The cryptocurrency market has not gone into a downward correction, thereby canceling the formation of reversal models on the charts of many cryptocurrencies. Digital assets continue to test nearby resistance levels. The pressure from the buyers is not decreasing and there are high chances that we will see continued development of the upward impulse to the next levels.
Below is the important data for Bitcoin (BTC), Ethereum ETH), and XRP.
On the daily chart, the value of Bitcoin (BTC) has tested an important resistance area near the $9,800 level.
Bulls have already managed to push the price beyond the downward channel, but it is important for them to gain a foothold over the resistance level before talking about a full continuation of growth.
A strong signal in favor of the development of upward movement is the intersection of the Moving Averages, the second signal being the next test of the broken trend line on the RSI indicator. Moreover: the current structure of movement very much resembles the upcoming “Flag” model, where the area at the level of $17,000 may be the growth target.
Bitcoin is trading at $9,839 at press time.
On a 4H chart, the price is rising within the channel. However, here too, the resistance level is close. One needs to expect a slight correction in the value of the asset to the upper boundary of the Indicator Cloud and the continuation of the price increase to the first target at $225.
A strong signal here will be a rebound from the lower boundary of the ascending channel, as well as a test of the support line on the RSI indicator. A confirmation of the development of this idea is a breakdown of the resistance level and consolidation above $200. If the bears manage to drop prices below the $155 level, then we should expect continued development of a downward correction to the first target near the $138 area.
Ethereum is trading at $215.40 at press time.
XRP is the smallest gainer today. The rate of the third most popular coin has risen by only 2.29% over the last day.
On the daily chart, XRP is located within a Wedge pattern with a potential breakout down. What is more, the trading volume is extremely high, which might foreshadow an upcoming decline. In this case, the nearest support zone is $0.26 as it is outlined on the chart.
XRP is trading at $0.2828 at press time.