In a notable upswing, Bitcoin’s price has surged past the $115,000 mark, closing above the crucial 50-day Exponential Moving Average (EMA) resistance. This recovery, amounting to nearly 4%, positions Bitcoin, Ethereum, and Ripple for potential further gains as the week progresses. Ethereum’s price is drawing close to the upper boundary of its trading range at $4,488, while Ripple has recently broken above a falling wedge pattern, signaling bullish momentum.
As Bitcoin bulls set their sights on the $120,000 threshold, the cryptocurrency began the week with modest increases but faced initial resistance at the 50-day EMA of $113,129. This resistance was overcome midweek when Bitcoin rallied over 2% on Wednesday to secure a close above this pivotal level. Currently, it approaches daily resistance at $116,000, with a closing above this mark potentially paving the way toward the psychological barrier of $120,000.
The Relative Strength Index (RSI) for Bitcoin reflects a reading of 58 on the daily chart, indicating bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator has displayed a bullish crossover, reinforcing the notion of sustained upward momentum. However, should Bitcoin encounter corrections from its resistance level, a decline towards the 50-day EMA at $113,129 could occur.
Meanwhile, Ethereum has been trading within a relatively tight range between $4,232 and $4,488 for over two weeks. As it approaches the upper boundary, a successful breakout and daily close above $4,488 could catalyze a rally toward its all-time high of $4,956. The RSI for Ethereum is similarly positioned at 58, signaling growing bullish momentum, while the MACD is on the verge of a bullish crossover, lending further support to optimistic forecasts. On the flip side, failing to break above the $4,488 resistance could push Ethereum back toward the lower boundary at $4,232.
Ripple has marked a significant milestone by breaking above a falling wedge pattern, a technical formation that has been developing since mid-July. Currently trading around $3.04, Ripple’s breakout points toward potential gains, with upward momentum possibly extending toward daily resistance at $3.40. The cryptocurrency’s RSI indicates bullish sentiment, and the MACD’s bullish crossover earlier in the week suggests improving momentum. However, should Ripple see a correction, it could retrace toward its 50-day EMA of $2.92.
As cryptocurrency market dynamics unfold, the rally in major cryptocurrencies like Bitcoin, Ethereum, and Ripple highlights a robust shift in market sentiment favoring upward trajectories in the near term. Investors and analysts remain watchful for potential breakouts and further developments as the week progresses.
