- Bitcoin prices have begun a slight uptrend, returning trades to $ 21,969.
- The price of Ethereum is approaching the price limit and can reach $ 1,300.
- The price of XRP is still a long way off, but it’s most likely.
Bitcoin prices, Ethereum and other cryptocurrencies are slowly but surely recovering from the caps they received in the last few weeks and months. The pain deal isn’t over yet, as a Bank of America fund manager survey reveals that hedge funds are selling all risk assets. This is the cause of the bear market, which is currently overshadowing the global market. As liquidity diminishes, bulls need less cash to strengthen price behavior and provide a little air to lift a highly tattered cryptocurrency.
Bitcoin price is about to book a 20% profit
Bitcoin (BTC) prices are beginning to return to living land after hibernation during the cryptocurrency winter. The pain deal isn’t over and investors shouldn’t jump on everything that moves upwards, but a bearish rubber band rewind is underway. This means that Bitcoin’s price will rise and there is an opportunity to make a profit, while at the same time pulling the Relative Strength Index (RSI) out of oversold, cooling it and encouraging bulls to trigger it. ..
BTC prices are set for perfect swing trading, bouncing off the $ 19,036 handle and rising to an ascending target near $ 21,969. This means a solid profitable transaction of 15% as long as the uptrend is respected and a higher low can be generated. However, if the trading day breaks the pattern, it is most likely to reverse and return to the base at $ 19,036.
BTC / USD Daily Chart
The downside risk comes with a large investor and capital shortage to push price behavior back to + $ 20,000. Bears had the opportunity to re-establish a large short position as the price of BTC rose and collapsed completely to $ 19,036. The Bulls may stop and fold further as the price action falls towards $ 16,020.
Ethereum prices are approaching a bullish test
Ethereum (ETH) prices appear to be evolving the same swing trading that is formed by Bitcoin and XRP price actions, but at a slightly more advanced stage. For Ethereum price action, the cap is already pretty close and could be tested at any time. Due to the current background and the lack of new headwinds, $ 1243.89 will be tested and in some cases can break upwards.
Therefore, the price of ETH may be in the process of offering a bullish breakout trying to run a closing price above $ 1,243.89 per day. If they could pull it off, they would get a $ 1,300 / month pivot. It can then be used as a launch platform for a surge towards $ 1,500, with a 55-day simple moving average (SMA) acting as a price cap. .. This means you’ll get a solid 10% profit up to the monthly pivot and a 30% profit up to $ 1,500.00.
ETH / USD Daily Chart
A simple risk to note is the denial of the upper limit of the range in which Ethereum price actions currently exist. In such a scenario, the Bulls will not be able to break above $ 1,243, break above the daily closing price, or fade. The decline will return to $ 1,000 and in some cases could fall further towards $ 830.
Expect this not to be the beginning of the XRP uptrend
Ripple (XRP) prices show a pattern similar to their siblings Bitcoin and Ethereum, with current market prices in that range for price trading in defined bandwidth and especially for XRP prices. It’s in the center. Therefore, joining now requires tight stop-loss and solid trade control. Expect this pressure on the rise to continue unless the price of XRP falls below the lows of the day.
The price of XRP is essentially maintaining a 10% rise with a forecast target of $ 0.3710. This is a historically significant level consistent with the 55-day SMA, which is beginning to level off due to bottoming out. This double price cap may limit higher movements. You should get good returns, but you need good trade control so that you can limit losses if the market deteriorates.
XRP / USD Daily Chart
As mentioned in the previous paragraph, the pricing action is in the middle of the bandwidth between $ 0.3710 and $ 0.3043. The risk is that the trader will adventure a long position here and become a duck sitting to easily squeeze and stop the bear’s movement. A simple pairing back of profits towards the base level of $ 0.3043 means that an 8% loss will be added to the books.
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