Bitcoin is getting closer and closer to marking a new all-time high, thanks to a surprising bullish rally of 7 continuous weeks, which makes us wonder if the bulls are already tired.
At the time of this writing, Bitcoin is trading at $ 18,630, accumulating gains of 13.04% in the last 7 days, and losses of 2.54% in the last 24 hours.
With such widespread BTC push, investors in the crypto ecosystem have already started looking at other cryptocurrencies, looking for opportunities where there is more room for profit.
Thanks to this, today Ethereum is trading $ 527.92, with weekly gains of 15.66% and daily 3.01%.
But the cryptocurrency that is standing out the most among the largest is undoubtedly Ripple, capable of accumulating a weekly profit of 60.29%, and an upward jump of 12.36% in the last 24 hours alone.
To forecast the future of these cryptocurrencies, we have performed the analysis below.
Bitcoin rally technical analysis
From the weekly BTC / USD chart, we see a fairly widespread bullish momentum, and even though it is not over yet, it is quite likely that we will see a pullback soon.
The moving averages EMA of 8 and SMA of 18 weeks are crossed to the upside, following the medium-term trend.
These averages may function as dynamic supports when Bitcoin decides to pull back a bit.
Most likely, before this happens, a new all-time high will be reached. $ 20,000 for next week?
Technical analysis of the Bitcoin rally. Source: TradingView.
Bitcoin makes small pullbacks in search of demand, but there is less and less bullish force
What is seen on the weekly chart as a fairly widespread momentum, on the daily chart is seen as a succession of highs with less and less strength, generating a bearish divergence between the candlestick chart and the RSI.
However, there is still no short-term change in trend, and it seems that the small setbacks that Bitcoin has been making will be all it takes to find a new all-time high.
For the moment, the odds remain on the bullish side, but a correction is likely to begin soon. Don’t think that it will be a very long fall, it will just be a totally healthy little breath before continuing to climb.
Bitcoin price daily chart. Source: TradingView.
EYE, the Bitcoin rally is overheating only in the short term. The monthly chart tells us that the party is just beginning
Even though I’m talking about the momentum running out soon, this is only when we talk about the short term.
While on the weekly chart there is fairly widespread momentum, on the monthly chart all we have witnessed is just the beginning of what could be a big boost in the long term.
Markets are fractals, so we should always correlate what happens in different time frames.
Not because we see a volatile rise does it mean that there is no more room for profit, the same in the opposite case, a drastic fall does not necessarily indicate the death of an asset.
Bitcoin monthly chart. Source: TradingView.
Ethereum marks a new yearly high
After several weeks slowly resuming the medium-term uptrend, Ethereum has managed to mark a new yearly high.
We now have momentum developing, with the ground cleared to $ 620.
Not to mention the long-term trend that is being resumed, it could safely push Ethereum towards a new all-time high.
Ethereum vs US Dollar weekly chart. Source: TradingView.
Ripple is flying!
Without a doubt the one that has given the most spectacle this week. Even though the surprising Bitcoin rally is still nowhere near, Ripple could be kicking off a big bullish period with the jump it just took.
When we look at the weekly chart in a general way, we notice that the recent explosion of XRP is signifying the break of a consolidation in the shape of a triangle, developed during the long corrective period of this cryptocurrency.
Now with the resistance breaking at $ 0.3000, the long-term trend is resuming. This week’s 60% jump may just be the beginning.
Ripple price weekly chart. Source: TradingView.
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