The cryptocurrency market is fighting relentlessly for new annual highs

• Bitcoin is beating seller congestion at $ 19,500 as the bulls shift focus to highs above $ 20,000.
• Ethereum is just above $ 600, but the battle to reach levels beyond $ 700 has just begun.
• Ripple is in consolidation mode according to the Bollinger bands, constriction suggests a possible breakout.

Bitcoin is leading the recovery in the cryptocurrency market after claiming the position above $ 19,000. Ethereum managed to reduce the critical barrier to $ 600, while Ripple is holding slightly above $ 0.62.

The tough battle for new annual highs is still ongoing, especially for Bitcoin. As explored above, Hash Ribbon, an on-chain metric, suggests a potential buy signal. Ethereum is also waiting for the final take off at highs above $ 700. On the other hand, Ripple is in the process of consolidating, but Thursday’s analysis suggested the possibility of gains above $ 1.

Bitcoin still points to new all-time highs above $ 20,000

Bitcoin confirmed that it is ready for another rally after claiming over $ 19,000 for the land. The flagship cryptocurrency is dancing around $ 19,400 as the bulls push for gains over $ 19,500.

BTC / USD must close the day above the $ 19,500 hurdle to secure the final leg at an all-time high of $ 19,915. If Bitcoin reaches $ 20,000, it could rise exponentially towards $ 30,000, mainly driven by speculation due to the fear of losing (FOMO).

The Relative Strength Index reinforced the ongoing recovery after bouncing off the midline support and headed into the overbought area. An ascending trend line is also becoming a fundamental anchor for BTC’s bullish trend.

BTC / USD 4-hour chart

It is worth noting that Bitcoin will resume its downtrend if it closes the day below $ 19,000 or the ascending trend line. Selling pressure could also rise below $ 19,000 as investors panic to sell to take profits. The crucial first point of contact would be the confluence formed by the 50 Simple Moving Average and the 100 SMA, but dips could be as low as $ 16,500.

Ethereum shifts the focus to $ 700

Ether finally broke the barrier at $ 600 and is trading at $ 602 at the time of writing. The bulls’ primary goal is to protect the critical level, which will allow them to focus on lifting above the recent high of $ 636.

The RSI is gradually moving towards the overbought area as a critical bullish signal for the short-term trend. Trading above the $ 620 resistance will add credibility to the expected uptrend at $ 700, but first, the $ 600 support must be protected at all costs.

ETH / USD 4-hour chart

The bullish outlook at $ 700 will be invalidated if Ether falls below $ 600. Closing the day below this level may require more sell orders, creating enough volume to further weaken the bulls. The 50 SMA has emphasized the potential support at $ 560, while the 100 SMA could avoid losses at $ 540.

Motionless ripple as a breakout looms

The cross-border cryptocurrency is currently in the consolidation phase, as shown using the Bollinger Bands. XRP / USD is trading at $ 0.62 while its immediate upside is limited by the central limit of the Bollinger bands.

Above immediate resistance, bullish price action could place Ripple on an upward trajectory as it prepares for a massive breakout to $ 1. Compression of the Bollinger Bands suggests a breakout is just around the corner. Also, the RSI doubles to the downside on side trading as it levels out on the midline.

XRP / USD 4-hour chart

Two key levels support Ripple’s immediate downside; lower boundary of the Bollinger bands and 50 SMA. A failure would come into play if XRP ended the day below these crucial support zones. The 4-hour chart also shows that the bears could extend to the 100 SMA at $ 0.5 or even last week’s support at $ 0.45.