Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to maintain their bullish momentum in Monday's trading session, following an impressive bounce back last week with respective gains of over 5%, 4%, and 10% thanks to improved market sentiment. Technical Analysis indicates that the bullish outlook for the three leading cryptocurrencies remains very positive, as momentum indicators collectively reinforce the uptrend that is forming.
Bitcoin: The bulls aim for the 120,000 USD mark
The price of Bitcoin has found support around the Fibonacci retracement level of 61.8% ( measured from the April low of 74,508 USD to the all-time high of 126,199 USD) at 106,453 USD on Wednesday. In the following four days, BTC increased by 6.57% and closed above the 50-day exponential moving average (EMA) at 113,397 USD.
At the time of writing on Monday, BTC is trading above 114,975 USD, nearing the important resistance area of 115,137 USD.
If BTC closes above the 78.6% Fibonacci retracement level at 115,137 USD, the bullish momentum could extend towards the important psychological level of 120,000 USD.
BTC/USDT daily chart | Source: TradingViewThe Relative Strength Index (RSI) on the daily timeframe reached 54 – above the neutral threshold of 50, indicating that bullish momentum is being reinforced. Additionally, the MACD indicator has shown a bullish cross ( on Sunday, signaling a buy and further reinforcing the positive outlook.
On the contrary, if BTC is rejected at the 115,137 USD level, the price may bounce back to the nearest support level, which is the 50-day EMA at 113,397 USD.
Ethereum: Momentum indicators reinforce bullish trend
The price of Ethereum rose nearly 5% last week, closing the Sunday session above the 50-day EMA at $4,129. As we enter the new week, the bullish momentum continues as ETH trades around $4,206 on Monday afternoon.
If it can break through and maintain a close above the important resistance area of 4,232 USD, Ethereum is likely to move towards a higher target at the level of 4,488 USD.
![])https://img-cdn.gateio.im/webp-social/moments-2719da2d1e292422bfa2e92d511d544b.webp(ETH/USDT Daily Chart | Source: TradingViewSimilarly to Bitcoin, technical indicators such as RSI and MACD both show that bullish momentum is strengthening, reinforcing confidence for the bulls. However, in the event of a market correction, the Fibonacci retracement level of 61.8% around 3,593 USD will be a notable support for ETH.
XRP: Continuing to Expand Bullish Potential
XRP has recorded an increase of over 10% in the previous week, ending the trading week above the previously broken downtrend line and the 200-day EMA at the 2.61 USD mark. As of the time of writing on Monday, this coin is approaching the important resistance area at 2.69 USD.
If XRP can break through and close firmly above the 2.69 USD level, the bullish momentum is likely to be strengthened, opening up opportunities towards the next resistance area around 3.40 USD.
![btc-eth-xrp])https://img-cdn.gateio.im/webp-social/moments-ed1633b178050bcbcfad4ae4cf237922.webp(XRP/USDT Daily Chart | Source: TradingViewSimilar to Bitcoin and Ethereum, technical indicators such as RSI and MACD both show that the bullish momentum of XRP is improving significantly, reflecting a growing optimistic sentiment in the market.
However, in the event of a pullback, XRP may still return to test the important support area around 2.35 USD before establishing the next trend.
SN_Nour
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