- Bitcoin price surges 6% to mid-$22,000.
- Ethereum price shows potential to rally to $2,000.
- XRP price is setting up a rally to $0.44 for a 10% gain.
The crypto market takes a step higher, confirming that the bullish trend of last week will continue. Key levels have been defined to assess where the bulls can aim
Bitcoin Price Proves Skeptics Wrong
The Bitcoin price continues to prove the skeptics wrong, as the uptrend established at the beginning of the month has shown its first signs of continuation. On Friday, January 20, the peer-to-peer digital currency it is up 5% on the day, breaking the November monthly high of $21,480. As the price rises, all traders need to do now is follow the trend and consider where profits will be made down the road.
Bitcoin price is currently auctioning at $22,487. The recent rally was catalyzed after a brief stop near the psychological $20,000 level. The 8-day exponential average jumped and provided the necessary support to fuel the ongoing move. previous perspectives He mentioned that Bitcoin could be rallying towards the origin point of the downtrend line from which it has broken off. The increase is certainly convincing from that of the beginning of the month forecast and causes a potential gain of 12% from the current price point towards $25,211.
BTC/USDT 1-day chart
The invalidation of the uptrend move could occur if the bears can tag the pivot point at $18,887. A rupture of the Pivot Point would invalidate the impulsive structure that Bitcoin it currently has and could create a sweep event lows in the process targeting the 2022 low at $15,476.
Ethereum Price Targets $2,000
Ethereal The price is currently trading at $1,651 as bulls have matched Bitcoin’s rally with a 6% rise of their own. Ethereum price now has two more liquidity levels on its trajectory to challenge before finally reacquainting itself with the psychological $2,000 level.
The first bullish target zone is the September 12 high at $1,789. The second target would be a broken support zone at $1,850. The aforementioned level lost support during the last week of August and has yet to be retested. The bullish scenario creates room for a 10% rally from the current Ethereum price.
ETH/USDT 1-day chart
Now that the price is moving higher, the invalidation of the uptrend could be located at the pivot point of $1,350. If the level is ticked, investors could expect a deeper correction underway, ultimately testing the uptrend line near $1280. The trend has been crucial during the early stages of the current uptrend rally, providing support multiple times throughout the fall and winter.
XRP price breaks
XRP price has broken out of a 5-day consolidation to the upside and shows potential for a rally towards the mid-$0.40 zone. On January 20, the bulls confirmed that the uptrend established earlier in the month it is likely to continue, triggering a 5% rally in less than 24 hours.
The XRP price is currently auctioning off at $0.41. A Fibonacci Retracement Tool circling the November high at $0.51 and November low at $0.32 shows the 5% move breaking above the 50% fib level. This is a subtle “rights of way” gesture, which means that the price of Rpleip could rally to the 61.8% level at $0.427. A broken support zone is also found at $0.44, which remains untested since the bears broke through the barrier in November. A liquidity zone tag would result in a 10% increase from the current XRP price.
XRP/USDT 1-day chart
The invalidation of the uptrend can now be placed on the slow swing of the broken consolidation near $0.365. A break of the low could induce a steeper decline pointing the support level of $0.34. The XRP price would decline by 16% if the bears were successful.