- Bitcoin price could take a breather before continuing its upward trend.
- Ethereum is following in the footsteps of Bitcoin as buying pressure vanes, but its upward target remains intact.
- Ripple is showing a massive breakout of the head and shoulders pattern, hinting at a rally towards $1.
Bitcoin and Ethereum are paused as this technical indicator is flashing a higher cycle signal. The rebound that followed led to the liquidation of a lot of over-leveraged traders. Regardless, both cryptocurrencies still have their upside target.
Far from the consensus, Ripple saw a massive surge in bullish momentum that pushed its price up 17%, breaking out of a bullish pattern, signaling more gains on its way.
Bitcoin price eyeing slight dip before resuming uptrend
Bitcoin’s rally appears to have been contained within a bullish parallel channel since January 8, creating two higher tops and three lower lows.
At the time of writing, Bitcoin appears to be limping lower due to the Momentum Reversal Index (MRI) cycle top signal presented in the form of a single red candle on the daily chart.
This setup predicts a correction from one to four candles. Thus, if the downtrend continues, Bitcoin price is likely to head towards the support at $54,978, which coincides with the 50 Simple Moving Average (SMA) and the 78.6% Fib retracement level.
A bounce from this barrier could push the major cryptocurrency by 37% towards the upper trend line around $75,300, with a stop at the MRI breakout line at $67,600.
BTC / USD 1 day chart
However, if the demand barrier at $54978 collapses, it would signal the beginning of a downtrend. In this case, BTC price could drop 14% to $47,220, which crosses the 100 SMA.
Ethereum price slows down before the next rally
Unlike Bitcoin, Ethereum created several lower highs and higher lows from February 20 to March 29. This price action forms a symmetrical triangle pattern when the swing points are connected using trend lines.
As of March 30th, ETH price has broken the upper bounds of this setup, confirming a 36% rise to $2,530. This target is determined by measuring the distance between swing high and swing low at the widest part of the technical formation.
As the MRI indicator flashes a signal above the cycle of Etheruem price on April 2, this rally has faced a pause. Now, ETH is waiting to build up before continuing its rally to $2,530.
ETH/USD 1 day chart
A sudden rise in selling pressure pushing Ethereum price to chop through the 50 SMA at $1,760 would signal a potential reversal in play. The shift will be confirmed when the bears break below the 78.6% Fib retracement level at $1,620.
If this happens, the token for the smart contract platform will collapse by 6% to the 100 SMA at $1,520. After that, a 15% collapse of the spot demand barrier at $1,300 appears likely.
Ripple $1 eyes where buyers get out of the woodwork
While BTC and ETH saw their momentum waning, Ripple price revealed a massive pump that broke out of the head and shoulders pattern.
XRP price created three extreme deep bottoms, known as “shoulders,” which are of similar depth. However, the middle is referred to as the “head” and is lower than the rest. The tops of all of these dips faced rejection around the $0.63 common supply barrier, otherwise known as the “neckline.”
This setup forecasts a 73% rally, which is determined by adding the space between the bottom of the head and the neckline. Adding this measure to $0.63 reveals a target of $1.09.
As of Monday, rising buying pressure has triggered a breakout of the neckline, signaling the start of a 73% bullish rally.
XRP/USDT 1-Day Chart
If the buyers fail to keep the price of XRP above $0.63, a rally could be in danger. The bullish outlook will face extinction if sellers push Ripple below the 61.8% Fibonacci retracement level at $0.42.