Bitcoin price continues to hover around the $40,000 price zone for the past a week and hence it appears to have accumulated enough gains to pull a massive leg up. Despite the asset appearing somewhat bearish nowadays, the asset may break out of consolidation during the upcoming weekend. No doubt the price may remain restricted below $44,000, but the bullish momentum may lay down firmly.
The price is heavily consolidating below the crucial resistance at $40,000 and hence a slight increase in the trading volume may uplift the price beyond $44,000. Currently, the BTC price is ranging high within an ascending triangle. And hence the price may continue ranging towards the higher resistance slowly yet steadily to close the weekly trade on a bullish note.
Ethereum price is resembling the BTC price trend to a large extent and consolidates heavily around $3000 levels. The ETH price is showing bullish support as the bulls appear to have entered to stabalize the price trend. The asset after a huge price slash is accumulating strength to undergo a significant uptrend during the weekend.
As mentioned in the above chart, the ETH price is swinging within a squeezing descending channel. The possibility of a price slash is pretty less, rather the asset may flip from the drowning consolidation and jump beyond immediate resistance. However, sustaining above $3100 is pretty important to validate a strong uptrend and a weekly close above $3200 may ignite a strong uptrend ahead.
Ripple price on the other hand appears to have already ignited with a strong uptrend. The asset has regained its position above the trend line. However, after a notable spike, the price is consolidating heavily along the trend line. XRP price may continue to hover towards the immediate resistance by swinging along the trend line.
The XRP price in the next couple of days may continue to hover above the trend line. On the contrary, the bearish pressure may pull back the price towards the lower support again. And if the price losses its levels below $0.75, then it may eventually lose out its strength. In such a case, the price may be compelled to continue consolidating within narrow ranges for an extended period.
Was this writing helpful?