Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bearish bias intact despite tepid recovery attempts
- Major cryptocurrencies look to recover, Bitcoin battles $10,000.
- Top 3 widely traded coins to face key resistances, keeping the upside in check.
The world’s no. 1 digital coin, Bitcoin, is seen driving the broader market recovery, as we progress towards the weekly closing. However, the third most traded cryptocurrency, Ripple, fails to benefit, as it continues to lose nearly 4% so far this Sunday while the first coin returns to the green zone, enjoying a market capitalization of $ 179.89 billion, up from $ 178.98 billion seen in early trades. The total market capitalization of the top 20 cryptocurrencies now stands at $264 billion, as cited by CoinMarketCap.
Following are the key technical levels for trading the top 3 cryptocurrencies in the week ahead, as indicated by the Confluence Detector.
BTC/USD: $ 10,140 is the level to beat for the bulls
Bitcoin is trying hard to extend the recovery above the $ 10k mark, as it faces the immediate resistance around 10,036-85 levels, the strong confluence of the daily Bollinger Band lower boundary, previous low on the hourly sticks, 38.2% and 23.6% Fibonacci retracement of the daily and monthly price action respectively.
If the bulls break through the above supply zone, the recovery in the BTC/USD pair will gather momentum, with the next hurdle seen near 10,140 region, where the critical 61.8% Fibonacci retracement of the daily and weekly price action coincide.
On the flip side, the path of least resistance seems to the downside, despite the latest recovery attempts, as the coin finds limited strong support levels that could restrict the recent bearish momentum.
ETH/USD: Sell the bounce circa $ 216
The recovery in Ethereum from the daily lows of 207.32 continues to run into offers near 213.30 region in Sunday’s trading in running, as the sellers dominate ahead of a bunch of resistances stacked up between 215.75-216.25 levels, the 23.6% Fibonacci retracement of the weekly and daily decline.
Buying interest is likely to resurge above that level, with the next upside barrier seen directly around the 220 handle, the monthly R1 pivot point.
To the downside, the key support of 38.2% Fibonacci retracement of the weekly price-action at 210.15 will be tested. Should the bulls fail to defend the last, the price could fall sharply to 204 levels, in absence of the alignment of the strong supports.
XRP/USD: Further falls likely below $ 0.2750 - key support
Ripple is seen consolidating the drop to 0.2750 lows, as a sustained recovery above the 0.28 handle remains elusive amid a couple of resistances (classic daily S2 and Bollinger band support on the 4-hour chart) aligned around 0.2810 region.
A break above that level, the coin is likely to face the next strong resistance near $ 0.2825, the confluence of the 4-hour 50-SMA, 10 and 200-hourly SMAs.
The price risks further downside, as the bears are seen testing the bears’ commitment near 0.2772. A breach of the last would expose the critical 38.2% Fibonacci retracement of the monthly price-action around 0.2750, below which the rates could test the 0.27 handle.
See all the cryptocurrency technical levels.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
