Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Sell the rallies– key theme ahead?
- Crypto markets uninspired by short-lived optimism.
- Top 3 widely traded coins to shed 4+% each on the week.
The world’s no. 1 digital coin, Bitcoin, is seen fading its tepid recovery from 2.5-week lows of 7,007, as we head towards the weekly closing. However, the second most traded cryptocurrency, Ethereum and Ripple, both cling to minor recovery gains so far this Sunday but the further upside lacks momentum, as sellers continue to lurk. The total market capitalization of the top 20 cryptocurrencies now stands at $195.25 billion, as cited by CoinMarketCap.
The top three coins are seen resuming last week’s downtrend into a fresh week ahead, with FXStreet’s Confluence Detector tool enabling to highlight key supports and resistances for better trading decisions.
BTC/USD: Bears headed to November lows
As explained here, Bitcoin failed to sustain it recovery near the $ 7,200 mark, as stiff resistances are aligned there, with the confluence of the previous high on the 4-hour chart and 23.6% Fibonacci Retracement (Fib) level of the weekly price action.
However, if the bulls manage to take out the last, the next resistance near the 7,265 region, the 23.6% Fib of the monthly price action. A break above which will expose the 10-day Simple Moving Average (DMA) at 7,332.
Given that the bears have returned, a test of the 2.5-week lows at 7,007 is back on sight. Note that the multi-week lows also intersect with the Pivot Point 1 Week S1 and Bollinger Band 1D lower, making it a critical demand zone. Should this support be breached, it is likely to accelerate the downside momentum towards 6,750 – Pivot Point 1 Week S2.
ETH/USD: Stiff resistances are packed just ahead of 144
Ethereum has pared the recovery gains, as a pack of resistances just ahead of the 144 handle restricts its every upside attempt. The resistance zone is a confluence of the Fib 38.2% 1W, previous high on the 4-hour chart and Pivot Point 1D R1.
A sustained break above the last will intensify the recovery momentum towards the next resistance aligned near 147.50, where the 23.6% 1M and 61.8% 1W coincide.
To the downside, the earlier support around 143, the intersection of the 38.2% Fib 1D and previous low on the 15-minutes sticks, is already breached, opening floors for further declines towards the 140 handle – the previous week low.
XRP/USD: Bearish bias intact while below 0.2225
Ripple is seen consolidating around 0.2170 levels, as the immediate upside remains capped near the 0.2180 region (38.2% Fib 1D/ 5-HMA).
A break above that level, the coin is likely to test the day’s high at 0.2197 beyond which the 0.2220-0.2225 supply zone will grab buyers’ attention. That level is the key confluence of the 200-HMA, 38.2% Fib 1W and 100 4-hour SMA.
On the flip side, the next support is directly seen near 0.2157, which is the previous week low. Sellers are likely to aim for the minor support of the Pivot Point 1W S1 at 0.2135 if the bearish momentum picks up pace.
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.
