- Bitcoin price seems to be holding well despite Tuesday’s sudden crash.
- Ethereum price has kick-started its consolidation after setting up an all-time high at $3,530.
- Ripple price dipped below the demand zone’s lower boundary at $1.33 but showed signs of recovery.
Bitcoin price shows no bearish signs yet despite its rapid sell-off on Tuesday, but its move hereon will determine its direction. Ethereum, on the other hand, has an entirely different outlook and shows a rigorous tussle between the buyers and sellers, leading to sideways movement.
Unlike BTC or ETH, XRP price shows a bullish bias as it tagged a critical demand barrier.
Jamie Dimon reveals his thoughts on cryptocurrencies
While the cryptocurrency market takes a breather after the recent sell-off, Jamie Dimon, the CEO of JP Morgan, stated earlier today he is not a “Bitcoin supporter” and has no “interest” in it.
However, Dimon adds,
Blockchain is real. We use it. But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank… On the other hand, clients are interested, and I don’t tell clients what to do.
Such a move by Dimon isn’t the first. In fact, the CEO called Bitcoin a “fraud” during a CNBC conference in September 2017.
Bitcoin price grows increasingly indecisive
On the 6-hour chart, Bitcoin price shows the formation of higher highs and higher lows since April 26. Tuesday’s sell-off depreciated BTC’s market value by roughly 8% but failed to break its bullish market structure.
An upswing in Bitcoin price will face the immediate supply barrier that extends from $56,064 to $57,967. Within this zone is the previous weekly candlestick’s opening price at $56,222. Suffice to say, BTC’s journey is an uphill battle.
However, a swift break through this resistance level leading to a decisive close above $57,967 will open up Bitcoin price for a 5% rally to the next area of supply that ranges up to $61,000.
A 6-hour candlestick close above this barrier with a substantial volume spike will open Bitcoin price for a chance to retest its all-time highs.
BTC/USD 6-hour chart
On the flip side, a rejection at $56,064 will result in a range-bound move for Bitcoin price for the foreseeable future. However, a breakdown of the support level at $52,379 will invalidate this bullish outlook and kick-start a 5% downtrend to $50,360.
Ethereum price in lockstep as it begins to coil up
Ethereum price shows a series of tightly woven 4-hour candlesticks of nearly the same height. Such a setup reveals that the buyers and sellers are trying to take control of ETH but are canceling each other’s momentum.
A breakdown of the 78.6% Fibonacci retracement level at $3,160 will trigger the SuperTrend indicator to produce a sell signal. This move would indicate a shift in momentum toward the bears.
In such a case, investors can expect Ethereum price to set up a new swing low around the demand zone that stretches from $2,986 to $2,928.
The 61.8% Fibonacci retracement level at $2,898 will be the next area of support if the bears overwhelm the bullish momentum.
ETH/USD 4-hour chart
However, a potential spike in buying pressure that produces a decisive close above $3,530 might trigger a 15% rise to a new all-time high at $4,062, coinciding with the 127.2% Fibonacci extension level.
XRP price shows resilience
XRP price is sticking to its guns despite collapsing 15% on May 4. The remittance token has risen above the demand zone, ranging from $1.33 to $1.40 and fast approaching a critical resistance level at $1.42.
A 4-hour candlestick close above this barrier will confirm the bullish momentum and open the possibility of a 15% upswing to a recent swing high at $1.63.
XRP/USDT 4-hour chart
However, a breakdown of the said demand barrier will signal a slowdown in the buying pressure. If the 50% Fibonacci retracement level at $1.31 is breached, the remittance token will likely slide 11% to tag $1.16.
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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
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.
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.