Top 3 Price Predictions: Bitcoin, Ethereum, and Ripple. Bitcoin sinks below $5,800 - Confluence Detector


  • Ripple plummeted more than 7% and Ethereum lost $420 and hit the day's low at $404.68.
  • Purchasing levels are at record lows are unable to keep prices afloat.

Statistics tell us that these buying levels are followed by powerful bullish moments. But the statistics are there to be broken. And right now, a break looks like it is going to happen. The quarterly expiration day of the Bitcoin Futures is once again marked as a black day for assets on the Crypto board.

BTC/USD 1D

Once again, Bitcoin suffered strong falls Bitcoin after two days of lateral movements. The support levels we mentioned yesterday were of no use, as they have all been breached and now form another zone of resistance that will make any bullish attempt even more difficult.

Bitcoin eyes the $5,903 area, where within a fifty dollar range we see the strongest resistance on the stage, where the minimums of a week and a month converge. Just five dollars lower, and as a first defensive barrier, six technical indicators are accumulated, among them the 23.6% Fibonacci level on the daily timeframe and some minor indicators as the maximum of the last 4 hours.

If you manage to overcome these resistance levels, you'll have a clear path to $6,270, where you'll meet resistance again in the form of the 38.2% Fibonacci level in the weekly range and then move up to the daily R2 Pivot Point or the Monthly S1 Pivot Point level.

Conversely, if the Bitcoin resumes the downward movement, it has to be practically carried away, as the only level to consider is $5,745 where the S1 levels of daily and weekly Pivot Point may not be sufficient to defend the new annual lows reached.

ETH/USD 1D

Ethereum suffers like the others and loses almost all its support after two days of the sideways movement. I already said that they didn't propose anything good. It is currently moving at $414, just $4 above the only support capable of giving the movement ground.  Seven different indicators converge on this level, the most important of which is the S1 Pivot Point level in the daily range and also the maximums within 4 hours.

On the upside, all the levels that used to support lines now switch to resistance, so the road will not be easy. The first hurdle is between $425 and $430, where two Fibonacci retracement levels converge: the daily and the S1 Pivot Point level daily. If Ethereum manages to overcome this level, it will face many lower-ranking obstacles to the $450 level where the monthly and weekly lows are the most critical point of resistance.

XRP/USD 1D

Ripple is the most affected of the three Cryptocurrencies analyzed. It's down over 7%, leaving the day's lows at $0.42. It is now recovering to $0.43, but it will be challenging for XRP/USD to make further progress in the face of the enormous amount of resistance he faces. The first of these is at the $0.435 level where the daily Pivot Point S1 is located. At $0.44, yesterday's high, and at $0.447, the weekly Pivot Point S1 resistance level. I recommend you take a look at it, as even at $0.492 it's a real minefield ahead of the Ripple.

Ethereum on the downside, however, does not have much support. The confluences are few and support levels are of little importance form those that exist. The only significant area, between $0.41 and $0.40, is the weekly Pivot Point level S2 and the daily Pivot Point level S3.

 

 

 

 

 

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first

Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.

More Cardano News

Ethereum price aims to flush out doubters before the ultimate breakout to $2,000

Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.

More Ethereum News

XLM Price Prediction: Stellar consolidates ahead of a 30% move

XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.

More XLM News

Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP