• Bitcoin price sell-off presents buying opportunity before BTC jumps 36%.
  • Ethereum price attempts to hold gains and limit Monday’s losses.
  • XRP price hanging on by a thread could nosedive to $0.30. 

Bitcoin price finds buyers near the $30,000 value area after hitting new 180-day lows. Ethereum price increased by over 10% during the intraday session, but sellers remained persistent. XRP price finds buyers in the $0.50 value area - but follow-through appears shaky. 

Bitcoin price attempts to recover after tanking nearly 12%

Bitcoin price has developed a strong bounce off of yesterday’s sell-off. While BTC has been up as much as 8%, it has given up a good chunk of those gains, it’s still higher by 3.5% on the day. Despite the strong sell-off on Monday, an aggressive long opportunity developed on Bitcoin’s $1,000/3-box reversal Point and Figure Chart.

The aggressive long opportunity is a theoretical buy stop at $35,000, a stop loss at $32,000, and a profit target at $47,000. The trade setup represents a 4:1 reward for the risk. A two-box trailing stop would help protect any implied profit made post entry. 

$1,000/3-box Reversal Point and Figure Chart

The theoretical long setup is based on a Spike Pattern, so it has no invalidation point. If the current O-column moves lower, the entry and stop-loss follow in tandem until triggered. The profit target remains the same. 

Ethereum price attempts to retake $2,500

Ethereum price is facing continued weakness and selling pressure despite the major rally today. Bulls pushed ETH to an intraday high just shy of the $2,500 level at $2,460, where it promptly found sellers. However, prices are holding steady at $2,350 - higher by 6% for the day. 

Buyers are likely to push Ethereum price higher. The oscillators on the daily chart show strong evidence of momentum turning in favor of the bulls. The clearest example of further upside movement is the position of the Optex Bands oscillator. The Optex Bands oscillator has hit a low not seen since the Covid crash. 

ETH/USD Daily Ichimoku Kinko Hyo Chart

Upside potential for Ethereum price on any rally is likely to be limited to the 61.8% Fibonacci retracement at $2,500 on the low end and the 50% Fibonacci retracement and 2022 Volume Point of Control at $2,900 on the high end. 

XRP price at a make-or-break point

XRP price is sitting on top of its final primary support structure near the crucial $0.50 price level. Unfortunately for XRP bulls, conviction from buyers has yet to appear. If XRP bulls fail to enter, a much deeper collapse may occur. 

Any time spent below $0.47 creates conditions for a flash crash towards the next major high volume node in the 2021 Volume Profile at $0.30.

XRP/USDT Weekly Ichimoku Kinko Hyo Chart

The weekly oscillators show mixed conditions. While the Relative Strenght Index remains in bull market conditions, if it hits 30, then it converts into bear market conditions. However, the Composite Index recently hit a new all-time low on the weekly chart and is still at historical lows, indicating a strong bounce may play out. 

Any XRP price upside potential is likely limited to the $0.75 value area. 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

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