Top 3 Price Prediction for Bitcoin, Ethereum, XRP: Crypto markets look for a floor as risks remain

  • Bitcoin price nears completion of anticipated gap-fill between the weekly candlestick and the Tenkan-Sen.
  • Ethereum price corrects as Gann's 'Death Cycle,' and overbought Ichimoku conditions weighed on any further upside potential.
  • XRP price is overwhelmingly bearish – but the Point and Figure chart shows a massive bear trap could be developing.

As discussed earlier this week, Bitcoin price action has moved to a threshold that will cover the Ichimoku gap that was preventing higher prices. Ethereum price faced the same cyclical and technical warning as Bitcoin and corrected in a likewise manner. XRP price could be positioned for a swift and explosive move higher if certain conditions are met.

Bitcoin price dives 15% for the week; weekend price action could generate even more selling pressure

Bitcoin price began the week with a series of consecutive gaps between the bodies of the weekly candlesticks and the Tenkan-Sen, warning of an impending retracement. Coupled with the Gann' Death Cycle' (forty-nine to fifty-two-day cycle), the movement was anticipated, as discussed earlier this week. However, Bitcoin may not be out of the woods just yet. A deeper retracement to the Kijun-Sen at $49,000 has a high probability of happening over the weekend.

BTC/USD Weekly Ichimoku Chart

Traders will want to pay special attention to Bitcoin price action as it approaches the Tenkan-Sen. With the gap between the candlesticks and the Tenkan-Sen filled, Bitcoin could very quickly begin another leg higher. In addition, the oscillators on the weekly chart support further upside momentum upon support being found.

Ethereum price corrects as Gann and Ichimoku combined to push ETH lower

Ethereum price action is almost identical to Bitcoin's during this week's trading sessions. Like Bitcoin, Ethereum has experienced a substantial 15% move south and looks like it will push even further. A critical level to watch for Ethereum is the pennant formation on the Composite Index. If the weekly Composite Index closes below the lower trend line, that could signal Ethereum capitulating to the $3,300 value area.

ETH/USD Weekly Ichimoku Chart

However, attention should be given to how Ethereum price reacts on Saturday and Sunday. If there is consolidation above the Tenkan-Sen, Ethereum may take a quick pause before another bullish expansion move begins. A return to the $4,500 value area on Sunday would invalidate any further bearish outlook.

XRP price positioned for a massive bear trap

XRP price has one development that Bitcoin and Ethereum do not: the possibility of a bear trap. And not just any bear trap, but a Point and Figure pattern known as a Bullish Shakeout. The Bullish Shakeout pattern develops when price has dropped two Os below a multiple bottom – in this case, a double-bottom. This highly aggressive pattern can be highly profitable as it often forms the beginning of a prolonged uptrend.

XRP/USDT $0.02/3-box Reversal Point and Figure Chart

The Bullish Shakeout pattern gives a theoretical trade idea – a buy stop order at $1.10, a stop loss at $1.02, and a profit target at $1.78. However, if XRP price drops below 0.98, this pattern is invalidated, and further downside pressure should be expected.


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

XRP Price Prediction: Ripple can dip to $0.50

A brief technical and on-chain analysis on XRP price. FXStreet's analysts evaluate why Ripple could drop lower. 

More Ripple News

Ethereum price set to break below $3,000 as crypto bloodbath persists

Ethereum price is still under pressure from the red descending trend line. ETH price is set to break $3,018, bringing the price below $3,000. Expect a further continuation to go hand-in-hand with current financial market sentiment.

More Ethereum News

MATIC price to present a buy opportunity before Polygon rallies

Polygon price action is still stuck in an upward trend channel. MATIC’s current level looks a good buy near the lower end of the channel. Expect a return to the middle of the channel or swing to the upper band once global markets turn green again.

More Polygon News hits two-month lows as selling pressure accelerates price is within range of its final support zone before it could move into the $0.30 value area. Bears are in control and have been fighting to push CRO lower, but bulls have persisted.

More News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis