.

BTC Weighted Sentiment – Santiment

Here, FXStreet analysts are assessing where the BTC trend will be resolved.

Ethereum price trying to open key level

Ethereum prices were consolidated in time against the price. Maintaining the downside limited at -10% and confirming the previous resistance between $2900 and $3,050 has become a new layer of support for the smart contract giant.

Today, Ethereum price is attempting to resolve the upside consolidation, but is finding firm resistance at the 61.8% retracement of the May-July retracement at $3,358. The level is soon followed by an important 261.8% Fibonacci extension of the 2018 secular retracement at $3,587. If ETH overcomes these two resistance points, you can explore a new all-time high, including a jump to the 361.8% extension of the 2018 secular correction at $4,926.

The impediment to better Ethereum prices is the mixed bearish momentum on the daily RSI, which indicates weak demand for the smart contract giant. The daily RSI is trying to break the divergence today, but ETH gains need to hold until the close of the session.

ETH/USD daily chart

ETH/USD daily chart

The $2,900-$3,050 range should act as a permanent support for the bullish combo to continue. The Ethereum price close below on a daily basis shows ETH to test the high of the 50-day SMA at $2,548 or the 200-day SMA at $2,322, indicating a more complex and long-bottom operation for ETH.

Ethereum’s price rally has eliminated many bearish expectations for a retest of July’s lows. Instead, ETH has opted for a correction in time against price, which indicates a sincere interest in the digital token. If the commitment and passion behind the Ethereum price continues, ETH could reach a 361.8% extension of the 2018 secular correction at $4,926 before the end of the year. It would be an 80% move from the current price.

It’s a reasonable expectation given the 100% rally from the July lows and the 100% rally over twenty sessions on the way to the May high.

Here, FXStreet Analysts are assessing what ETH should do to advance to $5000.

XRP price finds a bullish rhythm

XRP price has surged 160% from the July 20 low to the August 15 high, breaking the massive resistance attributed to the inverted neckline of the head and shoulders and the 200-day simple moving average, sending Ripple a 50% retracement in the April-to-April cycle. July. Correction at $1.23.

The resulting consolidation formed a continuation pattern of a symmetrical triangle between the 38.2% retracement levels and the 50% retracement levels that XRP price is now trying to solve on the upside.

The measured movement of the symmetrical triangle is at 22% of the descending trend line, and the price target is expected at $1.54. A test of the move target measured at $1.54 will break the resistance identified through the 61.8% retracement at $1.40 and put Ripple near the 78.6% retracement at $1.65.

The upcoming Golden Cross pattern on the daily chart will benefit from the new breakout of the symmetrical triangle.

4 hour chart XRP / USD

4 hour chart XRP / USD

The benefit of the consolidation is that Ripple has released some of the price pressure from the 160% advance. The daily RSI has fallen from the overbought territory, creating space for a new buying rally to push the XRP price up.

XRP/USD daily chart

XRP/USD daily chart

The positive outlook for XRP is essential to the $1.00-$1.06 support strength. A daily close below could trigger a related downtrend that could jeopardize the sustainability of the rally. Targets for the downtrend include the 200-day simple moving average at $0.84 and the 50-day moving average at $0.78.

Ripple’s developed breakout reflects the bullish stance shown by XRP price, including finding support in a crucial support range, releasing price pressure and plotting a constructive continuation pattern with the symmetrical triangle.

Here, FXStreet analysts are assessing which direction Ripple could head next as it looks set to break.


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