The cryptocurrency market is holding back ahead of the weekend magic

• Bitcoin shows stability within an upward parallel channel as investors expect a weekend rally to $ 20,000.
• Ethereum bulls are eager to climb to $ 800 if the critical barrier is breached at $ 620.
• A breakout above a symmetrical triangle could complete Ripple’s last bullish leg above $ 1.

The cryptocurrency market is painted green, aside from some crypto assets such as Polkadot, Uniswap, Yearn.Finance, and Huobi Token. Bitcoin has grown by a slight 0.9% in the past 24 hours, while Ethereum is trading 2.3% higher. On the other hand, Ripple’s price has remained unchanged as it holds around $ 0.61.

Bitcoin SV and Bitcoin Cash are among the top performers of the day after posting gains of 13% and 5% respectively. Investors are looking forward to the weekend session as they reflect on the bullish wave seen over the previous weekend.

Bitcoin is poised for a massive weekend recovery

The flagship cryptocurrency appears to have stabilized above $ 19,000. Furthermore, BTC operates within an ascending parallel channel. The lower boundary of the channel was a formidable anchor, which helped sustain the uptrend following last week’s plunge to $ 16,500.

Bitcoin is likely to reexamine the intermediate limit in the coming sessions, perhaps over the weekend. A break above the resistance could push BTC / USD above $ 20,000 and open the door to more bullish price action.

The bullish optimism was reinforced by the rebound of the relative strength index from the midline support. If the RSI maintains the uptrend towards the overbought territory, it could break the bearish divergence, thus indicating significant upside price action.

BTC / USD 4-hour chart

Traders need to keep in mind that the bullish outlook will not hold water if Bitcoin corrects below the lower bound of the ascending channel. Furthermore, trading below $ 19,000 could see Bitcoin supply rise, leading to a massive breakdown.

Areas of interim support are expected at the 50 Simple Moving Average and the 100 SMA, while the 200 SMA will seek to absorb the selling pressure and prevent dips back to $ 16,500.

Ethereum bulls are not ready to give up

Ethereum traded above $ 600 after updating support to $ 575 earlier this week. The main objective of the bulls was to break out of the stubborn resistance presented by the x-axis of the ascending triangle on the 4-hour chart.

Trading above this huge supply area will likely result in a 22% rise to $ 800. As explained earlier in Tezos’ price analysis, the breakout is calculated by measuring the distance between the broader ranges of the pattern. and adding it to the breakout point.

ETH / USD 4-hour chart

The bullish outlook will be invalidated if Ethereum fails to break out of the overhead resistance at $ 620. On the downside, the ascending trend line must hold to avoid potential losses at $ 450.

There are several areas of support to prevent Ether from falling like a dead weight in the air, including 50 SMA, 100 SMA, last week’s support at $ 480 and 200 SMA.

Ripple sees a ballistic peak at $ 1.1

Ripple appears to have formed a symmetrical triangle on the 4-hour chart. The pattern is plotted by connecting a series of higher lows with a trend line. Another trend line is also used to connect a series of swing highs. A breakout usually occurs before the trend lines converge.

In other words, Ripple is on the verge of a breakout that could catapult it above $ 1 and even push it to $ 1.1. For the breakout to materialize, XRP must remain above the 50 SMA. Stability at this level is likely to give buyers plenty of time to push for gains above $ 0.65, which could trigger the expected breakout of the triangle.

XRP / USD 4-hour chart

On the flip side, the triangle could break negatively if support at the 50 SMA caves. Trading below the uptrend line is likely to attract massive sell orders, creating enough headwind to push XRP into a colossal slump, possibly below $ 0.2.