U.Today – As has been the case for the past few months, the price channel that is inside is falling. As Bitcoin approaches the upper limit of this channel, which is around $70,000, the probability of another attempt to break this level increases, but the probability of a decline also increases.
Bitcoin price action has recently bounced off lower levels, indicating strength according to chart analysis, but remains stuck in this downtrend channel. Bitcoin will need a robust catalyst or significant buying momentum to break above the upper trendline and begin a significant rally toward $70,000.
New highs could be reached if it manages to test $70,000 once again. We could see a retreat to vital support levels if BTC is unable to withstand this rising pressure.
In case of a pullback, watch out for the psychological level of $60,000 as this is also the current resting place of the 100-day moving average. The 200-day EMA and previous consolidation zones as well as $58,000 provide further support below this level.
In a bull market, the $75,000 level would be the next target if Bitcoin breaks above the $70,000 threshold. Bitcoin could face difficulties in this area again, as it has previously shown robust resistance in previous market cycles.
The pattern is playing outThe symmetrical triangle pattern on XRP just saw a significant breakout, suggesting there could be more upside momentum to come. This triangle has been developing since August, suggesting XRP is gaining strength and preparing to move. It is also clear that the market is moving towards a bullish sentiment now that the breakout has occurred.
These patterns often precede keen moves in either direction, making a breakout from this symmetrical triangle noteworthy. Given that XRP was able to break higher, it indicates that bulls are currently in the driver’s seat. It is still unclear whether this momentum will continue or if an invalidation could occur.
Although XRP seems to be in good shape right now, an invalidation is still possible. The breakout could have been a false move if the price fell back into the triangle and broke below vital support levels.
XRP needs to hold above the $0.58 support zone, which was a significant area of ​​interest, to confirm the ongoing uptrend. A keen pullback to the lower $0.55 region could be the result of failure to hold this level. The positive side is that XRP will continue to rally and hold above the resistance, which could bring additional profits. In an attempt to capitalize on the recent breakout, the market could target the $0.65-$0.70 region as its next target.
is coming back
After a brief period of bullish momentum, Ethereum has returned to its descending price channel, but the overall trend appears to be weakening. The second-largest cryptocurrency by market capitalization is showing signs of a possible reversal despite its recent uptrend.
Since mid-2023, ETH has been on a downward trajectory that the cryptocurrency has been unable to break. Ethereum has recovered quite well over the past week, as seen on the current chart, which has risen above the $2,500 threshold once again. However, the uptrend seems to be fading as the price is approaching vital resistance levels near $2,600 and $2,700.
Price is currently consolidating in this descending channel and there is a noticeable lack of robust momentum. Whether Ethereum can maintain this level or if it sees a reversal towards $2400 or even $2300 is the key thing to watch.
A return to bearish sentiment and additional downside in the coming weeks could be in order if it breaks below these key support levels. But there is some good news for ETH holders. Ethereum could still gain more traction in the coming trading sessions, especially on Monday when markets typically see an enhance in activity. The $2,800 region could be tested again by ETH if buying interest increases and the price could break above the current resistance.
