Bitcoin welcomes $ 17,000, crypto bull market on the threshold

• Bitcoin closes at $ 17,000, triggering a bullish price action in select altcoins such as Litecoin.
• Ethereum bulls are focused on touching the $ 500 shoulder but need to maintain support of the parallel ascending channel.
• Ripple is on the verge of correction after hitting the critical $ 0.3 level for the first time since September.

The cryptocurrency market continues to have an exciting week, with Bitcoin approaching $ 17,000. According to CoinMarketCap, most cryptocurrencies have made a positive aggregate gain over the past seven days. Bitcoin is likely to rise a bit more, driving the entire market up before a sizable correction enters the picture.

The price of bitcoin reaches the final dilemma

Analysts in the cryptocurrency market are split right in the middle. On the one hand, some have held onto the idea that the flagship cryptocurrency will continue to rise towards $ 20,000. On the other hand, some believe Bitcoin’s bullish trend is nearing a tipping point, correcting itself before resuming the rally.

Meanwhile, Bitcoin recovered over $ 16,500 on Monday and hit new annual highs of $ 16,895. The approach to $ 17,000 suggests a possible peak at a new 2020 high as it approaches the all-time high of $ 20,000.

The uptrend 50 Simple Moving Average supports the bullish outlook below the price on the 4-hour chart. As reported, investors can use SMAs to buy the decline and still make profits during the bull markets.

BTC / USD 4-hour chart

The bullish scenario will be invalidated if the rising wedge pattern rejects Bitcoin. Furthermore, if sellers gained traction to bring Bitcoin below $ 16,000, a break below the wedge pattern would be detrimental to the accumulated gains in November.

Ethereum bulls relentless in the battle at $ 500

Ethereum faced an uphill battle during the initial run at $ 500, where it reached a barrier at $ 470. The smart contract giant retreated to seek refuge at $ 440, but resumed the uptrend within a parallel ascending channel. Despite the bullish action over the weekend, Ether traded below $ 480. The support at $ 440 was once again confirmed, giving way to the ongoing bullish momentum.

Meanwhile, ETH is trading at $ 465 while facing some delay due to seller congestion at $ 470. Closing above the channel’s mid-level will likely encourage more buyers to enter the market, bringing Ether to $ 500. It is worth noting that recovery delays could be found at $ 480 and $ 490 (June high).

ETH / USD 4-hour chart

On the downside, support to the 50 SMA will play a key role in ensuring that Ethereum buyers retain control primarily.

Ethereum could embark on a profit reduction exercise whose impact could be huge if the price dips below the lower limit of the channel. Key support levels to keep in mind include 100 SMA and 200 SMA.

Ripple on the peak of the correction after hitting $ 0.3

The cross-border cryptocurrency reached levels slightly above $ 0.3 for the first time since the beginning of September. This result is significant for XRP following the uphill task buyers encountered on the recovery journey from the September lows at $ 0.219.

XRP / USD 12-hour chart

Meanwhile, Ripple is trading at $ 0.298 after pulling out of the monthly high. The TD Sequential Indicator suggests a reversal after flashing a sell signal on the 12-hour chart. If the sell signal is validated, it could see XRP trade one to four bearish candles.

The first point of contact on a downside would be $ 0.26, followed by the 200 SMA. Other vital levels to keep in mind are 100 SMA, 50 SMA, at $ 0.24 and $ 0.219 respectively.