Top 3 Price Prediction Bitcoin, Ethereum, Ripple: No such thing as a perfect trade


  • Bitcoin price rises to the mid $17,000 zone, hinting at more uptrend potential. 
  • Ethereum price has risen by 12% since January 1.
  • XRP price is up 6% in the last 24 hours.

The crypto market is providing short term trade ideas that could catalyze a larger trend reversal in the weeks to come. Still, the market seems more of a trade-by-trade environment than a buy and hodl.

Bitcoin price pressing forward

Bitcoin price continues to ascend, showing profitable opportunities on the smaller time frames. As of January 11, the peer-to-peer digital currency is up 5% on the year, and showing potential for more gains.

Bitcoin price currently auctions at $17,539. The slope of the developing uptrend appears to go vertical, suggesting BTC is starting a much stronger rally. Throughout the month, the 8-day exponential moving average and 21-day simple moving average have provided support for bulls entering the market, which is another positive sign for higher BTC price. 

Still, investors should be aware that the trend is still in its early stages. The Relative Strength Index, an indicator used to gauge the force and momentum of market movements, shows the current BTC price hovering just below the final resistance level marked at 70. 

A breakout above the current level would confirm the BTC uptrend and attract more cautious buyers to purchase the peer-to-peer digital currency on the next retracement after the surge. This strategy carries less risk, as the Bitcoin value may decline near the current level and erase the 5% gain seen in the month.

tm/btc/1/11/22

BTC/USDT 1-Day Chart

A break into the overbought territory confirms an uptrend for the coming weeks, likely with $19,000 as a first target. The Invalidation level would be the 2022 swing low at $15,476.

Ethereum price subject to resistance 

Ethereum price has outperformed Bitcoin by 100%, rallying 12% since January 1. Similar to BTC, short-term indicators for the decentralized smart-contract token also indicate a favorable environment for gains. If market conditions persist, the ETH token will likely tag $1,400 and $1,450 before a stronger resistance enters the market. 

Ethereum price currently auctions at $1,356. The bullish target zones are extracted from a Fibonacci retracement tool surrounding ETH's previous trading range in October. The Ethereum's move above the $1,230 level, which was the low point of October's range, on January 4, provided confirmation to using Fibonacci retracement on the specified range. Ultimately ETH could rally as high as the other side of the range near $1,600 in the coming weeks, with expected turbulence along the way.

tm/eth/1/29/22

ETH/USDT 1-Day Chart

Invalidation of the uptrend could arise from a daily candlestick close beneath $1,328. A breach of the barrier could trigger a sell-off targeting the liquidity level near $1,070, resulting in a 23% decrease from Ethereum's current market value. 

XRP price finally taking off 

XRP price has traders honing in as the bulls accomplished a stunning trend change on smaller time frames. On January 11, the digital remittance token rose by 6% after finding support from the 8-day exponential and 21-day simple moving averages. The recent uptrend hike remains erected despite piercing multiple resistance levels in just 24 hours. 

XRP price currently trades at $0.371, following the surpass of $0.366, the target from previous outlooks.Traders should be cautious around the current price level as the digital remittance token nears December's barrier of $0.38. A tag of the level could induce profit-taking followed by the next tradeable consolidation pattern.  

tm/xrp/1/11/22

XRP/USDT 1-day chart

Based on the previous outlook, the uptrend's invalidation point remains below $0.343, the 8-day exponential moving average. A breach of the barrier could trigger a much more problematic scenario for XRP investors. Ultimately the $0.30 zone would be in jeopardy of a retest. The bearish scenario allows for a 17% decline from the current Ripple price.

 


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP