Bitcoin has been a bit quiet during the course of the week, as it continues to digest gains sitting just above the $60,000 level. Bitcoin has recently seen a relatively parabolic move, so it is definitely worth spending a little time sitting back and waiting for that momentum to build. The MACD is turning lower but does not threaten negativity anytime soon.
It is also worth noting that the Bitcoin market currently forms a bullish flag, something that is being seen across the crypto world. When you look at total market capitalization of crypto in general, it is rising but it is more of a grind these days. Obviously, Bitcoin is the first place where you will see capitalization increase. At this point in time, it looks like Bitcoin, and the crypto market on the whole, are looking to build up enough momentum to make the next move higher.
Based upon the “measured move” of the bullish flag, Bitcoin should go looking towards the $85,000 level later this year, but when that happens is up for speculation. On a move above the $63,000 level, it is very likely that the market would then start to march towards those lofty levels, possibly sometime early next year. As far as selling is concerned, there is no real possibility of doing so until the market breaks significantly below the $50,000 level.
Ripple has been grinding away for most of the week but seems to be struggling near the $1.20 level. That being said, it is worth noting that the market is trending upwards in a bit of a channel, with a nice and well defined uptrend line from the middle of September. Perhaps getting through the regulatory hurdles in the United States may be the cure for what ails this market, but it seems as if it will eventually drag itself higher right along with other crypto.
At this point, the 50-day EMA sits at the $1.06 level, and should continue to offer a bit of technical support. To the upside, if the market could break above the $1.25 level, it opens up fresh buying to reach towards the $1.35 level over the longer term.
The Ethereum market continues to hover at all-time highs, although it did pull back just a bit on both Thursday and Friday. The market currently seems to be digesting the idea of $4500, but based upon everything on the chart, there is nothing negative in the forecast. If the market can continue to hover in this channel, it is very likely that Ethereum could see a move towards the $8000 level before it is all said and done.
It is worth noting that Ethereum is a little stretched at this point, but dips should see plenty of interest near the $4000 level, as well as the 50 day EMA which currently resides at the $3650 region. Look for Bitcoin to lead the way, as Ethereum will almost certainly follow the next move higher in its bigger cousin.