As a seasoned crypto investor with over five years of experience navigating the volatile digital asset market, I find myself cautiously optimistic about the current price movements. The Bitcoin price forecast points to a potential breakout from an ascending triangle pattern, which could propel BTC toward $70,000 if validated by breaching the resistance at $61,664.
Bitcoin (BTC) price impending rally continued to thaw during Asian trading hours ahead of the Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium at 10:00 AM EST. Altcoin majors such as Ethereum (ETH) price and XRP price faced mixed signals amid calls for liquidity to uphold upward momentum. At the same time, Avalanche (AVAX), Near Protocol (NEAR), and Bittensor (TAO) beamed with modest gains of 11%, 7%, and 9.5%, respectively.
Bitcoin Price Considers Triangle Breakout
Bitcoin price hovered at $60,840 as attention turned to Powell’s speech at the Jackson Hole meeting in Wyoming. Investors anticipate the speech will touch on the expected rate cuts and the economic policy in general, especially after the downward revision of nonfarm payrolls, which signaled a weakening labor market. Rate cuts will buoy risk markets by allowing the return of liquidity. Hence, BTC price could gain momentum, beating the $62,000 resistance to prop a major run toward $70,000.
In simpler terms, the price of Bitcoin seems poised for an increase due to the creation of a triangle pattern called an ascending triangle. If the resistance level at $61,664 is broken, it could lead to a jump of approximately 13%, taking the price up to around $69,700. This rise might trigger fear of missing out (FOMO), and with increased liquidity, Bitcoin could potentially reach a new record high.
As a crypto investor, I’m keeping a close eye on the Bitcoin price forecast that suggests bulls need to maintain their control by ensuring Bitcoin stays above the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). If it fails to do so and trades below these critical levels, there could be a new wave of sell orders. Dropping below the ascending trend line might cause the downtrend to pick up speed towards $56,000 and potentially even $54,000.
Ethereum Price Upholds Sideways Movement
Ethereum has been moving horizontally within a range, with resistance above $2,500 and support below $2,800. This range is highlighted as a demand area. The short-term price floor around $2,600, fortified by the 20-day and 50-day moving averages, suggests a possible bullish trend might emerge.
In simpler terms, the Moving Average Convergence Divergence (MACD) is showing a positive bias, suggesting it’s time to buy Ethereum as it supports the upward trend. For Ethereum to break free from its current holding pattern and reach $3,000, it must first surpass the upper boundary of its current range.
According to predictions about the price of Ethereum, there’s a chance for a surge in either direction at the points where demand and supply balance. If Ethereum ETFs keep seeing withdrawals, the trend might persist downwards.
On Thursdays, SoSoValue experienced a net withdrawal of approximately 874,610 dollars, which added up to a grand total of 458,950,000 dollars in outflows. Although the magnitude of these outflows has decreased slightly, their ongoing occurrence continues to influence the overall sentiment negatively.
XRP Price Set For Explosive Rally
As a crypto investor, I’m excited to see XRP inching closer to a fresh bullish phase. Currently, it’s perched comfortably above the 20-day Exponential Moving Average (EMA) support at $0.5961. The bulls are putting up a strong fight against the $0.6 resistance level. The recent reversal in the Money Flow Index (MFI) at 37 hints that traders are starting to close their short positions and consider long ones instead. Once the MFI crosses the 50 midline, we can expect an increase in upward momentum as it moves into the overbought zone.
For the value of this border-crossing token, the strongest proof will come when it’s between $0.60 and $0.62. In a recent effort, XRP reached a peak of $0.62 before falling to $0.55. If bulls can push through, they might manage to drive the price up to $0.70 and narrow the difference significantly towards $1.
Pay close attention to XRP‘s fluctuations near the resistance level of around $0.6 and the nearby support provided by the 20-day Exponential Moving Average (EMA). If the Moving Average Convergence Divergence (MFI) falls into the oversold region, it could indicate another correction. Other significant levels to watch are at $0.58, $0.55, and $0.52.
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2024-08-23 16:14