• Bitcoin price breaks above the descending trendline on Sunday, signaling a potential bullish momentum in the near future.
• Ethereum's price surges above the $3,240 level, marking a shift in market structure from bearish to bullish.
• Ripple's price breaches the daily resistance level at 0.499 on Saturday, signaling a potential bullish trend on the horizon.

Bitcoin (BTC) surged past its descending trendline on Sunday, suggesting bullish momentum ahead. At the same time, Ethereum (ETH) and Ripple (XRP) swiftly followed suit, breaking through their respective major resistance levels and paving the way for a bullish trajectory.

Bitcoin price sets for a rally following trendline breakout

Bitcoin price broke above the descending trendline on Sunday, trading 1% up at $61,365 on Monday. The trendline is formed by connecting multiple swing high levels from early June to mid-July.

If the trendline holds as pullback support around the $58,357 level, which coincides with the weekly support level, BTC could rally 9% from that level, targeting its daily resistance level of $63,956.

The Relative Strength Index (RSI) on the daily chart is trading above the neutral level of 50, and the Awesome Oscillator (AO) is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. Such a development would add a tailwind to the recovery rally.