- Bitcoin price slides lower, hinting at a retest of the 50 weekly SMA at $44,778.
- Ethereum price prepares for a 16% breakout from the falling wedge pattern.
- Ripple price could see an 11% ascent to $0.96 as it prepares for a second leg-up.
Bitcoin price is moving sideways, trapped between crucial weekly moving averages. This consolidation has had a positive knock-on effect on Ethereum price which is setting up a bullish pattern ready for a breakout. Ripple, on the other hand, has already embarked on a climb and is preparing for its second leg-up.
Bitcoin price anticipates short-term losses
Bitcoin price is in a slow downtrend and looking to retest the 50-week Simple Moving Average (SMA) at $44,778. While this development will see BTC shed roughly 3%, it could result in a bounce, triggering a bullish outlook.
A successful bounce off the said SMA will open the path to retest the 21-week SMA at $51,256 and, in a highly bullish case, the $53,709 resistance level. If the bid orders continue to pour in, the pioneer crypto is likely to continue its ascent and tag the $57,845 barrier.
Regardless, investors need to note that this bullish outlook is contingent on a successful bounce off the 50-week SMA at $44,778.
BTC/USD 1-day chart
If Bitcoin price slices through the SMA at $44,778, there is a good chance it will continue its descent to $40,596 to collect the liquidity resting below it. A daily close below $44,778 will invalidate the bullish thesis detailed above.
