Set aside $ 50K, Bitcoin is on its way to $ 57K

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Bitcoin price beats psychologically significant $ 50,000, but dynamic divergence on the daily chart persists. Ethereum price posts new rally highs with 61.8% Fibonacci retracement at $ 3,358 currently in play. XRP is quietly emerging from symmetrical triangle continuation pattern on intraday charts, aims for gain by 20%.

The price of Bitcoin closes with five consecutive positive weeks for the first time since November 2020 and is now up 20% for the month. Ethereum’s price failed to record a fifth straight week, but it is still up 31% for the month and 45% for the third quarter. The price of XRP closed last week down -4.52%. This was the first negative weekly performance since mid-July, but Ripple is still up 65% for August and 75% for 3Q.

Bitcoin price hits a milestone

Bitcoin’s price ended the brief pullback on August 19 with a bullish outside day and close above the 200-day simple moving average (SMA) and the 2020 ascending trendline. BTC continued its trend. launched with a skyrocketing to a new rally high and a test of $ 50,000, showing a 70% gain from the July 20 low.

During the July 20 low rally, a bullish theme was the number of bullish outside days on the daily chart. There were four, July 30, August 5, August 9 and August 19. Three of the four appeared when the price of Bitcoin is approaching a near-term support level. It confirms the strength of the underlying offer in case of weakness.

Today’s jump above $ 50,000 increases the likelihood that the price of Bitcoin could climb back up to the 78.6% retracement to $ 57,173 before initiating fierce resistance shaped by the highs in February, April and May. At this level, BTC investors can anticipate a deeper pullback and consolidation.

One bearish BTC factor that could halt the Bitcoin price rise is the persistence of the divergence of bearish momentum on Daily Relative Strength (RSI), despite new highs. Bearish momentum divergence occurs when the RSI does not confirm new price highs with a new high.

BTC / USD daily chart

Suppose the divergence in the bearish momentum becomes a headwind for the price of Bitcoin. In this case, it is well supported by the previous supportive trifecta between $ 41,500 and $ 43,000 which includes the January high, February low, June high and the 38 retracement level, 2% to $ 42,589. Only a daily close below $ 41,500 would change the bullish BTC narrative.

An interesting but favorable development for the price of Bitcoin is the amount of negative comments towards BTC. Santiment-weighted sentiment for BTC is the most negative since July, despite rising to $ 50,000.

Often times, when sentiment is bearish as the price of Bitcoin rises, it projects higher prices for the flagship cryptocurrency.

BTC Weighted Sentiment – Santiment

Here, FXStreet analysts assess where the BTC trend will resolve.

Ethereum price trying to unlock the key level

Ethereum’s price consolidation has taken place over time relative to price. Keeping the decline limited to -10% and confirming the previous resistance between $ 2,900 and $ 3,050 has become a new layer of support for the smart contract giant.

Today, the price of Ethereum is trying to resolve the upward consolidation, but it finds strict resistance at the 61.8% retracement of the May-July correction to $ 3,358. The level is quickly followed by the large Fibonacci extension to 261.8% from the 2018 secular correction to $ 3,587. If ETH beats these two resistance points, it is free to explore a new all-time high, including a jump to the 361.8% extension of the 2018 secular correction to $ 4,926.

One obstacle to better Ethereum prices is the divergence in the bearish momentum on the daily RSI, indicating weakening demand for the smart contract giant. The daily RSI tries to break the divergence today, but ETH gains are expected to hold until the close of the session.

ETH / USD daily chart

The range of $ 2,900 to $ 3,050 must be a lasting support for the bullish narrative to be sustained. A near-lower Ethereum price on a daily basis exposes ETH to a test of the 50-day rising SMA at $ 2,548 or the 200-day SMA at $ 2,322, signaling a more complex and longer dip process for the market. ‘ETH.

The Ethereum price rally has knocked out many bearish forecasts for a retest of July lows. Instead, ETH chose to correct over time against price, demonstrating a steadfast interest in the digital token. If the commitment and excitement behind Ethereum’s price continues, ETH could reach the 361.8% extension of the 2018 secular correction to $ 4,926 before the end of the year. This would be an 80% shift from the current price.

This is a reasonable projection in light of the 100% rise from the July lows and the 100% rally over twenty sessions on the way to the May high.

Here, FXStreet analysts assess what ETH needs to do to go up to $ 5,000.

XRP price finds bullish pace

XRP price climbed 160% from July 20 low to August 15 high, breaking formidable resistance attributed to inverted head and shoulder neckline and 200-day SMA, leading Ripple to retracement of 50% of the cyclical from April to July. correction to $ 1.23.

The resulting consolidation formed a symmetrical triangle continuation pattern between the 38.2% retracement and 50% retracement levels that the XRP price is now trying to resolve on the upside.

The measured movement of the symmetrical triangle is 22% of the descending trendline, projecting a price target of $ 1.54. A test of the measured movement target of $ 1.54 would break the resistance defined by the 61.8% retracement at $ 1.40 and position Ripple near the 78.6% retracement at $ 1.65.

The next Golden Cross pattern on the daily chart will work in favor of the new symmetrical triangle breakout.

4 hour XRP / USD chart

The benefit of consolidation is that Ripple has released some of the price compression generated by the 160% advance. The daily RSI moved out of overbought territory, creating space for a further buying push to push the price of XRP higher.

XRP / USD Daily Chart

The strength of the $ 1.00 to $ 1.06 support is critical to the positive outlook for XRP. A daily close below would introduce a relevant bearish twist which could compromise the sustainability of the rally. Downward Ripple targets include the 200-day SMA at $ 0.84 and the 50-day SMA at $ 0.78.

The developing breakout for Ripple reflects the bullish posture of XRP price, including finding support in a crucial support range, releasing price compression and plotting a constructive continuation pattern with the symmetrical triangle.

Here, FXStreet analysts assess where Ripple might be heading next as it looks set to burst.

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