Cryptocurrency: Finally a way out of the crisis? Top 3 Bitcoin, Ethereum, Ripple Price Predictions

The Bitcoin price appears to be stabilizing around a significant level of support that has been tested twice in the last three months. A resurgence of buying pressure is likely to drive BTC and all altcoins higher.

The Bitcoin price is preparing for a rally

The Bitcoin price has depicted a rising parallel channel over the last three months. This channel is formed when you connect the three upper highs and lower lows using trend lines. On the same topic: BNY Mellon will offer its institutional clients exposure to cryptocurrencies.. The last two times BTC touched the lower trend line, there was a rapid rally leading to a 40% rally.

The main feature of these lower trend line markers was that the candlesticks closed above the 200 three-day simple moving average (SMA). However, the latest genetic test slowly broke through the aforementioned SMA, indicating a weakening of buyers.

However, as mentioned in the previous article, if a bullish immersive candlestick is formed on the 3-day chart, it would indicate that buyers are still strong. Despite this bullish signal, the BTC also needs to clear the 200 3-day SMA and work its way towards the daily supply zone, which ranges from $ 42,153 to $ 43,981.

The upside is likely to be limited around the aforementioned supply zone, which will point to an upside of 9%.

While the bullish outlook makes sense, a resurgence of the selling pressure that produces a daily candlestick close below the $ 34,752 support level will invalidate the rising parallel channel and bullish thesis.

Ethereum price with a new look

The Ethereum price has broken the long-standing support band, which ranges from $ 2,800 to $ 3,000, indicating a short-term increase in sales pressure. Although this development may be bearish in the short term, drawing a trend line connecting the two highs and the three lows reveals an increasing parallel channel.

The latest return from the lower trend line is promising, but it needs to clear the 100-day SMA at $ 2,908 and the 50-day SMA at $ 3,061 to have any chance of extending. On the same topic: Ethereum price recovers, but ETH expects further price drop. In addition, the ETH will transform the 2022 volume checkpoint at $ 3,129 to a support level.

This level is the place where the largest amount of ETH was traded in 2022.

This would be the key to trigger an upward movement towards the 200-day SMA of $ 3,472, this move would represent a 21% upside from the current position – $ 2,855 – and this is probably where the upside is limited.

An increase in bearish momentum that pushes ETH to produce a daily candlestick close below the weekly support level of $ 2,541 will invalidate the bullish thesis by creating a lower low. This development could further catalyze a dive towards the $ 2,000 psychological level.

Ripple price removes the pressure on the sales side

The Ripple price dipped below the $ 0.601 support level to bring together sales stops formed in late January. This move removed the bearish pressure, indicating that a reversal is likely in the coming days.

As can be seen from the chart, the recovery appears to be strong and aimed at medium return; in this case, it’s the 50% retracement level of $ 0.733. There is a good chance that this barrier is where Ripple will form a local top. On the same topic: Cryptocurrencies are recovering from difficulties due to US sanctions against Russia.

The 2022 volume checkpoint of $ 0.768 adds credibility to this dissertation. Therefore, the range is $ 0.733 to $ 0.768 where investors should consider taking profits.

On the other hand, if the Bitcoin price is facing a sudden drop, the XRP price may also feel the effects, with a daily candlestick close below the $ 0.601 support level, producing a lower low and invalidating the thesis. In such a situation, XRP could break down to the $ 0.548 support level and from there try to reassess its directional bias.

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Thomas Estimbre
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