Crypto market bullish cycle unstoppable despite consolidation

• Bitcoin holds support firmly above $ 15,000 amid an aggressive push for a $ 16,000 breakout.
• Ethereum is poised to move back to $ 470, but the selling pressure at $ 460 and the descending trend line must come down.
• Ripple is consolidating to allow buyers to plan their next angle of attack for $ 0.3 gains.

Lazy price action has flooded the cryptocurrency market from all angles. Additionally, the flagship cryptocurrency is leading the market in consolidation. The major cryptocurrencies selected followed in Bitcoin’s footsteps last week and posted huge gains. Ethereum climbed to $ 470 but retreated to confirm support at $ 420. Ripple bulls regained partial control of the price mainly due to selling pressure below $ 0.27.

Market consolidation is likely to culminate in a significant breakout, especially for Ethereum, as it approaches the grand launch of ETH 2.0. Bitcoin is also observing new annual highs and possibly trading at all-time highs. For now, all attention has been channeled towards defending crucial support levels to avoid potential dips.

Bitcoin could reach $ 16,000 if the key resistance is broken

The bellwether cryptocurrency held firmly above $ 15,000, following the most recent recovery from $ 14,500. On the positive side, the price is capped at $ 15,500, making it difficult for the bulls to continue with the bullish trend. At the time of writing, BTC is trading at $ 15,500 amid side trading, as highlighted by the relative strength index (RSI) leveling.

An ascending trend line also protects the downside of Bitcoin. Immediate support must be defended at all costs to ensure that $ 15,000 is not revisited. On the upside, earnings above $ 15,500 would pave the way for Bitcoin to hit $ 16,000. The 50 SMA holds above both, the 100 SMA and the 200 SMA, showing that the influence of the bulls is growing.

BTC / USD 4-hour chart

On the other hand, it is worth mentioning that the bullish outlook will be invalidated if Bitcoin breaks below the ascending trend line. Such a move is likely to trigger massive sell orders, adding pressure to the downtrend. Support is expected at the 50-SMA and last week’s anchoring at $ 14,500. If the critical moment comes and Bitcoin rises above $ 14,000, $ 13,500 will again cushion the sustained decline asset.

Ethereum’s uptrend is gradually based on key support levels

The largest altcoin hit a wall at $ 460 on Monday, forcing the bulls to seek support at $ 440. A recovery followed almost immediately, with ETH / USD claiming the position above $ 450. Marginally beyond the prevailing market value, a descending trend line limits the price movement. It is worth noting that a break above the line could culminate in a spike at $ 460 and open the door to price action at $ 470.

A gold cross gives credibility to the uptrend. The pattern is formed when a short-term moving average exceeds a long-term moving average, such as 50 SMA and 100 SMA in the 4 hour period. Furthermore, the RSI adds weight to the bullish scenario as it gradually moves up from the midline.

ETH / USD 4-hour chart

The early breakout will be invalidated if the Ether fails to break out of the trendline resistance and loses the support at $ 450. If so, Ethereum could pull out to look for an anchor at $ 440.

However, if massive sell orders are triggered, ETH / USD will drop to last week’s support at $ 420, currently highlighted by the 50 SMA. Other key support areas to keep in mind are 100 SMA and 200 SMA.

Ripple struggles to break out of $ 0.3

Cross-border token price action has been capped at $ 0.3 since the beginning of September. Selling pressure, significantly below $ 0.27, continues to cause problems for buyers. However, the breakout at $ 0.3 could materialize if XRP breaks out of the resistance at 100 SMA on the 4-hour chart and sustains an uptrend.

The prevailing technical levels and indices suggest a possible escape. For example, the RSI is moving towards overbought, which may require more buy orders. If enough volume is created behind XRP, $ 0.3 will quickly come into the picture.

XRP / USD 4-hour chart

On the flip side, Ripple holds above the 50 SMA. Closing below this level is likely to trigger a sell-off as bearish pressure builds in the XRP market. Interim support is expected at $ 0.24, but if it plummets, Ripple will be forced to look for the next buyer’s congestion zone, perhaps 200 SMA.