Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to record rash move soon as Bollinger Bands contract

• Bitcoin price could fall 5% to the support confluence between 100-day SMA and horizontal line at $40,650 as boring chop continues.
• Ethereum price could revisit $2,200, a 4% correction, as the 50-day SMA proves impenetrable.
• A retest of the October lows around $0.4734 seems likely for Ripple price as XRP token holders show weakness.  

Bitcoin (BTC) price continues to record a boring chop, trading horizontally, with altcoins such as Ethereum (ETH) mimicking the price action. Meanwhile, Ripple (XRP) price continues to suffer in the hands of unmotivated traders.

Also Read: Week Ahead: Crypto markets to turn volatile as AI steals the spotlight

Bitcoin price likely to fall 5%

Bitcoin (BTC) price is trading within a range, consolidating between the centerline and the upper band of the Bollinger indicator at $41,895 and $44,210, respectively. With the two Bollinger bands contracting, BTC could record an impulsive or rash move soon.

The Relative Strength Index (RSI) is closely bearish, teasing with a cross below the signal line (yellow band). The Moving Average Convergence Divergence (MACD) also appears subdued with miniature volumes on the histogram bars. This is also reflected in the Awesome Oscillator (AO), tilting the odds in favor of the bears.

If the bears have their way, Bitcoin price could descend 5% to find support due to the confluence between the 100-day Simple Moving Average (SMA) and the horizontal line at $40,650. If this level fails to hold as support, BTC could extend the fall into the demand zone between $38,496 and $39,582. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend, potentially going as low as the $37,800 support.

BTC/USDT 1-day chart

Conversely, if bulls have their way, Bitcoin price could shatter past the upper band of the Bollinger indicator at $44,210. This could see BTC climb to $48,000, or in a highly bullish case, tag $50,000, nearly 20% above current levels.

Also Read: Bitcoin price gains strength as GBTC outflows shrink

Ethereum price could drop to $2,200

Ethereum (ETH) price action is almost similar to that of BTC. It could fall 4% to $2,200 as overhead pressure due to the 50-day SMA continues to build. The Proof-of-Stake (PoS) token’s price has made multiple attempts to breach this supplier congestion level to no avail.

With the RSI below 50, the AO and MACD in negative territory, and below the latter’s signal line (orange band), the odds favor the downside. Ethereum price could slip past $2,200 to test the 100-day SMA at $2,203. In a dire case, the fall could see ETH dip into the demand zone between $2,059 and $2,118.
 

ETH/USDT 1-day chart

On the other hand, increased buying pressure could see Ethereum price overcome the 50-day SMA to confront the $2,388 barrier. Flipping this into support could restore Ether into the ascending parallel channel, a gateway to more gains.

Also Read:  Ethereum monthly transaction count climbs to highest level since July 2022

Ripple price looks for pullback as XRP holders show weakness

Ripple (XRP) looks ready to fall as it is stuck below the foothold of the midline of the descending parallel channel. Increased selling pressure could see XRP price retest the October lows around $0.4734, with technical indicators showing an unmotivated holder community. This is seen by the waning momentum on the RSI below 50 and the position of the AO and MACD in negative territory.

XRP/USDT 1-day chart

On the flipside, enhanced buyer momentum could see XRP price breach the resistance due to the midline of the channel, bringing the $0.6000 psychological level into focus.

Also Read: XRP price trades broadly unchanged leading up to crucial milestone in SEC vs. Ripple lawsuit

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