- Bitcoin bulls consolidate above $48.760 and will be looking to test and break $50,020 to the upside.
- Ethereum has bulls banging on the door at $4,060, ready for a breakout towards $4,465.
- XRP sees buying volume picking up, as a return to $1.0 is in the making.
Bitcoin price is seeing a lift in price action as supportive tailwinds emerge following a dovishly perceived US central bank decision, with investors buying cryptocurrencies across the board. Ethereum is seeing the same interest this morning, with buying volume picking up as the RSI nudges higher. Ripple is undergoing a tight squeeze against $0.84, with bulls pushing to break the downtrend and rally up to $1.0.
Bitcoin price sees investors buying any offer insight as buying volume picks up
Bitcoin (BTC) price is seeing a positive lift in sentiment as a backdraught emerges after a perceived dovish central bank decision from Jerome Powell and the US Federal Reserve. This morning, investors are taking a stake in risky assets with equities and cryptocurrencies on the front foot. With that, expect Bitcoin to rally on this sentiment throughout the trading day.
BTC price will quickly face a critical hurdle at $50,020 with the psychological $50,000 level included and the S1 monthly support level. This trifecta will weigh on any possible upside potential. But as markets are rallying with risk-on across the board, expect this level to break sooner rather than later, with an intraday target towards $53,350.
BTC/USD daily chart
Investors should expect positive sentiment to be a major theme throughout the day. Two further major central banks are scheduled to announce their decisions today, however, the Bank of England and the ECB, and there is a risk these could cast a shadow on the current Christmas rally.. If one of these delivers a message that would break current sentiment, expect a quick nosedive correction in BTC back towards $44,088 or $43,030 in a quick rewind of the rally.
Ethereum price sees bulls fighting bears at $4,060, ready for a landslide victory
Ethereum (ETH) price made a perfect bounce off $3,687 on Wednesday, with investors pushing ETH price towards $4,060 around the monthly S1 support level and a pivotal historical chart level. As price opens again around the same level this morning, elevated buying from investors is putting bears under pressure to close their shorts, switch sides and join the buying camp. When this happens, expect a significant spike in buying volume with a quick break above $4,060 and a continuation towards the 55-day Simple Moving Average (SMA) at $4,332.
ETH price is just around $130 away from the monthly pivot level and a second technical element in the same area. Expect the rally to halt around that level as some short-term profit-taking will happen, and the price could fade a little back towards the 55-day SMA. Should current sentiment persist, with tailwinds in equities and cryptocurrencies, expect ETH price action to hit $4,646 by the end of the week, with new all-time highs in sight by next week.
ETH/USD daily chart
With the end of the year approaching rapidly, expect the volume to die down a bit, which could cause some sharp corrections as sellers will not always be there to match the profit-taking from investors. This could result in possible knee-jerk reactions with ETH price tanking in a matter of minutes. Expect with that, the $3,687 and $3,391 levels to be there as safeguards.
Ethereum price must reclaim $4,000 to reignite ETH bull market
XRP price sees investors coming in with breakout towards $1.05
Ripple (XRP) price sees investors returning as favorable tailwinds in cryptocurrencies are filtering through into XRP price action. Bulls opened the price this morning close to $0.84, and an initial resistance level is just above at $0.88. Expect a bit of a hesitant start because of this double belt of resistance. Once punched through, expect hesitant investors to pull the trigger and join the rally to move higher towards $0.95 at the 200-day SMA.
XRP/USD daily chart
Assuming a break above the 200-day SMA, expect a quick pop towards $1.05, but once hit, a quick fade will likely happen, with price action falling back towards $0.99. Should, however, these tailwinds start to fade as quickly as they come, expect a quick return to the downside with a push down on $0.78 and a break lower towards $0.62, with the blue descending trend line and the S2 at $0.58 as supporting factors.
XRP price shows signs of incoming breakout