Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos stagnate but one readies to explode


  • Bitcoin price action continues to trade in a constricted manner.
  • Ethereum price fizzles after hitting new all-time highs.
  • XRP price is best positioned to establish a new run at all-time highs.

Bitcoin price finds strong support against key Ichimoku levels, but buyers have seemingly dried up. Ethreum price may be positioning for a retest of the Tenkan-Sen or Kijun-Sen. Ripple is likely to outperform Bitcoin and Ethereum if it can find buyers.

Bitcoin price maintains a flat, short term range but hints at a possible breakout

Bitcoin price action shows the current daily candlestick could be developing a second consecutive inside bar. If that occurs, then a rare but powerful three-bar candlestick pattern known as a Bullish Squeeze Alert will be confirmed. According to Michael C. Thomsett, author of the Bloomberg Visual Guide to Candlestick Charting, the Bullish Squeeze Alert is one of the strongest reversal patterns in Japanese candlestick charting. One of the critical rules to this pattern is that the first bar is black/red, but the following two candlesticks can be of any color. If confirmed, the Bullish Squeeze Alert may presage Bitcoin’s rise to the $77,000 value area.

BTC/USD Daily Ichimoku Chart

Any continued bullish momentum will be invalidated if Bitcoin price closes below the October 26th swing low of $58,317.

Ethereum price pauses at the 61.8% Fibonacci expansion level

Ethereum price did not experience much buying follow through after hitting new all-time highs on Wednesday. But it hasn’t sold off either. The closest support level acting as support is the 61.8% Fibonacci expansion at $4,493. However, Ethereum may consider closing the gap between the bodies of the last three candlesticks and the Tenkan-Sen. If that were to occur, then Ethereum would dip down to $4,280. Absent any buying at the Tenkan-Sen; sellers may push Ethereum to the Kijun-Sen as $4,000. That is the final Ichimoku support level before Senkou Span B at $3,350.

ETH/USD Daily Ichimoku Chart

While a sell-off appears unlikely given the current bullish sentiment and inflows into the altcoin market, the dangers to the downside remain. But any new all-time high could likely invalidate any deeper retracement. This is especially true of Ethereum holds the $4,500 and develops a new floor.

XRP price must remain above the Cloud to begin a new bull market

XRP price may surprise the cryptocurrency market this weekend. Out of the three cryptocurrencies discussed in this article, Ripple is best positioned to experience a massive rally. However, to do that, it must remain above the Cloud, and the Chikou Span must remain above the candlesticks and in open space. Ripple must close at or above $1.15 to keep the Chikou Span above the candlesticks.

XRP recently broke out above the Cloud on Wednesday with a substantial 7% gain. Since then, XRP price has traded lower. The current price action is likely just a retest of the breakout – a necessary move to begin any new uptrend. If Ripple finds buyers to maintain support at $1.15, market participants may see new two-month highs and a probable push towards $1.50.

XRP/USD Daily Ichimoku Chart

If Ripple were to face a sell-off and a daily below $0.99, that might be the death knell for any hope of bullish momentum in 2020.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury. 

More Bitcoin news

Crypto.com bulls maintain tentative support zone as CRO bulls target $0.50

Crypto.com price continues to face challenges above the $0.40 price level. Strong selling against the Tenkan-Sen at $0.40 tests buyers' conviction – failure to break above the Tenkan-Sen signals continued weakness.

More Crypto.com news

Polkadot price develops support to return to $30

Polkadot price is holding, so far, the $20 value area as its primary support zone. The recent downtrend and sell-off in the cryptocurrency market has positioned DOT in a strong support zone and one that will likely create the bottom it needs to pursue its next uptrend.

More Polkadot news

Ripple buys back $200 million worth of shares, set to go public at the end of the lawsuit

Ripple bought back $200 million worth of Series C shares from its lead investor, a UK-based investor firm. The payments giant strengthened its balance sheet, set to go public at the end of the SEC vs. Ripple lawsuit.

More Ripple news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP