- Bitcoin triggers speculation after hitting record high of around $63,000.
- Ethereum eyes liftoff to $3,720 if a technical pattern breakout confirms.
- Ripple bulls persistently push for gains beyond $2 after stepping above $1.7.
Cryptocurrencies across the board are flipping green after a period of sluggish trading. Bitcoin appears to be fueling the uptrend after making a confirmed break above $60,000 and hitting a new all-time high around $63,000.
Ripple followed suit by extending the bullish leg to another multi-year high close to $1.75. The cross-border token looks forward to gains above $2 amid widespread market gains. On the other hand, Ethereum settled above $2,200 ahead of a potential breakout to $3,720.
Most of the cryptocurrencies post double-digit gains, including Terra, THORchain, Stellar and Dogecoin. As bulls retake the mantle, upward price action is likely to intensify in the coming days.
Bitcoin Breaks Out of Ascending Triangle
The bellwether cryptocurrency has hit a record high at $63,000 after an extended consolidation period. Price action above $60,000 had become an uphill battle for the bulls and on the flip side, support established above $54,000 played a key role, ensuring that bears are kept in check.
The ongoing bullish action confirms that Bitcoin has started the ascending triangle breakout toward $87,000. This is a bullish continuation pattern which often results in a massive uptick in price. For instance, Bitcoin could lift off 42% higher, a situation that could pave the way for gains across the cryptocurrency market.
BTC/USD Daily Chart
The daily Moving Average Convergence (MACD) indicator fortifies that bulls have the upper hand. A comprehensive look shows that the MACD line (blue) has crossed above the signal line, indicating that the least resistance path is upward.
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Ethereum Eyes Colossal Breakout to $3,720
Ethereum, like Bitcoin, has broken out of an ascending triangle pattern as illustrated on the daily chart. Two trend lines develop the triangle, linking a series of higher lows and the second connecting relatively equal peaks.
It is worth noting that ascending triangles are bullish continuation patterns. Breakouts are expected when the price rises above the x-axis. Triangles also have precise breakout targets measured from the highest to the lowest points.
At the time of writing, Ether teeters at $2,230 following the technical breakout eyeing a 90% upswing to record highs of $3,720. Meanwhile, the upswing has been confirmed by the MACD as it extends movement within the positive region.
ETH/USD Daily Chart
Ethereum must sustain the price above the triangle’s x-axis if not $2,200 to secure the awaited uptrend to highs around $3,720. Otherwise, losses may be triggered amid the resumption of a downtrend toward the key support at $1,350.
Read More: Will Ethereum Reach $3000?
Ripple Could Soon Clock $2
Ripple is on an upward roll that is likely to hit highs above $2. This comes after a couple of days, dominated by consolidation between $1.3 and $1.4. The break above $1.5 called for more buyers to join the market. As covered earlier, speculation has soared toward Ripple mainly due to the seemingly win against the United States Securities and Exchange Commission (SEC) lawsuit.
XRP teeters at $1.7 at the time of writing amid a more robust short-term technical picture. For now, the path with the slightest hurdles is toward $2. A break above this zone will likely spur more buy orders as investors look forward to a breakout above the all-time high above $3.
XRP/USD Daily Chart
The breakout toward $2 has not confirmed near-term support levels, especially now that the Relative Strength Index (RSI) is overbought. In case of rejection from this level, XRP could tumble in search of a support level. Meanwhile, if losses come into play, buyers will bank on finding cushioning at $1.5, $1.3, and $1.
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