Bitcoin’s price has surged by 8.89% over the past week, forming a right-angled descending broadening wedge pattern, a technical indicator that often suggests a breakout is imminent. If this pattern holds, Bitcoin could potentially rally by 27.6%, reaching $91,410. Achieving this level would be a significant milestone and could validate long-term bullish predictions for the cryptocurrency.

However, a more conservative target lies at the upper trend line of $71,600, which is a more realistic short-term goal. Bitcoin recently bounced off the lower trend line, and flipping $60,000 into a solid support level is crucial to sustaining this uptrend.

Bitcoin Price Analysis. Source: TradingView

Should Bitcoin fail to establish a safety net at $58,986, the price could tumble further, bringing $55,883 into play as a critical support level. This scenario would invalidate the bullish outlook and signal a potential downturn in Bitcoin’s current price action.

Ethereum Is Taking a Bullish Shape as Well

Ethereum is trading at $2,418, bouncing off the support at $2,344. This rather crucial support floor when last tested in August, resulted in the altcoin king jumping to $2,681. A similar move is expected from ETH over the coming days.

The next barrier for the cryptocurrency lies at $2,546 and breaching it would enable a rise to $2,681. Breaking this resistance level is unlikely given the current momentum but it would at least keep ETH from testing the downtrend line as support again.

Read more: How to Invest in Ethereum ETFs?

Ethereum Price Analysis. Source: TradingView

But if Ethereum’s price fails to breach $2,546, a drop to $2,344 again is likely. This would bring ETH back into a short-term consolidation and also invalidate the bullish thesis.

XRP Takes the Lead

Amongst the big three, XRP price managed to stand as the best performer as it rose by 12% in the past week. This brought the altcoin back above the 38.2% Fibonacci Retracement line, marked at $0.55.

The Ripple native token is now closer to breaching the resistance at $0.60, which coincides with the 50% Fib line. Flipping it into support would mark a three-week high for XRP price, enabling further rise.

XRP Price Analysis. Source: TradingView

But a failed breach of this resistance would dissipate the bullish momentum formed in the last few days. Rising selling pressure could further worsen the situation bringing XRP price to $0.55, and invalidating the bullish outlook.

The post Bitcoin, Ethereum, XRP Weekly Wrap – September 14, 2024 appeared first on BeInCrypto.

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