Top 3 Price Prediction Bitcoin, Ethereum And XRP: Upward Momentum Hits Pause

Cryptocurrencies across the board rebounded strongly on Thursday, in a way reminding investors that we are still in a bull market. Some altcoins such as Chainlink (LINK) and Synthetix (SNX) rallied massively, posting gains above 20% in the last 24 hours. Bitcoin, Ethereum and XRP also resumed their uptrends but slowed down before making huge strides above critical levels.

As reported, the rebound saw the total market capitalization grow from Thursday’s $320 billion to the current $337 billion. A minor change in the volume traded was recorded from $92 billion to $94 billion according to the data by CoinMarketCap. The market is mainly in green, while some cryptocurrencies are showing signs of a further upward correction.

Cryptocurrency market cap 

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Crypto market chart

Bitcoin braces for a challenging ride ahead

The flagship cryptocurrency confirmed the bull flag pattern discussed on Thursday, topping $10,800. However, the impressive rebound lost steam on failing to disperse the seller congestion at that level. A retreat has been underway, with BTC revisiting levels beneath $10,700. The exhaustion the bulls are facing is highlighted by the retreating Relative Strength Index (RSI). Consolidation would most likely come into the picture before Bitcoin embarks on the journey of breaking barriers to $12,000.

The first key resistance is highlighted at $10,800 (an area that functioned as support between September 16 and September 20). Attempts to resume the uptrend to $12,000 must be ready to tackle resistances two and three at $11,000 and $11,200, respectively.

BTC/USD 4-hour chart

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BTC/USd price chart by Tradingview

The retracement will likely retest initial support at $10,600. A reversal to the primary support between $10,000 and $10,200 may find refuge at the 100 Simple Moving Average and the 50 SMA in the 4-hour range.

IntoTheBlock’s IOMAP model exposes that the bellwether cryptocurrency’s path to $12,000 will be challenging. For instance, the initial resistance between $10,698 and $11,007 is strong enough to delay the uptrend. About 936,000 addresses previously bought 516,660 BTC in this range. A spike above this zone would probably not make it past the most significant resistance at $11,316 - $11,644. Here, 1.13 million addresses previously purchased 667,890 BTC.

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