TOP 3 price prediction Bitcoin, Ethereum, Ripple: Double-digit rises open up bullish opportunities

• Bitcoin launches over 10% higher, with about 22 USD billion getting into the market.

• IBM announces the creation of a cryptocurrency with a fixed 1:1 rate pegged to the USD.

• The short-term outlook is now bullish after key technical levels have been broken.

Many weeks have come and gone since we saw the latest double-digit percentage rise in Bitcoin. Just one day of rises doesn’t set a trend, but the width of the movement sends a strength signal that was very much needed for the bulls.

I don’t actually think that the IBM announcement is the real trigger behind the rise, as we had been seeing some bullish hints in the technical analysis for several days. But tailwind always helps, and that’s what we got yesterday from that news.

Next trading sessions will be key for the mid-term outlook as if we don’t see more rises, the technical picture will show plenty of doubts and bears could come back strong. Let’s see what the charts are telling us.

BTC/USD 240 Min

Bitcoin is trading at $7,431 early in the morning on the European session, keeping the levels gained in the last 12 hours. The recent high is $7,542, but the most important thing is to keep the price above $7,400 after the close. At this price level, BTC/USD will enter a short-term bullish mode, just pending on the outcome of a future encounter with the channel's ceiling at around $9,400, which if exceeded could signal a change in the medium-term outlook.

Bullish Scenario: If BTC/USD manages to hold its support at $7,400, its first bullish target is $7,850, followed by $8,400 and $8,800. At 240-Min, BTC/USD moves above its moving averages, so movements can be accelerated and ranges can be extended.

Bearish Scenario: Possible opportunity to open a bearish trade if BTC/USD closes below $7,400, with a stop at $7,475 and a primary target at $7,100. The second bearish target would be $6,850, with an extension to $6,750. The first moving average at 240 min is the EMA50, which is currently at $6,618.

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The MACD at 240 Min has improved its structure and has gained in amplitude and inclination. A possible downward lateral movement to regulate excesses, while maintaining a strong upward potential.

The Directional Movement Index shows buyers gaining ground while sellers only have reacted in the last hour, looking to take advantage of a technical setback that could set up some good profits. ADX accompanies the rise and reinforces a continuation of the trend.

ETH/USD 240 Min

Ethereum has its key level to keep at $500. It moves a few dollars lower at the time of this writing, although the relevant input will be given at the close of the candlestick. ETH/USD and BTC/USD have not risen as much, and this means that moving averages are much closer and their influence is still important.

Bullish Scenario: Once I've made clear the importance of staying above $500, a hypothetical bullish move would have the first target at $520, the second target at $545 as a resistance gain and $550 as a bullish escape level. If ETH/USD exceeds this last level, the target would be $620 as a stop, before a potential attack to the roof of the bearish channel that would be around $640. As long as the roof of this channel is not breached, ETH/USD will continue its bearish trend in the medium term.

Bearish Scenario: In the case of a bearish move, we should look for $485 as the primary target. The second downward target at $470 on the EMA50 at the moment. Further down, support at $460 as the last price level prior to the channel's base at $435 and a bearish gateway in the long term.

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The MACD at 240 Min has improved its settings but has not reached the BTC/USD levels. It also shows a certain exhaustion, so that Ethereum can be the reference to follow the consolidation process.

The Directional Movement Index shows buyers at high levels while sellers have gone to minimum levels despite a recent rally possibly caused by an attempt to take advantage of the profit taking. The ADX continues at the price level and is accelerating without showing any weakness for now.

XRP/USD 240 Min

Ripple, which I criticized yesterday for its lack of traction, seems to have taken it seriously. Of the three assets analyzed, XRP is the one that stands better above its key level. It has left a relative high at $0.524, with the important level to hold at $0.505. As in the previous ones, the scenario continues to be bearish in the medium term, and it will continue to favor the bears until Ripple does not breach the bearish trend line that now stands at $0.60, the one XRP/USD can probably face at $0.58 if it continues to rise.

Bullish Scenario: Ripple is very close to the medium-term bullish scenario. With a 10% price increase, XRP/USD would change the scenario to bullish in the medium term and, with it, the return to prices above the unit. To do this, Ripple must first breach the $0.547 level. Next up is $0.583, where, as I said, XRP/USD would probably meet its downtrend line.

Bearish Scenario: On the downside, the key level to hold for the XRP/USD is at $0.505, with the bears targeting in the short term $0.48, where the SMA200 is located. In the event of losing this second support, the third target is the strong support of $0.466, where the 100SMA, 50EMA and a level of congestion per price meet. Below there, the only benchmark for Ripple would be below the recent lows by $0.42.

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The MACD at 240 min has considerably improved its bullish structure and has gained in opening and inclination. It has room for development, as it does not yet show signs of exhaustion.

The Directional Movement Index shows buyers in control but with some exhaustion as the sellers have withdrawn completely, with small reactions after each level conquered. ADX follows perfectly the price and still shows no sign of loss of momentum.

 

 

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