Altcoins ready to explode as Bitcoin shows strength

Bitcoin price is showing signs of bottoming out and starting a new uptrend. Despite BTC being rejected at the supply zone, this move will be followed by a massive spike boosting the market value of the leading cryptocurrency. ETH and XRP also look to be preparing for a bull run.

Bitcoin prepares for a new rally

Bitcoin price has established a triple bottom around $41,000 after gathering liquidity below that level. As a result, the upside move prompted BTC to retest the 1-hour supply zone, which lasted from $42,790 to $43,037.

A decisive close above this barrier will turn it into a breakout point, creating conditions for a new rally. Accordingly, it will likely push the Bitcoin price towards last week’s low of $45,874 or the next hurdle at $47,609.

In total, this rally could lift the crypto king 12% and even 14% higher if the 200-day simple moving average (SMA) is retested at $48,378.

Bitcoin 1

Chart BTC/USD 1 hour | Source: Tradingview

Meanwhile, a decisive close below $39,487 will create a lower low, invalidating the bullish thesis.

ETH face the hurdles important

ETH exhibits significant strength as it bounces off the weekly support at $3,061. The uptrend has begun but the largest altcoin needs to break above the 200-day SMA at $3,445 to move higher.

The price clearing the aforementioned barrier will open the way for a retest of the supply zone, extending from $3,675 to $3,862. If bulls continue to hold their ground, ETH can extend to the weekly resistance at $4,066.

Bitcoin 2

Price chart ETH / USD 1 day | Source: Tradingview

Regardless of the bullish outlook, a breach of the $3,061 support level could lead to a retest of the next level at $2,712. Breaking below this barrier will create a lower low, invalidating the bullish thesis.

Price XRP still stability

XRP is in trouble as the price swings around the daily demand zone, which spans between $0.7 and $0.753. However, the bulls did come back, helping it bounce higher.

As of press time, the XRP price looks like it wants to continue to rise. However, the upside potential for the remittance token appears to be capped as multiple resistance hurdles exist at $0.994.

To sum up, there is a chance that Ripple’s coin will rally 13% to $0.865, coinciding with the 50-day SMA. Although unlikely, a breach of this level would allow XRP price to retest the 200-day SMA at $0.951.

Bitcoin 3

XRP Chart/USD 1 day | Source: Tradingview

On the other hand, if the price closes daily below $0.7, it will create a lower low and invalidate the bullish thesis. In this case, XRP could return to the December 4 swing low at $0.604.

You can see the BTC price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

Theo FXStreet

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The source: https://nguyendiep.com
Category: news

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