- Bitcoin price inches closer to a breakout from the falling wedge pattern.
- Ethereum price is retesting the upper trend line of the descending parallel channel, suggesting a breakout is around the corner.
- Ripple price is relatively less bullish, showing a lack of buying interest among investors.
Bitcoin price is exuding bullishness after the China FUD knocked it down. This optimism has helped Ethereum and other altcoins rally.
Ripple, however, is still stuck below a stiff barrier, unable to crossover.
Bitcoin price coils up
Bitcoin price has been sloping downward since the September 7 swing high at $52,956. Since then, BTC set up multiple lower highs and lower lows that converged as descent progressed. Connecting trend lines with these swing points reveals the formation of a falling wedge.
Although Bitcoin price has rallied over the past day or two, it has failed to retest the upper trend line. Assuming the buying pressure continues to rise, a breakout confirmation will arrive after BTC produces a decisive close above $44,893. In which case, Bitcoin price could likely continue climbing to retest $46,856 and its intended target at $49,725.
BTC/USDT 12-hour chart
On the other hand, if the BTC price fails to break out of the trend line, it will indicate weakness among the bulls. Such a development could give the sellers the upper hand, pushing it toward the 50% Fibonacci retracement level at $41,126.
However, a breakdown of $38,287 will create a lower low and invalidate the bullish thesis.
