Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Range trade to extend?


  • The weekend recovery mode remains intact across the crypto market.
  • Top 3 widely traded coins to maintain its recent trading range, awaits fresh catalysts.       

The world’s no. 1 digital coin, Bitcoin, is seen struggling to catch up with the broader market recovery, as we head towards the weekly closing. However, the third most traded cryptocurrency, Ripple, remains the main laggard amongst the top three most favorite digital assets as it loses nearly 4.5% over the past week. Meanwhile, the first coin defends the minor bids, enjoying a market capitalization of $ 159.88 billion. The total market capitalization of the top 20 cryptocurrencies now stands at $243 billion, as cited by CoinMarketCap.

The top three coins are seen extending the recent trading range in the week ahead, with the key supports and resistances noted below, as indicated by the Confluence Detector.

BTC/USD: $ 8,880-8,900 – tough nut to crack

Bitcoin is trying hard to sustain the latest leg higher above the $ 8,800 mark, as it continues to face rejection around 8,880 levels, the strong confluence of the daily Bollinger Band middle boundary on the hourly sticks, , 38.2% Fibonacci retracement (Fib) of the daily and 10-4H Simple Moving Average (SMA).

Buying pressure will accelerate on a sustained break above the last, with the next supply zone aligned between 9k -9,064, the confluence of the round number and 38.2% Fib of the weekly price action coincide.

Despite the recent upside attempts, the path of least resistance could be to the downside, in absence of strong support levels that could guard the downslide, except for the one seen around 8,650, where the 161.8% Fib of the daily price move and 200-4H SMA coincide.  

 ETH/USD: Lacks directional bias

The recovery in Ethereum meets fresh supply on every attempt towards a pack of resistances located between 187.50-190, despite having taken out the key resistance near 185.50, where the Fib 38.2% and 23.6% Fib of the daily price action intersect with the critical weekly Fib 61.8%.

Only a break above the 190 handle could offer a fresh zest to the ETH bulls.

To the downside, the immediate support of 161.8% Fibonacci retracement of the daily price action and 200-4H SMA around 181.50 will be tested. On a failure to resist the last, the price could slump to 170 levels amid a lack of alignment of the strong supports.

XRP/USD: Further falls likely below $ 0.2770/50 - key support

Ripple is seen consolidating around 0.2800 levels, as the bulls gather pace for a test of a strong resistance placed between 0.2870-0.2898 (38.2% Fib of the weekly as well as monthly declines).  

A break above that level, the coin is likely to face the next strong resistance near $ 0.3000, the confluence of the Fib 23.6% (month) and 61.8% of the weekly movement.

The price risks further downside should it breach the daily lows of 0.2768. The next support awaits at 2,709/10, where the previous low and Fib 61.8% of the month’s action coincide.

See all the cryptocurrency technical levels.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD stuck hopelessly between strong resistance and support levels

After three consecutive bearish days, BTC/USD bulls are mounting a weak comeback. So far this Thursday, they managed to pick up the price from $8,085 to $8,102. The daily confluence detector shows us that currently, the price is stuck ...

More Bitcoin News

Litecoin price analysis: LTC/USD trends in a downward channel formation

LTC/USD is currently priced at $55 and has had a bullish start to this Thursday. The daily price chart is still trending in a downward channel formation. The hourly chart for Wednesday and Thursday shows us that the price  ...

More Litecoin News

Tron price analysis: TRX/USD must defend the falling channel for dear life

Tron is disintegrating within a falling wedge pattern. The declines come after a failed attempt to rise above the resistance at $0.023. A lower high and lower low pattern has been the norm in the last three weeks.

More TRON news

Bitcoin Cash price update: BCH/USD future is still bright, $300 is the rendezvous

Bitcoin Cash recently tested $230 during the slump that shuttered various tentative support areas including $280, $260 and $240. Ranging channel support ($270) was also broken. Following the drop, an effort has been made to ....

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast

BTC

ETH

XRP