The Bitcoin uptrend enters a $12,500 gap while keeping the newly established support firmly at $11,250.
Ethereum is likely to resume the uptrend to $400; the chain analysis shows the presence of minor obstacles.
Ripple rejected at $0.26 as a breakout to $0.24 approaches due to the formation of an upward triangle.
The cryptomino market took a new turn over the weekend after the return of volatility. Cryptomoeda’s flagship overtook $11,000 and tested resistance at $11,500. Other important assets, such as Ethereum and Ripple, also recorded impressive gains.
Altcoins with smaller market capitalizations especially resumed the bullish trend. As a result, some of the most enhanced digital assets include Monero, up 10%, and Ren, up 21% in the last 24 hours.
Bitcoin Price Focuses $12,000 on Short-Term
Cryptomoeda completed the step above $11,000 after a break in the symmetrical triangle pattern discussed last week. The $11,500 rejection involved the $11,250 support. For now, BTC is trading between $11,250 and $11,500. The Relative Strength Index (RSI) is horizontal at 70. In other words, the lateral price action is likely to continue, but a reversal due to overselling conditions is not yet out of the picture.
The IntoTheBlock IOMAP model reveals a decrease in vendor congestion to $12,000. A break above the initial resistance at $11,413 to $11,741 could propel BTC to the next target. Previously, about 924,000 addresses bought almost 587,000 BTC. The action beyond this range will open the door for gains by observing the psychological level of $12,000.
On the downside, Bitcoin receives a lot of support due to buyer congestion at lower levels. For example, the most robust anchorage ranges from $10,370 to $10,718. Here, approximately 1.7 million addresses have previously purchased about 1.1 million BTC. It is doubtful that Bitcoin will significantly reverse the current price level in the short term.
Ethereum enters another consolidation period
The giant smart contract token left several obstacles in the rearview mirror, including $360 and $370. The second largest encryption tested the next resistance at $380, reaching an imminent break. At the moment, ETH is hovering at $375 amidst negotiations between $370 and $380.
ETH / USD Chart
Looking at the IntoTheBlock IOMAP model, there is no significant resistance going for $400. Therefore, a break beyond $ 380 can cause Ether to make a rapid increase above $ 400. On the negative side, considerable support was highlighted in the range between $343 and $353. Previously about 849,000 addresses bought about 13.2 million Ether in the area. ETH/USD is likely to recover if a reversal occurs.
Ethereum IOMAP Chart
Ripple on the verge of a reversal
The XRP has resumed the uptrend after finding anchorage at $0.24 last week. Once again, the bulls overtook the resistance by $0.25, but failed to breach the barrier by $0.26. Meanwhile, the cross-border token is dancing at $0.255 while holding on the support of the rising triangle. A reversal to the $0.24 support is in sight, especially if the triangle support is broken.
XRP / USD Chart
The number of whales with between 100,000 and 1 million XRP continues to grow according to Santiment, the leading supplier of on-chain analysis in the industry. For example, in the last 30 days, addresses in this range have increased by about 650. The growth represents the increasing purchasing pressure behind the XRP. At the same time, it shows that whales are piling up in anticipation of the price blowing up in the short term.