Bitcoin’s recovery sets the pace for the bullish cycle of the cryptocurrency market

• The recovery in bitcoin’s price hits a temporary barrier around $ 18,500, but buyers still have their eyes on $ 20,000.
• Ethereum was based on the support at $ 480, remaining bullish for the upcoming launch of ETH 2.0.
• Ripple needs to stay above $ 0.6 to focus on breaking the stronger resistance at $ 0.65.

The cryptocurrency market is bullish again after last week’s retreat. It appears that the bullish cycle has suffered a temporary setback, as discussed last week. The weekend session also showed sympathy for Bitcoin, Ethereum, and other select cryptocurrencies.

Bitcoin rallied significantly above $ 18,000, but froze slightly above $ 18,500. Ethereum moved up from last week’s support at $ 480 and almost grazed the $ 600 back. Ripple is doing its best to stay above $ 0.6 after rejection at $ 0.65.

Bitcoin’s path to all-time highs is still intact

BTC / USD recovered its position above the 50 simple moving average on the 4-hour chart. A slight pull is underway following the rejection of the resistance marginally above $ 18,500. The Relative Strength Index reflects the correction after abandoning the journey to the overbought region

However, higher support above $ 18,000 and 50 SMA is expected to come into play. A rebound from the support could place Bitcoin on a trajectory towards the next key resistance at $ 19,500. Breaking this barrier is likely to trigger a spike at $ 20,000, mainly supported by fear of losing (FOMO) speculation.

BTC / USD daily chart

On the other hand, if the correction extends below the 50 SMA, a sharp drop could come into the picture. Greater Bitcoin supply could see the largest crypto asset give way to bearish forces and spiral towards the 200 SMA at $ 16,200.

The new Ethereum uptrend has reached a barrier at $ 600

Ethereum recently dropped to $ 480 but has seen an impressive recovery above $ 500. The bullish momentum has remained steady over the weekend to nearly $ 600. However, a minor correction is underway, with Ether trading at $ 578. at the time of writing.

Resistance is likely to be a minor setback if we keep in mind that the smart contract token is reinventing itself with the upcoming launch of ETH 2.0. The demand for the token is expected to increase significantly. An increase in the favorable wind could push Ethereum towards $ 1,000.

Meanwhile, closing the day above $ 600 will allow the bulls to focus on the annual high at $ 625. Trading above this level should require more buy orders and even validate the massive rally of $ 1,000.

ETH / USD 4-hour chart

It is worth noting that the ongoing minor pullback will gain momentum if Ethereum does not embrace a higher support, preferably above the 50 SMA. Furthermore, the correction is validated by the RSI as it gradually falls from levels close to overbought.

Ripple’s final test stands at $ 0.65

Ripple sustained the uptrend above the 50 SMA despite the massive breakdown from the annual high $ 0.92. Support at $ 0.45 came to the rescue of the bulls last week. However, the recovery stalled below $ 0.65 despite seller congestion being tested twice.

At the time of writing, XRP is faltering at $ 0.61 in the rush to defend the initial support at $ 0.6. Side trading action is likely to come into play based on smoothing the Moving Average Convergence Divergence within positive territory.

Buyers are mainly in control despite the $ 0.65 hurdle. Therefore, closing the day above $ 0.6 will confirm market stability. An increase in buy orders could create enough volume to support an uptrend above $ 0.6 and towards $ 1.

XRP / USD 4-hour chart

It is worth mentioning that the cross-border token will resume the downtrend if the short-term support at $ 0.6 breaks. Trading below the 50 SMA could trigger huge selling activity and force XRP back to last week’s support at $ 0.45.

If the critical time comes and the supply for XRP rises, the price will embark on an extended bearish trend and perhaps revisit the 200 support, slightly below $ 0.35.