- Bitcoin price is in a difficult position as it eyes a retracement before heading to $50,000.
- Ethereum price eyes the $4,000 psychological level after massive consolidation.
- Ripple price ponders 50% ascent to $1.67 as consolidation continues.
Bitcoin price is currently experiencing a choppy action, while Ethereum and Ripple prices are undergoing consolidation. However, ETH and XRP might have a higher return than the big crypto since they are coiling up at crucial levels and might experience a potential upswing.
Bitcoin price eyes a higher high
After a recent crash, bitcoin price is currently consolidating under the 50% Fibonacci retracement level at $47,216. This descent might continue to head lower and retest the high probability reversal zone ranging from $45,309 to $46,427.
The 70.5% Fibonacci retracement level at $45,868 could be a perfect spot or reversal as it coincides with the demand zone extending from $44,705 to $46,031. Investors can expect a resurgence of buying pressure around this barrier, which pushes the big crypto to the resistance level at $49,024 and, in some cases, the $50,000 psychological level.
A decisive 6-hour candlestick close above $51,483 will confirm the start of a new uptrend that could usher Bitcoin price up to $56,361.
BTC/USDT 6-hour chart
Regardless of the bullish outlook, a breakdown of the $45,309 support level and failing to reclaim it will set up a lower low and suggest a lack of bullish momentum. However, a breach of the $43,927 demand barrier will invalidate the upswing narrative and opens up the possibility of a more significant downward move.
