• Bitcoin price shows strength as it bounces off the 200 three-day SMA, eyeing a retest of the yearly open.
• Ethereum price tries to overcome the volume point of control at $3,129 in an attempt to rally higher.
• Ripple price is on the verge of breaching the $0.77 hurdle as bulls set their eyes on $1.

Bitcoin price has shown considerable strength as it bounces off a crucial support confluence. This bounce is similar to the last two retests that led to a massive upswing. Therefore, Ethereum, Ripple and altcoins are likely to have a green week.

Bitcoin price kick-starts its journey

Bitcoin price has set up three higher highs and higher lows since January 13, which when connected using trend lines, show an ascending parallel channel. As mentioned in previous articles, the latest tag the lower trend line and the 200 three-day Simple Moving Average (SMA) has already begun propping up Bitcoin price 

If the resulting upswing is like the last two retests, investors can expect a massive run-up to the yearly open at $46,198. In a highly bullish case, clearing this barrier could extend the uptrend to the $50,000 psychological level.

BTC/USDT 3-day chart

A daily candlestick close below the $34,752 support level will invalidate the ascending parallel channel and the bullish thesis while opening the door for a crash to $30,000 or lower.

Ethereum price back in bulls’ control 

Ethereum price action is still stuck between the support cluster, extending from $2,800 to $3,000 and the volume point of control at $3,129. A breakout to the upside could trigger a bullish move to retest the 200-day SMA at $3,495. If buying pressure increases, however, ETH could extend and revisit the low-volume node at $3,703. 

The point of control is the level where the highest volume for an asset was traded.

In some cases, Ethereum price could move higher and tag the next high-volume node at $4,040. High-volume nodes are levels where the asset was traded with a huge volume and hence tend to serve as support and resistance levels.

ETH/USD 1-day chart

A breakdown below $2,820 will create a lower low and invalidate the bullish thesis. This development could crash ETH to the next high-volume node present to the downside at $2,584.

Ripple price to restart its ascent

Ripple price is already grappling with the 2022 volume point of control at $0.76 and is likely to flip it to a support level soon. Since the altcoin has already tagged the buy zone, extending from $0.62 to $0.68, the resulting rally could propel XRP by 19% and tag the range high at $0.916.

A swift move above the $0.916 hurdle could trigger a further ascent to the $1 psychological level. This uptick will allow market makers to collect buy-stop liquidity and form a local top.

XRP/USD 1-day chart

Despite the bullish outlook, if the big crypto takes a U-turn, the rest of the market including Ripple could come crashing down. In such a case, if XRP price breaks below the $0.601 support level it would produce a lower low and thereby invalidate the bullish thesis.