Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto bulls unfazed by flash crash


  • Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure.
  • Ethereum price action mixed post-all-time high rejection.
  • XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

Bitcoin price closed more than 5% lower on the Thursday session, but buyers have stepped in to hold the Tenkan-Sen as support. Ethereum price action shows that the recent rejection has caused some indecision. XRP price does not have far to move to initiate a massive bullish breakout.

Bitcoin price continues to find buyers at the Tenkan-Sen

Bitcoin price has shown resilience and conviction since creating new all-time highs. There were broad concerns that due to Ethereum’s rejection of new all-time highs, Bitcoin might suffer a robust corrective move below the $60,000 value area. Although the Binance.US exchange did have an anomalous wick that saw Bitcoin return to the $8,000 level –that was the exception. If buyers can maintain the Tenkan-Sen as a primary support zone, then a move to test $70,000 is next.

BTC/USD Daily Ichimoku Chart

Market participants should be wary of the weekend. Weekends are notorious for whipsaws in price action and major sell-offs, especially on Sunday. Watch for sustained breaks below the Tenkaan-Sen to test the Kijun-Sen near the $55,000 value area.

Ethereum price may trap short-sellers if bulls push higher

Ethereum price action was almost comical during the Thursday trade session, with sellers preventing Ethereum from making new all-time highs by just $2.70 (depending on the exchange data). Even though Ethereum closed 7% below the Thursday high and 2.5% below the open, buyers at first appeared undeterred. Some weakness and selling pressure have been observed during the New York lunch hour. Like Bitcoin, Ethereum has found buyers near the Tenkan-Sen. If bulls can hold the daily close above the Tenkan-Sen, another test of new all-time highs appears inevitable.

ETH/USD Daily Ichimoku Chart

However, watch for signs of selling pressure as the weekend approaches. The black vertical line represents where the nearest Kumo Twist (when Senkou Span A crosses above or below Senkou Span B) is located. Kumo Twists often mark turning points for markets that have been trending strongly at the time of the Twist. Thus, the upcoming weekend would be a perfect opportunity for short-sellers to push Ethereum price lower to test Kijun-Sen at $3,575 or Senkou Span B  at $3,350.

XRP price action frustrates bulls and bears

XRP price has spent the past two weeks trading in a very constricted trading range. The bodies of the daily candlesticks have been limited to $1.08 on the low side and $1.16 on the high side. From an Ichimoku perspective, XRP has fulfilled all conditions to confirm an Ideal Bullish Ichimoku Breakout – buy buyers need to step in and push Ripple higher. A close at or above $1.17 would likely be sufficient for XRP to begin a 50% upswing towards the $1.60 - $1.70 value area.

XRP/USD Daily Ichimoku Chart

As the weekend approaches, bulls will want to be cognizant of any strong push south which could cause a daily close below the Cloud. A close at or below $1.03 could be an early warning sign of some imminent selling pressure. If sellers were to push XRP price low enough to cause the Chikou Span to close below the candlesticks ($0.88), then a brand new bear market would likely begin for XRP.

 

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

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

BTC

ETH

XRP