Weak hands are shaken before the maximum bullish impulse

• Bitcoin Takes A Break From Massive Rally To New Yearly Highs; the mission of testing $ 15,000 is intact.
• Ethereum could revisit the support levels of $ 395 before resuming the uptrend at $ 500.
• Ripple was again rejected from levels above $ 0.25 as buyers rush to hold the ground above $ 0.24.

Bitcoin hit new annual highs on Tuesday, shedding light on the possibility of a rally to $ 15,000. The take-off brought some of the major cryptocurrencies to the top, including Ethereum and Ripple. Some decentralized finance (DeFi) tokens also towered above the crypto horizon, such as Compound (COMP) and Curve Dao Token (CRV).

The total capitalization of the cryptocurrency market grew steadily over the course of October. Data provided by CoinMarketCap shows the market size currently stands at $ 406 billion, up from $ 335 billion recorded on Oct.1. Digital assets are likely gearing up for a significant bull run towards the end of the year.

Cryptocurrency market capitalization chart

Bitcoin imminent rally to $ 15,000

The flagship cryptocurrency holds slightly above $ 13,700 after a slight rejection from levels slightly above $ 13,800. BTC / USD appears to be seeking support before continuing to rally above $ 14,000.

According to the 4-hour chart, Bitcoin could suffer another rejection from its June 2019 highs. However, overcoming this hurdle will likely jump Bitcoin to a recovery in the region of between $ 14,700 and $ 15,000.

The TD sequential indicator could present a sell signal in the next few hours, giving credence to a bearish outlook. If validated, the flagship cryptocurrency could rise to $ 13,300 or even 50 Simple Moving Average (SMA) within 4 hours.

BTC / USD 4-hour chart

According to Parabolic Thies, a renowned analyst, Bitcoin is on the verge of reaching its highest level since January 2018. Interest in the flagship cryptocurrency is almost hitting a five-year low according to Google Trends. All signs point to the start of an incredible bull run as soon as interest starts to go in the same direction as the price.

Ethereum’s short-term price action points to $ 400

On Tuesday, the smart contract cryptocurrency recorded a tandem rally with Bitcoin. Ether built on the support provided at $ 390. Before that, ETH / USD hugged support above $ 380 after plunging from its October highs of $ 420.

With the excellent price action on October 27, Ethereum retested seller congestion at $ 410 before retreating towards $ 400. Meanwhile, Ethereum vacillates at $ 397 and will likely retest the x-axis of the ascending triangle pattern. A bounce off the x-axis is likely to bring Ether back into the upward trajectory, with the upside pointing to $ 420.

ETH / USD 4-hour chart

The TD Sequential Indicator gives credit to the bullish outlook after presenting a buy signal in the form of a red nine-hour candle on the 12-hour chart. Therefore, price action above $ 400 is in sight while the return trip to $ 420 is in its early stages.

ETH / USD 12-hour chart

It is worth mentioning that Ethereum’s bullish narrative could be sabotaged if Ether closes below the 100 SMA within 4 hours. Consequently, a 20% correction in the picture with a bearish eye pointing to $ 306.

Ripple meets yet another rejection

For a couple of days this week, XRP doubled down on its mission to push for earnings above $ 0.3. The price action resulting from the descent of the parallel channel support rose above $ 0.25 but failed to penetrate the seller’s congestion at $ 0.254.

The 100 SMA in the 1 hour interval also added pressure on the cryptocurrency, culminating in another rejection. Meanwhile, XRP is contained in an ascending triangle pattern. The bullish action of the current market could retest the x-axis of the triangular pattern around $ 0.26. A daily close above the resistance of the triangle could favor a breakout of $ 0.3.

XRP / USD 4-hour chart

On the other hand, if the price closes below the 200 SMA within 4 hours, the bullish trend could be completely invalidated. Such a move is set to trigger a 15.5% correction to $ 0.21.

Daily takeaway

Bitcoin’s staggering rally to new annual highs reminded investors that it is only at the start of an incredible bull run. As soon as interest in Bitcoin, as seen on Google Trends, starts to rise, the price will start rolling to levels seen only in January 2018. Meanwhile, a small drop to $ 13,500 is expected before the rally to $ 15,000 begins. .

Ethereum recorded a hitch slightly above $ 410 after making an impressive recovery to $ 390. For now, short-term analysis shows that Ether will likely revisit support at $ 395 before resuming the uptrend.

On the other hand, Ripple is dealing with another rejection after hitting a barrier at $ 0.254. The 50 SMA is online to offer immediate support. Losses could even extend to $ 0.246 if the interim support at $ 0.25 fails to hold.