Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins rally in disregard of newest Chinese crypto ban


  • Bitcoin price inches closer to a breakout from the falling wedge pattern.
  • Ethereum price is retesting the upper trend line of the descending parallel channel, suggesting a breakout is around the corner.
  • Ripple price is relatively less bullish, showing a lack of buying interest among investors.

Bitcoin price is exuding bullishness after the China FUD knocked it down. This optimism has helped Ethereum and other altcoins rally.

Ripple, however, is still stuck below a stiff barrier, unable to crossover.

Bitcoin price coils up

Bitcoin price has been sloping downward since the September 7 swing high at $52,956. Since then, BTC set up multiple lower highs and lower lows that converged as descent progressed. Connecting trend lines with these swing points reveals the formation of a falling wedge.

Although Bitcoin price has rallied over the past day or two, it has failed to retest the upper trend line. Assuming the buying pressure continues to rise, a breakout confirmation will arrive after BTC produces a decisive close above $44,893. In which case, Bitcoin price could likely continue climbing to retest $46,856 and its intended target at $49,725.

BTC/USDT 12-hour chart

BTC/USDT 12-hour chart

On the other hand, if the BTC price fails to break out of the trend line, it will indicate weakness among the bulls. Such a development could give the sellers the upper hand, pushing it toward the 50% Fibonacci retracement level at $41,126.

However, a breakdown of $38,287 will create a lower low and invalidate the bullish thesis.

Ethereum price inches closer to a breakout

Unlike the big crypto, Ethereum price set up lower highs and lower lows that do not converge. Connecting the swing points formed since September 3 using trend lines results in a descending parallel channel. 

So far, ETH has managed to scrape the upper trend line of this setup. A decisive close above $3,204 will confirm the start of a new uptrend. In such a situation, Ethereum price can rally 13% to tag the immediate resistance barrier at $3,619.

In a highly bullish case, Ethereum price might extend this ascent and retest the $3,952.

ETH/USDT 12-hour chart

ETH/USDT 12-hour chart

While things seem to be going well for the smart contract token, a potential spike in selling pressure that knocks ETH down to the demand zone, ranging from $2,442 to $2,605, will be concerning as it would indicate weak buying pressure.

Although this would give the buyers another chance to restart the uptrend, a $2,442 support floor breakdown will invalidate the bullish thesis.

Ripple price consolidates, hoping for a move higher

Ripple price has been stuck below the support area ranging from $0.964 to $1.01. Although yesterday’s trading session pierced this zone, the buyers failed to maintain their bullish momentum. 

As a result, the XRP price is currently hovering below $0.964, anticipating a surge in buying pressure. 

A decisive close above $1.01 will create a higher high, inspiring confidence among the sidelined investors, allowing them to jump in. Such a development will propel Ripple price to slice through $1.09 and rally toward $1.267.

This ascent would constitute a 35% climb from the current position.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

Regardless of the optimism, a decisive break above $1.01 is crucial for the bullish thesis mentioned above to come true. However, if the buyers fail to band together and get over the initial hurdle, it will likely result in a takeover from the bears.

A breakdown below $0.842 will invalidate the bullish thesis and potentially trigger a down move to $0.771.

 


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

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

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