Jonathan Morgan
Independent Analyst
- Bitcoin price struggles cross above the Tenkan-Sen, could create profit-taking and a corrective move. ]
- Ethereum price breaks out above a bullish continuation pattern, but momentum is weak.
- XRP price continues to lag Bitcoin and Ethereum but is poised to catch up in relative performance.
Bitcoin price has spent the past five trading days below the daily Tenkan-Sen in the Ichimoku Kinko Hyo system, warning that a deeper corrective move could occur. Ethereum price breaks out above a bullish pennant, but bullish follow-through has been relatively muted. XRP develops a bullish continuation pattern while maintaining bullish Ichimoku levels.
Bitcoin price shows signs of near-term weakness
Bitcoin price could be positioning for a standard corrective move if it fails to return and close above the Tenkan-Sen. The following primary support level within the Ichimoku Kinko Hyo system for Bitcoin is the Kijun-Sen at $55,000. If $55,000 fails to hold as a support zone, then Senkou Span B at $46,500 is next.
BTC/USD Daily Ichimoku Chart
The threat of a corrective move will be invalidated if Bitcoin has a strong close above the Tenkan-Sen, ideally at $64,000 or above. From there, Bitcoin would likely resume its uptrend and push on to new all-time highs.
Ethereum price spikes above the ascending triangle pattern
Ethereum price moves above one of the most sought-after bullish continuation patterns in technical analysis: the ascending triangle. Wherever an ascending triangle develops – at the bottom of a move or the top of a move – it is an overwhelmingly bullish pattern. So it is curious that Ethereum price has not had a strong and decisive bullish response yet. If Ethereum retraces back inside the triangle, a return to test the Tenkan-Sen at $4,000 is likely. Below that, the next Ichimoku support level is the Kijun-Sen at $3,675.
ETH/USD Daily Ichimoku Chart
Of course, any downside pressure will be eliminated if Ethereum price sees a push to new all-time highs. $5,400 is the next target for Ethereum as a level of significant resistance post new all-time highs.
XRP price poised to catch up to Bitcoin and Ethereum, several bullish breakout considerations at play
XRP price has two primary bullish variables on its daily Ichimoku chart that indicate an explosive move higher is imminent. First, XRP has fulfilled all conditions for an Ideal Bullish Ichimoku Breakout. Second, XRP has developed a bull flag. Consequently, a daily close at or above $1.15 would maintain the bullish Ichimoku setup while also confirming an entry after a breakout from the bull flag pattern.
XRP/USD Daily Ichimoku Chart
Downside risks, however, remain. While XRP has a high market cap, it is still correlated to Bitcoin and Ethereums movement. Any intense selling pressure across Bitcoin and Ethereum will weigh heavily on XRP price. If XRP price closes below the Cloud at $1.03, a fast trip to revisit the $0.85 support zone is highly probable.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?