- Bitcoin is likely to flip bullish in the near-term as PlanB predicts the price rally as high as $288,000.
- Ethereum downswing to intensify if losses extend below ascending parallel channel support.
- Ripple eyes a 44% upswing to $0.71 if the symmetrical triangle pattern matures as anticipated.
Bitcoin corrected at the beginning of the week, sliding under $54,000 support from highs above $61,000. The entire cryptocurrency market was caught in the bearish wave with Ethereum testing support at $1,700. Ripple plunged close to $0.4 before making a reflex recovery above $0.5.
Meanwhile, Cardano (ADA) spiked over 20% following the listing on Coinbase Pro. The aspiring smart contract platform is among the few cryptocurrencies posting double-digit gains. Other well-performing coins include Filecoin (FIL) and Zilliqa (ZIL).
Bitcoin could soon flip bullish
Bitcoin embraced support around $53,150 following the colossal breakdown from the recently achieved all-time high. However, recovery has been lethargic for the bellwether cryptoasset. Meanwhile, higher support is needed for Bitcoin to flip bullish and recover the lost ground above $60,000.
The seemingly imminent bullish outlook has been accentuated by the SuperTrend indicator, as observed on the daily chart. This indicator has just given a signal to traders to go long on BTC. If stability returns to the market, Bitcoin will shift the focus back to $60,000.
BTC/USD daily chart
PlanB, a pseudonymous prominent analyst, believes that Bitcoin is still beginning the bull run. The analyst’s Stock-to-Flow (S2F) model has been quite accurate amid the rally and has a prediction of $100,000 per BTC by the end of the year. However, PlanB says that the bull run will not stop here but will soar to highs around $288,000.
December close: $28,992
— PlanB (@100trillionUSD) March 17, 2021
January close: $33,141
February close: $45,240
March 17 price: $55,000
We are only 3.5 months into the #bitcoin bull market. IMO BTC will not stop at $100K and will continue to S2FX $288K average price level (ATH will be higher). pic.twitter.com/skS6a7pepu
Ethereum losing traction as overhead pressure rises
Ether failed in closing the day above $1,800 on Tuesday. This sabotaged the recovery toward $2,000 and opened to ongoing declines. At the time of writing, Ethereum exchanges hands at $1,760 and testing support at the ascending parallel channel lower boundary support.
If the declines extend above this immediate support, massive sell orders will likely be triggered. On the downside, tentative support is anticipated at the 50 Simple Moving Average (SMA) and the 100 SMA on the 12-hour chart.
Note that the downtrend has been validated by the Moving Average Convergence Divergence (MACD). A bearish signal emerged when the MACD line crossed under the signal line. Besides, the indicator is still dropping toward the midline.
ETH/USD 12-hour chart
Ripple moving closer to a 44% move
Ripple is back to the drawing at $0.45 after failing to secure support above $0.5. However, bulls are not done with the assault mission to higher highs, considering that XRP is trading within the confines of a symmetrical triangle pattern.
A massive breakout is expected if the price slices through the upper trendline. Triangles have exact breakout and breakdown targets; therefore, Ripple would swing 44% higher and jump above $0.7.
Ripple must sustain the uptrend in the near-term for gains beyond the uptrend trendline of the triangle pattern. The MACD has reinforced the uptrend; thus, it is likely for XRP to make the breakout.
XRP/USD 4-hour hour chart
It is worth mentioning that if Ripple fails to hold above the immediate support provided by the 50 SMA and the 100 SMA, the breakout will be sabotaged. On the downside, the triangle may lead to a colossal breakout towards $0.24.
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
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.