- Bitcoin price depends on support at $33,000 to secure an uptick from the cup and handle pattern.
- Ethereum price may extend the bearish leg to $2,000 in the wake of a recent rejection at $2,000.
- Ripple forms a bear flag pattern that could lead to a massive breakdown toward $1.
Bitcoin price has trimmed most of the gains accrued during the week, taking bulls back to the drawing board. Ethereum hit a two-week high after breaking above $2,300, but the uptrend stalled below $2,300.
Ripple price momentum also faded amid another approach to $0.7 before bears returned into the picture. At the time of writing, XRP teeters at $0.65 as bulls struggle to hold higher support.
The rest of the cryptocurrency market is mainly in the red, with crypto assets posting double-digit losses. However, the entire market may flip bullish if Bitcoin price confirms a key technical pattern in the 12-hour timeframe.
Bitcoin price cup and handle pattern hints at a 16% upswing
Bitcoin price is trading marginally above $33,000. The path with the least resistance seems downward, especially with the recent hurdle at $36,000 still in place.
However, forming a golden cross pattern on the four-hour chart reveals the potential for an upswing coming into the picture. This pattern is highly bullish and appeared after the 50 Simple Moving Average (SMA) crossed above the 100 SMA. In other words, Bitcoin price will likely settle above $34,000 and perhaps trigger more buy orders.
The same 12-hour chart illustrates the formation of a highly bullish cup and handle pattern. This technical pattern shows that the price may rally 16% if Bitcoin moves above last week's barrier at $36,000. Note that a confirmed break at $42,000 will likely pull the entire cryptocurrency market upward.
BTC/USD four-hour chart
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Ethereum price breakdown impends as technical levels flip bearish
Ethereum rose to a two-week high of nearly $2,400 during the weekend session. However, a break above this critical level was a challenge to the bulls. The correction that ensured explored the levels under the 200 SMA and tested support the ascending channel's lower barrier.
Note that this channel's support must be defended at all costs to ensure that declines back to $2,000 do not come into the picture.
It is essential to keep in mind the bearish signal from the Moving Average Convergence Divergence (MACD) indicator. A comprehensive look at this technical tool that follows an asset's trend and calculates its momentum shows the 12-day moving average crossing below the 26-day moving average. In other words, this is a massive bearish signal that may validate another downswing toward $2,000.
ETH/USD four-hour chart
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Ripple price could confirm bear flag pattern
Ripple price failed to break above $0.7 again, allowing bears to take control. The 12-hour chart highlights the formation of a bear flag pattern which, if it confirms, Ripple will dip toward $ 0.5 again.
At the time of writing, the cross-border money transfer token trades at $0.65. A break under the flag may trigger massive sell orders as sellers increase their positions. Support is anticipated at $0.55, but the downswing may be validated to $0.5.
XRP/USD four-hour chart
If the bear flag fails to confirm, bulls will likely resume the uptrend for gains eyeing. Nonetheless, some resistance is expected at $0.7, the 50 SMA and the 100 SMA near $0.8.
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