Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos stagnate but one readies to explode
|- Bitcoin price action continues to trade in a constricted manner.
- Ethereum price fizzles after hitting new all-time highs.
- XRP price is best positioned to establish a new run at all-time highs.
Bitcoin price finds strong support against key Ichimoku levels, but buyers have seemingly dried up. Ethreum price may be positioning for a retest of the Tenkan-Sen or Kijun-Sen. Ripple is likely to outperform Bitcoin and Ethereum if it can find buyers.
Bitcoin price maintains a flat, short term range but hints at a possible breakout
Bitcoin price action shows the current daily candlestick could be developing a second consecutive inside bar. If that occurs, then a rare but powerful three-bar candlestick pattern known as a Bullish Squeeze Alert will be confirmed. According to Michael C. Thomsett, author of the Bloomberg Visual Guide to Candlestick Charting, the Bullish Squeeze Alert is one of the strongest reversal patterns in Japanese candlestick charting. One of the critical rules to this pattern is that the first bar is black/red, but the following two candlesticks can be of any color. If confirmed, the Bullish Squeeze Alert may presage Bitcoin’s rise to the $77,000 value area.
BTC/USD Daily Ichimoku Chart
Any continued bullish momentum will be invalidated if Bitcoin price closes below the October 26th swing low of $58,317.
Ethereum price pauses at the 61.8% Fibonacci expansion level
Ethereum price did not experience much buying follow through after hitting new all-time highs on Wednesday. But it hasn’t sold off either. The closest support level acting as support is the 61.8% Fibonacci expansion at $4,493. However, Ethereum may consider closing the gap between the bodies of the last three candlesticks and the Tenkan-Sen. If that were to occur, then Ethereum would dip down to $4,280. Absent any buying at the Tenkan-Sen; sellers may push Ethereum to the Kijun-Sen as $4,000. That is the final Ichimoku support level before Senkou Span B at $3,350.
ETH/USD Daily Ichimoku Chart
While a sell-off appears unlikely given the current bullish sentiment and inflows into the altcoin market, the dangers to the downside remain. But any new all-time high could likely invalidate any deeper retracement. This is especially true of Ethereum holds the $4,500 and develops a new floor.
XRP price must remain above the Cloud to begin a new bull market
XRP price may surprise the cryptocurrency market this weekend. Out of the three cryptocurrencies discussed in this article, Ripple is best positioned to experience a massive rally. However, to do that, it must remain above the Cloud, and the Chikou Span must remain above the candlesticks and in open space. Ripple must close at or above $1.15 to keep the Chikou Span above the candlesticks.
XRP recently broke out above the Cloud on Wednesday with a substantial 7% gain. Since then, XRP price has traded lower. The current price action is likely just a retest of the breakout – a necessary move to begin any new uptrend. If Ripple finds buyers to maintain support at $1.15, market participants may see new two-month highs and a probable push towards $1.50.
XRP/USD Daily Ichimoku Chart
If Ripple were to face a sell-off and a daily below $0.99, that might be the death knell for any hope of bullish momentum in 2020.
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