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Top 3 Price Prediction Bitcoin, Ethereum XRP: Why the bloodbath can lead to a new bull rally

  • Bitcoin price sell-off presents buying opportunity before BTC jumps 36%.
  • Ethereum price attempts to hold gains and limit Monday’s losses.
  • XRP price hanging on by a thread could nosedive to $0.30. 

Bitcoin price finds buyers near the $30,000 value area after hitting new 180-day lows. Ethereum price increased by over 10% during the intraday session, but sellers remained persistent. XRP price finds buyers in the $0.50 value area - but follow-through appears shaky. 

Bitcoin price attempts to recover after tanking nearly 12%

Bitcoin price has developed a strong bounce off of yesterday’s sell-off. While BTC has been up as much as 8%, it has given up a good chunk of those gains, it’s still higher by 3.5% on the day. Despite the strong sell-off on Monday, an aggressive long opportunity developed on Bitcoin’s $1,000/3-box reversal Point and Figure Chart.

The aggressive long opportunity is a theoretical buy stop at $35,000, a stop loss at $32,000, and a profit target at $47,000. The trade setup represents a 4:1 reward for the risk. A two-box trailing stop would help protect any implied profit made post entry. 

$1,000/3-box Reversal Point and Figure Chart

The theoretical long setup is based on a Spike Pattern, so it has no invalidation point. If the current O-column moves lower, the entry and stop-loss follow in tandem until triggered. The profit target remains the same. 

Ethereum price attempts to retake $2,500

Ethereum price is facing continued weakness and selling pressure despite the major rally today. Bulls pushed ETH to an intraday high just shy of the $2,500 level at $2,460, where it promptly found sellers. However, prices are holding steady at $2,350 - higher by 6% for the day. 

Buyers are likely to push Ethereum price higher. The oscillators on the daily chart show strong evidence of momentum turning in favor of the bulls. The clearest example of further upside movement is the position of the Optex Bands oscillator. The Optex Bands oscillator has hit a low not seen since the Covid crash. 

ETH/USD Daily Ichimoku Kinko Hyo Chart

Upside potential for Ethereum price on any rally is likely to be limited to the 61.8% Fibonacci retracement at $2,500 on the low end and the 50% Fibonacci retracement and 2022 Volume Point of Control at $2,900 on the high end. 

XRP price at a make-or-break point

XRP price is sitting on top of its final primary support structure near the crucial $0.50 price level. Unfortunately for XRP bulls, conviction from buyers has yet to appear. If XRP bulls fail to enter, a much deeper collapse may occur. 

Any time spent below $0.47 creates conditions for a flash crash towards the next major high volume node in the 2021 Volume Profile at $0.30.

XRP/USDT Weekly Ichimoku Kinko Hyo Chart

The weekly oscillators show mixed conditions. While the Relative Strenght Index remains in bull market conditions, if it hits 30, then it converts into bear market conditions. However, the Composite Index recently hit a new all-time low on the weekly chart and is still at historical lows, indicating a strong bounce may play out. 

Any XRP price upside potential is likely limited to the $0.75 value area. 

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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