Crypto markets recover as buyers come back

  • Bitcoin price is aiming to retest the $60,000 psychological level after a recent crash.
  • Ethereum price is following suit and looks to revisit $4,500 or higher.
  • Ripple price on a journey to rally 17% to $1.37.

Bitcoin price recovery after the COVID-induced crash seems to be going well. Ethereum and Ripple are promptly following the big crypto and are also on the path to recovery. 

Bitcoin price ready for liquidity run

BTC price dropped roughly 10% between November 25 and November 26 and came very close to retesting the $53,000 support level. Before Bitcoin could visit this level, buyers stepped in, triggering a bull rally.

So far, Bitcoin price has surged 8% over the past day and shows signs of entering a 1-day supply zone, extending from $58,100 to $61,545. Contained within this resistance area is the last week’s high at $59,608, just below the $60,000 psychological level.

Investors can expect Bitcoin price to retest this barrier; a daily close above $61,545 will confirm a short-term bullish thesis and propel BTC to $63,000.

BTC/USD 4-hour chart

While things are looking up for Bitcoin price, a failure to pierce through the $58,100 to $61,545 supply area will indicate that the buyers are not ready. In this situation, BTC could continue to head lower until it encounters the $53,000 support floor. A breakdown of this barrier will invalidate the bullish thesis.

Ethereum price looks for a higher high

Ethereum price followed the big crypto’s footsteps and crashed 14% after setting up a higher high at $4,555. The downswing allowed ETH to penetrate the $3,938 support floor and collect liquidity resting below it.

This bearish move was followed by a tight consolidation which provided a base for a 10% upswing to $4,380. Although ETH failed to sweep this hurdle, investors can expect the smart contract token to pierce above this level and make a run at the next ceiling at $4,525.

In a bullish case, this run-up could extend to $4,768, constituting a 10% ascent from its current position – $4,333.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

On the other hand, if Ethereum price reverses the 10% upswing seen so far and produces a lower low below $3,938, it will invalidate the bullish thesis. In this scenario, ETH might venture lower to $3,619.

Ripple price approaches crucial resistance level

Ripple price has risen and retested the $1 psychological level, which is a tough nut to crack, making the upswing a much tougher job than that which BTC and ETH are experiencing. Therefore, investors need to keep a close eye on XRP price and how it performs around this level.

A daily close above this barrier will confirm bullish momentum and propel XRP price to $1.10. Clearing this level will take it toward the next most significant level at $1.37, coinciding with the trading range’s midpoint.

Market participants can expect the remittance token to slow down after $1.37 but need to watch out for $1.20 and $1.25 as potential support and resistance levels.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

Regardless of the recent bullish uptick in the crypto market, if Ripple price fails to flip the $1 resistance level into support, it will indicate that the buyers are unable or unwilling to push XRP higher.

If the bears take control and push XRP price down to produce a lower low below the range low at $0.85, it will invalidate the bullish thesis.

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