Bitcoin price buoyed again by an unusual tweet from Elon Musk, lifting the bellwether cryptocurrency beyond the highs established by the El Salvador legal tender news.
With the tool of Twitter, Elon Musk triggered a 10% spike in Bitcoin price, indicating that if the renewal energy used for the Bitcoin network exceeded 50%, he would consider allowing bitcoin transactions again.
The unexpected spike has catapulted Bitcoin price near the omnipresent resistance layered between $41,581 and $44,622.
The resistance will prove formidable, and the concerning lack of volume underpinning the bounce from the bullish hammer candlestick pattern on June 8 may portend a few stumbles.
The BTC death cross in March 2020 coincided with a swing high and was followed by a minor pullback before the rally resumed.
First and foremost, Bitcoin price needs to a daily close above the 50-day SMA at $44,618 to firmly place BTC on the path to chase the all-time high of $64,899.
On the whole, Bitcoin’s social volume data indicated a strong crowd reaction to the El Salvador news, which many hyped as the turning point for Bitcoin price fortunes moving forward.
Musk’s tweet was matched by renewed social volume but well below the levels reached on the El Salvador news.
Still, it has now moved into its fourth week of duration, transitioning it to a symmetrical triangle.
The London hard fork update is only a couple of weeks away.
Nevertheless, the current governing technical pattern and the pronounced underperformance versus Bitcoin as measured by the correlation coefficient implies that the hard fork may experience some glitches or setbacks.
Ethereum price is nearing the apex of the symmetrical triangle, suggesting that a breakout or breakdown is coming soon.
XRP price had been marching lower after triggering the bear flag on June 3, without the impulsiveness often characteristic of such patterns.
Beginning after the May 23 low at the 200-day SMA, XRP price has defended the critical price range framed by the November 2020 high at $0.78 and the neckline of a multi-year inverse head-and-shoulders pattern at $0.760.
The measured move of the bear flag pattern, determined by the percentage length of the flagpole, is approximately 55%, establishing $0.422 as the target.
On the upside, XRP price would need to begin with a daily close above $1 and the 200 twelve-hour SMA at $1.018 before engaging a bullish outlook.
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