Bitcoin starts the bullish cycle of the cryptocurrency market

• Bitcoin is on a trajectory of $ 15,000 after sustaining price action above $ 14,000, trading at new annual highs.
• Ethereum must hold the immediate support at $ 400 to sustain the uptrend towards $ 420.
• Ripple exited a parallel descending channel but stopped at the 50 SMA waiting for another breakout.

The whole world eagerly awaits the final result of the 2020 US presidential election. Joe Biden leads while Donald Trump, who claimed victory on Wednesday, is in the queue with an election vote of 214. Cryptocurrencies, especially Bitcoin and Ethereum, recovered from the tension.

Bitcoin rose to new annual highs as the largest altcoin surpassed $ 400. Most major cryptocurrencies are in the black, driven by BTC’s surge to $ 14,378. Total market capitalization has also exceeded $ 400 billion and currently stands at $ 410 billion. On the other hand, the 24-hour trading volume stands at $ 960 billion.

Bitcoin bags the US elections by climbing to new annual highs

As expected earlier this week, volatility has increased in the market, allowing Bitcoin bulls to control the price. The largest cryptocurrency built on support at $ 13,600 and broke through the critical level at $ 14,000. Unlike the first two times that Bitcoin froze slightly above this level, the bellwether cryptocurrency has sustained an uptrend.

The recovery also lifted Bitcoin above the parallel upward channel discussed several times this week, lending credence to the bullish outlook. The Relative Strength Index (RSI) has yet to reach the overbought region, suggesting there is room for growth.

For now, BTC / USD is trading at $ 14,375 amid a strengthening bullish hold. Meanwhile, the growing volume suggests a potential upside to $ 15,000.

BTC / USD 4-hour chart

Bitcoin bulls need to ensure they find support above $ 14,000 to sustain the uptrend. On the other hand, if a reversal breaks out of the crucial $ 14,000 level, Bitcoin could revisit the next support target at 50 Simple Moving Average (SMA). Other support areas to keep in mind include 100 SMA and 200 SMA.

The upward trend in Ethereum’s price pauses

The smart contract token rose in tandem with Bitcoin, surging above the parallel descending channel and stubborn resistance at $ 400. This required more buy orders, pushing Ether towards $ 410. Unfortunately, unexpected seller congestion forced the crypto asset to retreat towards $ 400.

At the time of writing, Ethereum is switching hands at $ 402, as buyers work hard to defend the immediate support at $ 400. Price action below this anchor could lead to a breakdown likely to hit $ respectively. 390 and $ 370.

ETH / USD 4-hour chart

It is worth noting that Ethereum is switching hands above all three moving averages; 50 SMA, 100 SMA and 200 SMA. This means that the cryptocurrency is in solid support zones, lending credibility to bullish optimism. Also, if the bulls defend the critical $ 400 support, ETH / USD would resume the uptrend by targeting $ 420.

Ripple must break the immediate resistance for a sustained uptrend

XRP followed in the footsteps of Bitcoin and Ethereum, but the 50 SMA has limited its price movements. Curiously, the cross-border token had exploded from a parallel downward channel. However, the momentum was not strong enough to dispel seller congestion at 0.24.

At the time of writing, the fourth largest cryptocurrency is trading at $ 0.239 as the selling pressure has returned. If the price slides into the descending channel, a bearish outlook will be validated towards $ 0.23.

XRP / USD 4-hour chart

It is worth stating that if Ripple claimed the ground above the 50 SMA, the bullish narrative would be revitalized. Demand for XRP would also rise, with buyers positioning themselves to take advantage of the $ 0.26 run. Traders should note that 100 SMA and 200 SMA could delay the breakout below $ 0.25.