- The price of Bitcoin is back strongly after rising 9% in the last 48 hours.
- Ethereum price is approaching $ 5,000 after a brief bounce from the $ 4,380 support level.
- The fluctuation price rises 11% in hopes of shifting the supply zone from $ 1.31 to $ 1.41.
The price of Bitcoin has been in a constant uptrend for the past two days and is showing signs of continuing. Ethereum and Ripple are following the big cryptic and heading higher. This trend is likely to translate to other altcoins on the market soon.
Bitcoin price and volatility resurface
Bitcoin price remained stuck consolidating below the $ 63,757 resistance barrier and the $ 60,000 support level for about 16 days. However, the sudden spike in buying pressure on November 8 has propelled BTC by 4% so far.
If this rally continues, allowing the price of Bitcoin to produce a daily close above $ 65,000, it will confirm the start of an uptrend. In such a situation, BTC will run towards the psychological barrier of $ 70,000 and establish a new high here.
BTC / USD 1-day chart
If the price of Bitcoin does not break above the $ 65,000 barrier, it is likely to slide towards consolidation. A daily close below $ 60,000 will invalidate the bullish thesis and bring BTC down to the liquidity area ranging from $ 52,956 to $ 56,004.
Ethereum price rises
Ethereum price has been in a slow but unshakable uptrend since October 1. The recent slowdown in Bitcoin price action did not stop ETH as it set a new high at $ 4,460. The replenished bullish momentum on BTC appears to be spreading to ETH as it is currently in the price discovery phase with a new all-time high of $ 4,768.
If the bullish outlook persists, there is a high probability that ETH will mark the psychological level of $ 5,000 and run to the next level at $ 6,384.
ETH / USD 1-day chart
Regardless of the bullish outlook, yes Bitcoin price drops to $ 51,000, investors can expect Ethereum Price to respond by returning to the $ 4,000 or $ 3,600 support floor.
Ripple price seems ready to tackle hurdles
Ripple price it set multiple lower highs and three higher lows since Aug. 9. The connection of these oscillation points by trend lines reveals the formation of a symmetrical triangle. This technical formation forecasts a 79% rise to $ 1.97, determined by adding the distance between the first swing high and low to the breakout point at $ 1.1.
The price of XRP broke the upper trend line of the pattern on November 2 and has rebounded 19% so far. A continuation of the rally will put Ripple in front of the supply zone stretching from $ 1.31 to $ 1.41.
A daily close above this level will suggest a continuation of the uptrend to about $ 2.
XRP / USD 1-day chart
On the other hand, if Ripple's price does not break above said supply zone, investors should expect a pullback to the 50% Fibonacci retracement level at $ 1.13. A breakout of this barrier will jeopardize the rally and open the possibility of a retest of the $ 1.05 support level.
