Nothing like a perfect exchange

[ad_1]

Bitcoin price is rising to the mid $17,000 zone, hinting at the potential for an uptrend. The price of Ethereum has increased by 12% since January 1. The price of XRP has increased by 6% in the last 24 hours.

The crypto market provides short-term trade ideas that could catalyze a larger trend reversal in the weeks ahead. Still, the market appears to be more of a trade-by-trade environment than a buy and hodl.

The price of Bitcoin is moving forward

Bitcoin price continues to rise, showing profitable opportunities on shorter time frames. Since January 11, the peer-to-peer digital currency is up 5% year-on-year and shows potential for further gains.

Bitcoin price is currently selling at auction at $17,539. The slope of the developing uptrend appears to be turning vertical, suggesting that BTC is entering a much stronger rally. Throughout the month, the 8-day exponential moving average and the 21-day simple moving average supported the bulls entering the market, which is another positive sign of the rise in the price of BTC.

Nevertheless, investors should be aware that the trend is only in its infancy. The Relative Strength Index, an indicator used to gauge the strength and momentum of market movements, shows that the current price of BTC is just below the final resistance level marked at 70.

A break above the current level would confirm BTC’s uptrend and prompt more cautious buyers to buy the peer-to-peer digital currency on the next retracement after the surge. This strategy carries less risk, as the value of Bitcoin may drop near the current level and erase the 5% gain seen during the month.

BTC/USDT 1-day chart

A breakout into overbought territory confirms an uptrend for the coming weeks, likely with $19,000 as the first target. The invalidation level would be the 2022 low at $15,476.

Ethereum price subject to resistance

Ethereum price has outperformed Bitcoin by 100%, up 12% since January 1. Similar to BTC, short-term indicators for the decentralized smart contract token also point to a favorable environment for gains. If market conditions persist, the ETH token will likely reach $1,400 and $1,450 before stronger resistance enters the market.

Ethereum price is currently selling at auction at $1,356. Bullish target areas are taken from a Fibonacci retracement tool surrounding ETH’s previous October trading range. Ethereum’s move above the $1,230 level, which was the low point of the October range, on January 4 confirmed the use of the Fibonacci retracement on the specified range. Ultimately, ETH could rally as high as the other side of the range near $1,600 in the coming weeks, with some turbulence expected along the way.

ETH/USDT 1-Day Chart

Uptrend invalidation could result from a daily candlestick near $1,328. A breach of the barrier could trigger a sell-off targeting the liquidity level near $1,070, resulting in a 23% drop from Ethereum’s current market value.

XRP price finally takes off

XRP price pushed traders to perfect as the bulls accomplished a stunning trend change in shorter timeframes. On January 11, the digital rebate token rose 6% after finding support from the 8-day exponential and 21-day simple moving averages. The recent rise in the uptrend remains erect despite breaking through several resistance levels in just 24 hours.

XRP price is currently trading at $0.371, after breaking above $0.366, the target of the previous outlook. A label of the level could induce profit taking followed by the next tradable consolidation pattern.

XRP/USDT 1-Day Chart

Based on the previous outlook, the uptrend invalidation point remains below $0.343, the 8-day exponential moving average. A breach of the barrier could trigger a much more problematic scenario for XRP investors. Ultimately, the $0.30 zone would be threatened with a retest. The bearish scenario allows for a 17% decline from the current Ripple price.

[ad_2]