- Bitcoin price develops a powerful bullish continuation pattern.
- Ethereum price struggles to stay above $4,000.
- XRP struggles against the $1.00 value area.
Bitcoin price action forms a bull flag on its Point and Figure chart, indicating a return to the $60,000 value area. Ethereum price faces consistent rejection against key Ichimoku resistance levels, preventing any close above the $4,000 value area. XRP price continues to find difficulty holding above two key Ichimoku levels.
Bitcoin price poised to rise 25%
Bitcoin price action has entered into some consolidation on its $500/3-box reversal Point and Figure chart. As a result, a bull flag has now developed with a setup that could trigger a significant breakout move above a triple-top.
A hypothetical long entry for Bitcoin price with a buy stop order at $52,500, a stop loss at $50,500, and a profit target at $62,500. This trade idea represents a 5:1 reward for the risk. In addition, a two to three-box trailing stop would help protect any implied profit post entry.
BTC/USD $500/3-box Reversal Point and Figure Chart
The long idea is invalid if the Bitcoin price drops below $48,500. A drop to $49,500 would create a Bear Trap pattern, while a drop to $49,000 would create a Bearish Fakeout pattern. Those patterns would increase the positive expectancy post-entry at $52,500.
Ethereum price unable to hold $4,000, but downside resistance may be limited
Ethereum price has struggled to drive above the $4,000 value area. Traders witnessed Ethereum press against the combined power of the Kijun-Sen and Senkou Span B acting as resistance since December 20.
Bulls may get their breakout soon, especially around December 30 – the date of the next Kumo Twist. Kumo Twists are part of the Ichimoku Kinko Hyo system and represent the periods where Future Senkou Span A crossed above or below Future Senkou Span B. Kumo Twists can often be dates where major turning points in markets occur.
Final support on the daily Ichimoku chart for Ethereum is the Tenkan-Sen at $3,960. As long as Ethereum price can maintain a close above the Tenkan-Sen from now until the end of December, Ethereum has a high probability of moving above the $4,000 price range and higher.
Failure to hold the Tenkan-Sen as support would see Ethereum begin a move towards the 161.8% Fibonacci retracement at $3,250.
XRP price stopped against the $0.97 price level; bulls await an entry
XRP price has two critical levels within the Ichimoku Kinko Hyo system that are proving to be difficult for bulls to cross: the Kijun-Sen and Tenkan-Sen. The weekly Tenkan-Sen and Kijun-Sen share the resistance level of $0.97. For the past four weeks, those two Ichimoku levels have halted a chance of a close.
As long as XRP price remains below the Cloud, the Tenkan-Sen, and the Kijun-Sen, XRP is overwhelmingly bearish. However, the threshold to convert into a bull market is becoming increasingly easier to attain. A weekly close above the $0.97 price level would be the most bullish event of the past eight weeks and would likely trigger a move to the $1.70 price range.
While downside risks would appear to be significant, real threats to any bearish activity wouldn’t occur until the Chikou Span were to close below the candlesticks. That being said, a return to the $0.70 value area is not out of the question.
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