ETH and XRP Go Ballistic, Leading the Altcoin Bullish Cycle

• Bitcoin rises to $ 19,000 after struggling to hold out above $ 18,500.
• Ethereum is likely to continue rallying to $ 700, especially if the price ended the day above $ 620.
• Ripple quickly jumped above $ 0.9 but retreated just as quickly to sub $ 0.7 levels as sellers jumped into action.

Over the past 24 hours, altcoins have risen to new levels, including Ethereum, Ripple, and Bitcoin Cash. Ether and XRP reached new annual highs, while BCH added over 17% to its value by trading at $ 345. Other smaller altcoins like Stellar Lumens and TRON also rose impressively to trade hands at $ 0.17 respectively. and $ 0.036.

Curiously, HedgeTrade has risen by more than 370% in the past 24 hours and by 391% in just one hour, according to CoinMarketCap. It looks like the altcoin season is taking over, even with Bitcoin reaching new annual highs above $ 19,000. Most of the top 50 assets are in green on Tuesday during the European session.

Bitcoin at the peak of an 8% rise to $ 20,000

The flagship cryptocurrency recently hit a barrier near $ 20,000. The resistance skewed buyers, leading to dips the support tested provided at $ 17,500 and 50 Simple Moving Average (SMA).

A reversal occurred, sending Bitcoin on a recovery mission, but was able to hold over $ 18,500. BTC is making new annual highs above $ 19,000 and closing at all-time highs at a time of bullish growth. The formation of a symmetrical triangle pattern on the 4-hour chart points towards an 8% increase to $ 20,000.

BTC / USD 4-hour chart

On the flip side, if the spike above the upper limit of the triangle fails to confirm, the bears could gain confidence and push for another correction. A break below the triangle could result in an 8% spiral at $ 16,500, completely sabotaging the bullish outlook at $ 20,000.

Ethereum rises to highs above $ 600

Ethereum beat the forecast of $ 620 on Thursday, climbing to new annual highs of $ 621. The smart contract token still maintains bullish momentum despite a slight dip following resistance at the 2020 high.

At the time of writing, ETH / USD is trading at $ 618, but bulls aim for gains above $ 620. Investors and analysts believe that Ethereum has yet to hit the 2020 limit, especially with the launch of ETH 2.0 behind the angle.

The Relative Strength Index has validated the bullish outlook, which continues to reach higher levels within the overbought territory. If Ethereum closes the day above $ 620, buyers would be encouraged to increase their positions and perhaps create enough volume to support another $ 700 breakout.

ETH / USD 4-hour chart

It is worth mentioning that Ethereum’s bullish outlook will be invalidated if the price hits a barrier in an ascending wedge channel. Trading below the wedge can take multiple sell orders, resulting in a plunge below $ 600. The most formidable support is found at $ 580, $ 520 and $ 440.

Ripple’s Lightning Flight at $ 0.9

The cross-border token went ballistic on Monday, reaching nearly $ 1, after a quick take off. The drastic recovery crossed various resistance zones such as $ 0.6 and $ 0.7. However, a retreat from the new annual high extended below $ 0.7.

XRP is trading at $ 0.68 at the time of writing amid the development of a bearish correction. The RSI has validated the collapse as it falls from the oversold region. If a bearish divergence confirms, XRP could embark on an earnings reduction exercise. For now, the path with the least resistance is downward until formidable support is established.

XRP / USD 4-hour chart

On the other hand, closing above $ 0.7 could renew the uptrend to $ 1. Meanwhile, the 50 SMA is still extending the gap above the 100 SMA and the 200 SMA, suggesting that buyers still control the token. Support is likely to be accepted at $ 0.6, $ 0.5, and $ 0.4.