- Bitcoin price will undo the bearish outlook if it can turn the $24,565 resistance level into a support floor.
- Ethereum price attempts to reclaim the $1,730 level but depends massively on BTC’s directional bias.
- XRP price hints at a potential 12% rally but this move has a small time window to complete its objective.
Bitcoin price shows a resurgence of buying pressure as the eastern markets open fresh to a new week. This development, while bullish, could turn sour if BTC fails to overcome a significant hurdle. Assuming this occurs, the recent surge in Ethereum, Ripple and other altcoins could also quickly come undone.
Bitcoin price takes another jab
Bitcoin price fractal explained earlier is still in play, however, the recent surge in bullishness has caused BTC to slice up through the $23,383 to $24,198 supply zone. This move could extend until the one-hour price inefficiency at $24,362 is tagged.
This is the point of no return for bears and hence has to be defended. However, if BTC bulls take control and flip the $24,565 resistance level into a support level, it will invalidate the fractal formation and trigger a rally to $28,000 or $29,000.
BTC/USDT 4-hour chart
Regardless of the bullishness, if BTC fails to move past the $24,362 level, it will indicate that the bearish outlook remains intact. In such a case, investors can expect Bitcoin price to return to the 200-week Simple Moving Average (SMA) at $22,794.
A breakdown of the 30-day Exponential Moving Average (EMA) at $22,694 will confirm the start of a bearish regime and open the idea of a crash to $21,440 and $21,115.