Bitcoin’s final leg at $ 20,000 lingers as the cryptocurrency cycle skyrockets

• Bitcoin has recovered from support at the 50 SMA as buyers look forward to cutting $ 19,000.
• Ethereum is targeting $ 620, but ETH’s price must close the day above $ 580 to support the uptrend.
• Ripple is likely to remain in a consolidation phase above $ 0.45 before another breakout above $ 0.5.

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new annual highs. Ethereum, for example, hit highs of $ 585 for the first time since 2018. On the other hand, Ripple grazed the shoulders with $ 0.5.

The cryptocurrency market is mostly green on Monday during the European session. Some of the biggest gains in the past 24 hours include Waves (WAVES), Cardano (ADA), VeChain (VET), and IOTA (IOT).

The resistance of BTC at $ 19,500 sends nervousness across the market

Bitcoin closed at $ 19,000 last week but retreated to confirm support slightly above the 50 simple moving average. At the time of writing, BTC is trading above $ 18,612 after gaining over 13% in the past seven days .

Primary resistance sits at $ 19,000, but if a retest fails, the resulting failure could be huge. For now, the trend is still in the hands of the bulls, as illustrated by the Relative Strength Index on the 4-hour chart.

As mentioned, the $ 19,000 rejection could throw the bulls off balance culminating in dips that see 50 SMA and 100 SMA (above $ 16,500). Subtle buyer congestion at $ 18,000 could absorb the selling pressure, thereby controlling the decline.

BTC / USD 4-hour chart

On the other hand, closing the day above $ 19,000 could confirm the final leg at $ 20,000. If Bitcoin reaches its all-time high, the price could rise substantially, with the peak driven mainly by fear of losing (FOMO).

Ethereum struggles relentlessly to rally to $ 620

Ethereum surpassed our last week’s forecast of $ 520 after breaking above $ 500. The largest altcoin closed above several barriers, including $ 560 and $ 580. As of this writing, Ether is dancing at $ 584 while still fighting for new yearly highs towards $ 600.

If ETH / USD closed the day above $ 580, buyers would have plenty of time to increase buy orders and volume for earnings above $ 600. A spike above $ 600 could extend to $ 620 as investors position themselves for the long-awaited launch of ETH 2.0, which will likely take place before the end of the year.

ETH / USD 4-hour chart

It is worth mentioning that the bullish outlook will be invalidated if ETH closes the day below $ 580. This would require more sellers to join the market as investors rush to cash in for profit. Support is expected at $ 560 and $ 520 respectively.

However, if the bearish strength becomes more robust, the Ethereum bulls will be forced to seek refuge much lower, preferably at the 50 SMA and 100 SMA.

Ripple embraces major support before the breakout

Ripple hit $ 0.50 over the weekend after recovering massively from the recent support at $ 0.28. As discussed on Friday, seller congestion at $ 0.31 gave the bulls a tough time during the week. However, buying pressure has swelled out of the way, opening the door to gains at $ 0.5.

The cross-border cryptocurrency retreated slightly from its recent highs, but held above the support at $ 0.4. Building on this support allowed buyers to regain control of the price, which explains the prevailing market level at $ 0.46.

The RSI confirms the likelihood of a side trading action dominating the next few sessions before another breakout enters the picture. In the meantime, holding above $ 0.45 would ensure that stability remains in the market, thereby preventing potential dips back at $ 0.45 again.

XRP / USD 4-hour chart

On the other hand, failing to close the day above $ 0.45 could increase sell orders. The support at $ 0.4 is very crucial to the uptrend. Otherwise, if shattered, XRP could spiral to seek anchor at the 50 SMA.

Losses of less than $ 0.3 would be detrimental to the progress made in November, but the 100 SMA at $ 0.2962 and the 200 SMA at $ 0.2716 are in line to prevent the token from falling sharply.