- Bitcoin’s price has risen to the mid-$17,000s, signaling a possible uptrend.
- Ethereum price is up 12% since January 1st.
- XRP price is up 6% over the last 24 hours.
The crypto market offers short-term trading ideas that could catalyze a larger trend reversal in the coming weeks. It seems that.
Bitcoin price moves forward
Bitcoin price continues to rise, presenting revenue opportunities in shorter timeframes.As of January 11, peer-to-peer digital currencies were up 5% annually, with further upside potential is shown.
Bitcoin price is currently auctioning at $17,539. The slope of the uptrend appears to be growing vertically, suggesting that BTC is starting a stronger rally. Throughout the month, the 8-day exponential and 21-day simple moving averages have provided support for the bulls to enter the market, another positive sign for BTC price gains.
Still, investors should be aware that the trend is still in its early stages. The Relative Strength Index, an indicator used to measure the strength and momentum of market movements, shows that the current BTC price is just below the final resistance level marked at 70.
A breakout above current levels would confirm BTC’s uptrend and attract more cautious buyers to buy peer-to-peer digital currencies in the next post-up retracement. This strategy is less risky as Bitcoin’s value could fall to near current levels, offsetting his 5% rise seen in the month.
BTC/USDT 1-day chart
A break into overbought territory confirms the uptrend for the next few weeks, with a possible initial target of $19,000. The deactivation level is $15,476, the swing low for 2022.
Ethereum Price Subject to Resistance
Ethereum’s price is 100% higher than Bitcoin, up 12% since Jan. 1. Similar to BTC, short-term indicators for decentralized smart contract tokens also point to a favorable environment for profits. If market conditions continue, the ETH token could tag at $1,400 and he at $1,450 before stronger resistance enters the market.
Ethereum is currently auctioned at $1,356. A bullish target zone is extracted from the Fibonacci retracement tool surrounding ETH’s previous trading range in October. Ethereum’s breakout of his October range low of $1,230 on his Jan. 4 confirmed the use of a Fibonacci retracement in the indicated range. Ultimately, ETH could rise to the other end of the range near $1,600 in the coming weeks, with turbulence expected along the way.
ETH/USDT 1-day chart
A disabling of the uptrend can occur when the daily candlestick breaks below $1,328. Breaking the barrier could trigger a sell-off targeting liquidity levels near $1,070, resulting in a 23% drop from Ethereum’s current market value.
XRP Price Finally Rises
XRP price has traders’ attention as the bulls have achieved a surprising trend change in a shorter timeframe. On Jan. 11, digital remittance token rose 6% after gaining support from his 8-day exponential moving average and his 21-day simple moving average. Despite breaking through multiple resistance levels in just 24 hours, the recent uptrend continues its uptrend.
XRP price is currently trading at $0.371 after surpassing our previous outlook target of $0.366. Traders should be aware of the current price levels as the Digital Remittance Token approaches the $0.38 wall in December. Level tags can trigger profit taking followed by the following tradable consolidation patterns.
XRP/USDT 1-day chart
Based on our previous outlook, the break-off point of the uptrend remains below the 8-day exponential moving average of $0.343. Breaking down barriers could lead to a more problematic scenario for XRP investors. Ultimately, the $0.30 zone is in danger of being retested. In a bearish scenario, Ripple could fall 17% from the current price.
