Bitcoin Fails at $120K, XRP Triangle Tightens, Ethereum Eyes $5K
In recent sessions, Bitcoin failed to break above the critical $120,000 resistance, retreating after two attempts. Rising 26-day and 50-day EMAs are converging on the price, compressing the market. Trading volume was weak, suggesting these could be false breakouts. If buyers cannot push Bitcoin above $120,000 on strong volume, the focus shifts to immediate support at $116,350 and $114,380. A decisive breakout could propel Bitcoin to new record highs.
XRP is trading inside a symmetrical triangle pattern as it approaches the formation’s apex. Declining volume indicates consolidation before a likely volatility spike. A breakout above the triangle’s descending trendline could target the $3.70 swing high, while a breakdown below support may revisit $2.83 and $3.06, near the 50-day EMA.
Ethereum dominance remains strong. The price has cleared resistances at $3,000 and $4,400, granting an open path to the $5,000 psychological level. However, muted volume and a bearish RSI divergence warn of a possible short-term pullback or consolidation before any further advance.
Neutral
The report delivers mixed signals. Bitcoin’s repeated failure at $120,000 resistance and weak trading volume raise short-term bearish concerns, pointing to potential consolidation or pullback toward $116,350–$114,380. XRP’s symmetrical triangle could trigger either a bullish breakout to $3.70 or a bearish drop to $2.83–$3.06, making its direction uncertain. Meanwhile, Ethereum’s clear path to $5,000 signals continued bullish momentum, yet low volume and a bearish RSI divergence suggest a near-term pause or retracement. Historically, similar scenarios—where one major asset stumbles while another advances—have produced sideways market behavior as traders await clear directional cues. Consequently, the combined effect is likely neutral, with potential volatility spikes but no decisive trend shift in the immediate term.