Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos perform bullish correction

• Bitcoin price slips below the 200 three-day SMA, indicating a reversal is likely to occur.
• Ethereum price digs deeper into the support confluence, extending from $2,800 to $3,000.
• Ripple price provides sidelined buyers another opportunity to hop on the up-only bandwagon.

Bitcoin price has slid below a crucial support level briefly, indicating that history is repeating. The last two times BTC swept this barrier, a massive upswing with gains is what followed. Therefore, this can be considered a buying opportunity.

Bitcoin price needs to stabilize before moving higher

Bitcoin price is traversing an ascending parallel channel on a three-day time frame. Since January 13, BC set up three higher highs and two higher lows, which when connected using trend lines results in an ascending parallel channel. 

The latest downswing caused BTC to drop 9.8% to retest the 200-three-day moving average at $39,651.  The last two tags of this moving average have caused BTC to trigger a massive run-up, but after a wick to the downside.

Therefore, investors need to exercise caution until that wick to the downside. After this move, market participants can expect an uptrend that pushes BTC to tag the yearly open at $46,198. Clearing this blockade could extend the run-up to the $50,000 psychological level.

BTC/USDT 3-day chart

A breakdown of the $34,752 support level will invalidate the ascending parallel channel and the bullish thesis while opening the doors to crash to $30,000 or lower.

Ethereum price to bounce off stable support level 

Ethereum price action looks much more appealing than the big crypto and it is mainly due to the support cluster, extending from $2,800 to $3,000. This footing contains a demand zone and a bullish crossover of the 50-day and 100-day Simple Moving Averages (SMAs).

Therefore, a bounce off this barrier is more likely for ETH than BTC, which has slipped below the 50-day and 100-day SMAs. An upswing for ETH could retest the 200-day SMA at $3,495 and the low-volume node at $3,703. 

However, if the bullish momentum continues to build, Ethereum price could move higher and tag the next high-volume node at $4,040. High-volume nodes are levels where the asset was traded with a huge volume and hence tend to serve as support and resistance levels.

ETH/USD 1-day chart

Since the immediate support level is a confluence of multiple barriers, a breakdown below $2,820 will create a lower low and invalidate the bullish thesis. In this situation, ETH could retest the next high-volume node present to the downside at $2,584.

Ripple price shows signs of life

Ripple price has fared better than most altcoins after the recent downswing as it dipped inside a buy zone, extending from $0.62 to $0.68. The resulting bounce pushed XRP to rally 17% and flip the 50% retracement level at $0.733.

However, the bullish momentum failed to push through the 2022 volume point of control at $0.772, where the trade volume for Ripple was the highest. As a result, the remittance token has moved back to retest the $0.733.

Only a swift move bove the volume point of control will allow XRP bulls to trend higher and revisit the range high at $0.91. The end goal for Ripple price, however, is the $1 psychological level, which is plausible obtainable after overcoming the $0.91 blockade.

XRP/USD 1-day chart

Regardless of the bullish outlook, if the Ripple price breaks below the $0.601 support level and produces a lower low, the bullish thesis will face invalidation. In this case, XRP could crash to $0.548.

 

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