Bitcoin
A bullish rally this week?
After recording a bloodbath in cross-border markets, the cryptocurrency industry has shown a sign of relief by adding over $230 billion to its valuation in the last four days, indicating an increase in inflow within the crypto space.
Additionally, major altcoins have exhibited a successful bullish reversal in their respective portfolios, adding significant value since the start of the week. With rising bullish sentiments, will the crypto industry make a comeback this week?
BTC Price on the Verge of a Breakout!
Despite increasing price volatility in the crypto industry, the crypto market leader, Bitcoin pricecontinues to trade under a descending channel pattern on the 1D timeframe, indicating a long-term bearish influence for the BTC token.
TradingView: BTC/USDT
Positively, the BTC Price it added 10% the day before and approximately 3% last week. Furthermore, at the time of writing, its year-to-date figure is 52.16%, highlighting a strong possibility of upward price action over the next few months.
The Moving Average Convergence Divergence (MACD) displays a steady decline in the red histogram, indicating increasing buying pressure over selling in the crypto space. Furthermore, the averages show a bullish convergence, suggesting that the price will continue to gain value in the coming times.
If the market pushes BTC price above the resistance zone, the bulls will regain momentum and prepare to test the $68,000 upper resistance level during the next week. However, if the bears dominated the bulls, the price would lose momentum and fall to test its $60,000 low.
Ethereum price displays a bearish pattern:
The second largest cryptocurrency by market capitalization, the Ethereum Pricefollows in the footsteps of the market leader and exhibits a similar trend by forming and successfully trading in a descending channel pattern in the 1D time frame.
TradingView: ETH/USDT
However, the Simple Moving Average (SMA) presents a strong possibility of a bullish convergence over the weekend, highlighting potential bullish price action during the coming week.
The Relative Strength Index (RSI) continues to hover near its midpoint, indicating weak price action for the altcoin. On the other hand, the averages show an upward convergence in the 1D period, highlighting a strong upward influence for the Ethereum Token in the cryptocurrency industry.
If bulls break out of the descending channel pattern, ETH price will regain momentum and test its upper resistance level of $3,400 this week. On the other hand, if the bears gain control over the market, the price will test its $3,000 support level.
XRP price records bullish sentiment:
The Ripple token continues its struggle to overcome the $0.5340 resistance level, indicating a strong sell-off point at this level. However, the XRP Price has formed a symmetrical triangle pattern and is about to test its resistance trend line, the result of which is unpredictable.
TradingView: XRP/USDT
The technical indicator, MACD, shows a steady increase in the green histogram, highlighting the increase in positive sentiment in the crypto space. Furthermore, the averages show a bullish pattern, indicating that the price may continue to gain value in the coming times.
If the XRP bulls break out of its important resistance level, the price will prepare to test its upper resistance level of $0.60 during the next week. Negatively, bearish sentiment could result in the Ripple token falling towards its support trendline.
Conclusion:
The cryptocurrency industry is predicted to make a comeback over the next week as major tokens exhibit strong bullish influence, highlighting an increase in buying sentiment. Furthermore, major tokens such as Bitcoin, Ethereum, and XRP are on the verge of a major breakout, indicating an increase in price action in the market.