Crypto Markets Attempt another Upswing – BTC, ETH, and XRP

  • Bitcoin price takes another jab at weekly supply territory, extending between $45,550 and $51,860.
  • Ethereum price should steady beyond the 50-day Simple Moving Average at $3,070 for stable uptrends.
  • Ripple contemplates a preemptive bullish rally as bears couldn’t take XRP lower.

Bitcoin (BTC) price appears prepared for another upswing as the coin recover from the latest downswings. Bitcoin’s bullish resurgence momentum seems to pour into ETH, XRP, and other assets in the altcoin marketplace.

Bitcoin Attempts another Surge

Bitcoin price gained around 26% to retest the weekly supply territory in the $45,500 – $52,860 range. However, the action took a timeout on 2 February and printed the demand region, stretching between $36,396 and $38,895.

Bitcoin escaped this barrier and eyes another upward move following a brief correction for 72 hours. Bitcoin might attempt to flip the weekly supply area presuming bullish momentum magnifies. With that, a daily candle close beyond $51,860 will produce a higher high, invalidating BTC’s downside thesis.

However, the highlighted upward move might emerge after BTC retests the nearest demand zone. Contrarily, Bitcoin price slicing beneath this support region will show bear dominance. Such a development will also confirm BTC is ready for a continued drop.

Ethereum Overcomes a Critical Obstacle

Ethereum price could not overcome the 50-day SMA on 9 February and 10 February. However, the alt’s recovery rally managed to print a daily candle close above the mark. Though this move is impressive, ETH had to hold beyond the mark to authorize an effective breakout.

Presuming Ethereum price sustain beyond the 50-day Simple Moving Average at $3,070, the alt will continue climbing. The 50- and 200-day Simple Moving Average confluence at nearly $3,600 might cap this upside.

Ethereum’s failure to maintain beyond the 50-day Simple Moving Average of $3,070 will reveal potential downtrends to the demand territory at $2,317 – $2,525. Though this will mean a bearish move, buyers can launch a comeback here. Nevertheless, a decisive candlestick close beneath $2,317 will annul the bullish case.

Ripple Contemplates Further Bullishness

Ripple price gained 55% from 3 February to 8 February, forming a local high near $0.915. After that, the coin lost 18% to secure support near the 50% retracement zone at $0.731. However, the remittance token mimicked other alts, bouncing off the barrier to trigger a slight uptick. The upward move has the momentum to climb towards $1. That way, market makers can gather liquidity beyond this psychological area.

Nevertheless, the alt might launch the upward move after a drop towards the daily demand region, stretching between $0.595 and $0.632. That would attract sidelined players, allowing XRP to overcome the closest barriers for a smooth tally to $1.

However, Ripple producing a daily candle close under $0.595 will ruin the anticipated bullish move. That might see the remittance coin revisiting the support at $0.518.

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