Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Full throttle launch on the Crypto board
- XRP stands out with shooting higher and can be the star of the day.
- Bitcoin eyes $4,200 as a target for today.
- The current bullish movement can last for weeks.
Yesterday was a day of substantial rises in the Cryptocurrencies sector. The prices reached key resistance levels, even surpassed them, but liquidations appeared that sent us back below these technically relevant levels.
Is the rally over? No, the rally is far from over as the daily charts show strong upside potential, which could last for weeks.
The question for today is whether or not prices will entertain much at these levels or whether they will continue to rise with similar force seen yesterday.
At this time of the European session, the XRP is the first to move and break up the resistance level at $0.335, targeting the next resistance at $0.39, a gain of close to 30%.
ETH/BTC Daily Chart
To get a clearer picture of the situation, let's take advantage of the ETH/BTC graph and its direct transfer of information. The pair stopped yesterday at 0.038 and does not appear to be in a position to surpass it in the next few hours.
The weakness of this pair will give strength to Bitcoin, so it is likely that today will be a day for XRP and Bitcoin.
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The market momentum will continue to be bullish for several days, so the logical move is to take advantage of price declines to increase positions.
Do you want to know more about my technical setup?
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at $3.886 after peaking at $3,954 yesterday. In the short term, the structure continues to be strongly bullish. If BTC/USD exceeds the first resistance level at $3,895 (price congestion resistance), then the second resistance level at $4,050 (price congestion resistance). Above, we are already eyeing $4,200 as the third cap.
Below the current price, the first support is quite far, namely at $3,700 (price congestion support), the second cushion is at $3,640 (EMA50 and upper trendline of the bearish channel). The third level of support is $3,600 (price congestion support).
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The MACD on the 4-hour chart shows an extremely bullish profile, so much so that it would be necessary to slow down a bit to keep the deviation levels under control. The inertia that will be imposed by the higher time frame charts will make this possible price movement challenging.
The DMI on the 4-hour chart shows the same thing. The bears are going to extreme lows. The bulls, on the other hand, go to maximum levels and manage to drag the ADX to levels of extreme tendency. Again, these extremes will need to be regulated.
ETH/USD 240 Minute Chart
The ETH/USD is currently trading at the $149.12 price level, very close to yesterday's high of $151.26. Yesterday's extraordinary move stopped at the price congestion resistance level of $150.5. When Ethereum wakes up again, the next resistance level is at $161.5 (price congestion resistance), while the third target is $170 (price congestion resistance).
Below the current price, the ETH/USD pair has a higher density of supports lines. The first is at $142.50 (price congestion support), while the second is at $131 (price congestion support), just above the first moving average of the setup, in this case, the EMA50.
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The MACD on the 240-minute chart shows a strongly bullish profile. Precisely because of its strength, it is going to need to regulate a bit the rise in order not to get out of reasonable ranges. The push of the higher time frames will complicate this regulation of the reached extreme levels.
The DMI on the 240-minute chart shows the bears at lows. They only reacted a little when they reached $150, although the reaction was shortlived. The bulls, on the other hand, remain at extremely high levels although below an ADX that shows an overwhelming upward trend force.
XRP/USD 240 Minute Chart
The XRP/USD pair is currently trading at $0.3457, after beating the price congestion resistance of $0.335 early in the European session.
From this level, the next resistance to XRP is at $0.39 (price congestion resistance), where it is likely to arrive very quickly. The second resistance level is at $0.439 (price congestion resistance), while the third bullish target is at $0.469 (price congestion resistance).
Below the current price, the first support level is at the recently surpassed level of $0.335 (price congestion support). The second support level is $0.328 (price congestion support), while the third support level is $0.3176 (price congestion support).
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The MACD on the 4-hour chart shows an orbital launch profile. It's a practically vertical profile that should regulate, but my feeling is that this verticality hasn't been transmitted to the price so that I wouldn't be surprised by a bullish explosion at any time.
The DMI in the 4-hour chart repeats the MACD scheme. The structure is strongly bullish, with the bears looking for a tunneling machine that allows them to go further down, while the bulls seem to look for a new limit beyond the skies.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.
