- Bitcoin price shows signs of rallying to $35,000 at the start of a new week.
- Ethereum price is likely to follow BTC and trigger a 22% run-up to $2,541.
- Ripple price faces multiple hurdles that could subdue its bullish momentum.
Bitcoin price has been coiling up around the base of a range for quite some time. Monday’s range formation, however, indicates that an up move is likely in the coming days. Investors can expect Ethereum, Ripple and other altcoins to do the same.
Bitcoin price presents a bullish opportunity
Bitcoin price is still navigating a range extending from $29,700 to $32,627. Although the low has been swept, a concerted move higher seems unlikely due to the coincidence of Monday's high and weekly open at $31,268 providing resistance.
Investors will need to wait for a sweep of Monday’s low at $29,027 to contemplate going long BTC. On the other hand, if BTC penetrates and then flips Monday’s high at $31,268, it will reveal a stronger conviction amongst buyers and suggest a rally is likely.
In such a case, Bitcoin price could first retest the range high at $32,676. Clearing this hurdle would open the path to $34,752. Investors can expect the upside for BTC to be limited to $35,000.
BTC/USD 2-hour chart
A decisive candlestick close below $28,500 without a quick recovery will indicate that the bulls are weak and invalidate the short-term bullish thesis. In such a case, BTC could revisit $26,802 before reevaluating its directional bias.