Bitcoin’s parabolic growth points to $ 20,000, the market bullish cycle continues

• Bitcoin price hit $ 16,000 before retreating to confirm support at $ 15,800 before a possible take off.
• Ethereum’s bullish trend pauses as selling pressure builds, downside target of $ 440.
• Ripple is stuck in 50 SMA and 100 SMA but appears to be approaching a breakout.

Cryptocurrencies are mainly green on Thursday; perhaps the uptrend is supported by Bitcoin’s recent rise to $ 16,000. This bullish momentum, however, is not enough to effect ballistic price movements across the market. Meanwhile, some select digital assets such as Chainlink, Binance Coin and Polkadot are still struggling to escape the bearish grip.

Total market capitalization has grown around 6% over the past seven days, suggesting that digital assets are generally trading higher. Bitcoin accounted for most of the earnings, rising from $ 267 billion to $ 293 billion over the same period. At the moment, the flagship cryptocurrency boasts a dominance of 64.5%, leaving only 35.5% to be shared between altcoins.

Relentless Bitcoin in the fight for $ 20,000

BTC / USD based on the support at $ 15,000, breaking through the resistance of the range at $ 15,500. The bullish hold has intensified, with Bitcoin hitting new annual highs at $ 16,000. Meanwhile, a reversal has occurred but confirmed support above $ 15,800.

At the time of writing, the bellwether cryptocurrency is trading $ 15,920, as buyers fight aggressively to gain ground above $ 16,000. The odds appear to favor the bulls, as illustrated by the gradually rising relative strength index (RSI).

The bullish narrative is also anchored by the upward movement of the 50 simple moving average slightly below the price. The short-term technical outlook hints that BTC could rise towards $ 20,000 before a significant drop kicks in.

BTC / USD 4 hours

Many analysts anticipate Bitcoin’s withdrawal from annual highs. However, traders can still take advantage of the correction to enter the market again by buying the decline as they explore the strategies outlined in this article.

Ethereum’s upcoming breakdown points to $ 440

ETH / USD rallied above $ 460, but seemed to struggle with the resilient approach at $ 470. Price action is slowing and consolidation could take over. In the event that the support at $ 460 caves, Ether will trigger reverse for a breakdown to the 50 SMA at $ 440.

The RSI adds credibility to the ongoing consolidation by leveling off at 60. Traders can watch the movement towards the oversold region. An increase in sell orders will be validated if Ethereum falls below $ 460. It is essential to keep in mind the support areas below 100 SMA and 200 SMA.

ETH / USD 4-hour chart

It is worth mentioning that the upcoming launch of Ethereum 2.0 will bring some fresh air to the market. As reported, investors are already positioning themselves to take advantage of the expected rally above $ 500.

The ripple approaches the point of no return

The consolidation of XRP lasted more than two months. While buyers have managed to break out of the overhead resistance at $ 0.26 several times, gaining traction at $ 0.3 is proving tough.

At the moment, the cross-border cryptocurrency is changing at $ 0.255. The 100 SMA limits its immediate rally within 4 hours. Trading above this zone would trigger gains at $ 0.3.

XRP / USD 4-hour chart

On the flip side, Ripple’s immediate support is found at the 50 SMA in the same time frame. This support must be protected at all costs because the price action below could trigger prolonged losses. The 200 SMA is in line to absorb most of the selling pressure in an effort to avoid crippling drops to $ 0.22 and $ 0.2, respectively.