- Bitcoin price pushes towards new five-month highs, tests prior May 12th sell-off levels.
- Ethereum price shows a massive bullish engulfing daily candlestick developing on the Monday trade session.
- XRP price positioning for the most bullish conditions it's seen since March.
Bitcoin price is now trading at the same levels that preceded the -50% corrective move from May 12th to June 22nd. Ethereum price is currently forming one of the most sought-after bullish candlestick patterns, the bullish engulfing candlesticks pattern, while also attempting to complete an Ideal Bullish Ichimoku Breakout entry. XRP price, finally, is in a position to catch up to its peers' performance and experience its first major bullish breakout since March.
Bitcoin price less than 15% away from its all-time highs
Bitcoin price continues its rally that began with the significant bullish breakout above the Cloud on October 4th. Since the beginning of October, Bitcoin has gained 30%. In addition to the significant rally, it has nullified all recent hidden bearish divergences, confirming a sustained move. New all-time highs are very likely if the momentum continues.
BTC/USD Daily Ichimoku Chart
There may be a pause in the really around October 20th when the next Kumo Twist rears its ugly head. If Bitcoin continues to push higher with the same momentum near the October 20th date, then Bitcoin price could experience a swift corrective move and a return to the Tenkan-Sen or Kijun-Sen – roughly a -15% to -33% drop. But that pullback will likely be a regular and fast corrective move. Near-term support is the Tenkan-Sen at $52,000.
Etheruem price nears confirmation of a bullish breakout, next all-time high target near $6,200
Ethereum price currently shows a rare and overwhelmingly bullish breakout setup. First, the Ideal Bullish Ichimoku Breakout entry is complete and confirmed if Ethereum can close the daily candlestick at or above $3,580. Second, the candlestick pattern itself, a bullish engulfing candlestick, is one of the strongest bullish candlesticks in Japanese analysis. It's rare even to have these two conditions play out simultaneously, and it should represent the beginning of an explosive move higher over the next couple of trade days.
ETH/USD Daily Ichimoku Chart
Bulls must avoid tunnel vision, however. As bullish as Ethereum price action is, the current condition would be the perfect bull trap. The Relative Strength Index remains in a position that provides substantial weight to any downside pressure. Buyers must confirm the breakout and sustain it to eliminate any remaining bearish warning signals.
XRP finally nears a bullish breakout
XRP price has undoubtedly been the laggard of the three cryptocurrencies discussed in this article. Bitcoin was the first rally, now Ethereum is poised to be next, and finally, XRP may have its day. There remains only one more condition on the daily Ichimoku chart for XRP to confirm an Ideal Bullish Ichimoku Breakout entry, which is close above the Cloud ($1.19). From there, XRP would be well-positioned to push to new three-year highs in the $2.50 to $3.00 value areas.
XRP/USD Daily Ichimoku Analysis
XRP bulls should watch for any intense weakness that could occur, specifically any daily close below $0.93. A close at or below $0.93 would position the Chikou Span and the current close below the Cloud and create the inverse of the Ideal Bullish Ichimoku Breakout – the Ideal Bearish Ichimoku Breakout. Sub $0.50 price levels would be very likely if that were to occur.
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.