- Bitcoin price behavior begins to identify a new bull market.
- The price of Ethereum exceeds the main volume profile and glance resistance.
- XRP prices meet the bullish first-time breakout conditions.
Bitcoin prices show that the Bulls have swallowed the entire trading range over the last eight days. Ethereum prices have reached $ 3,000 and daytime bull rallies are over $ 3,100. The price of XRP is preparing for launch to reach $ 1.00.
Bitcoin prices are ready to skyrocket towards $ 50,000
Bitcoin prices have recently completed the closing of the glimpse gap between the body of the candlestick and the Tenma line every day. This gap fill between the candlestick body and the Tenma line has returned price behavior to the equilibrium level of the first equilibrium table.
There were two scenarios for the Bitcoin price identified on Friday. The first was a return to equilibrium over time, including a sideways trading range between $ 43,000 and $ 44,00. The second and most likely is that Bitcoin has returned to Tenken-Sen for $ 41,000. The latter of the two scenarios were performed at the price of Bitcoin.
Looking forward to February 20, the top of the Senkou Span B will drop from the current $ 49,500 to $ 42,500. As a result, Bitcoin will be ideally traded sideways between the 61.8% Fibonacci Retracement ($ 41,000) and the 2022 Volume Point of Control ($ 43,000) until February 20th. It is more likely to be in a bullish glance breakout.
BTC / USD Daily Ichimoku Kinko Hyo Leopard Chart
However, the downside risk remains. The daily chart has one final level of support for the Ichimoku Equilibrium Chart. It’s a $ 39,400 first equilibrium chart. If the price of Bitcoin falls below that level, it is almost inevitable that it will return to the 2022 low of $ 33,000.
Ethereum prices will return to the significant $ 3,000 level before ETH reaches $ 4,000
Ethereum’s pricing behavior was very bullish during the daytime session on Tuesday. This current early bullish expansion move was not unexpected, but there were concerns that it could return to the $ 2,700 value area before it began to run towards $ 4,000.
The reverse head and shoulder patterns identified on February 12 have all continued to function and have not been structurally altered, with the bullish divergence of the Ethereum oscillator. Ethereum prices could fall to 61.8% Fibonacci retracement at $ 2,500 before finding Swing Glow, but the hidden bullish divergence that exists between both candlestick charts and composite indexes and optex bands. There is a risk of cancellation.
The divergence of the hidden bulls has expanded further, increasing the strength and likelihood of immediate bearishness. However, even if the Bulls establish a new swing in the $ 2,500 to $ 2,700 price range, they will still have to fight a large cluster of resistance in the $ 3,150 to $ 3,300 value area. The 2022 Volume Point of Control, Top of the Cloud of the First Eye (Senkouspan B), 38.2% Fibonacci retracement, and the lower trendline of the previous Bear Flag are within its $ 3,150 to $ 3,300 price range. increase.
ETH / USD Daily Equilibrium Table Leopard Chart
A successful breakout of over $ 3,300 will soon lead to a move to retest $ 4,000.
Bulls and bears need to monitor daily closings below the 61.8% Fibonacci retracement at 2,500 as they show sellouts that are very likely to retest the 2022 lows near $ 2,100.
XRP price offers purchase opportunity before reaching $ 1.00
XRP prices triggered a virtual long entry on February 11th, but have fallen below that level in the last four trading days. However, previous trading settings are still valid and provide an opportunity for traders who miss them to take advantage of those settings.
A long theoretical opportunity for XRP prices was a buy stop order with a 3-box reversal, triggering $ 0.84. This theoretical long entry remains valid as XRP is currently trading near $ 0.81. The stop loss is $ 0.78 and the profit target is $ 1.58. Profit taking can occur near the previous dominant subjective trend line (black diagonal) around the $ 1.15 value area prior to the expected profit target.
From a glance point of view, XRP pricing is positioned as an ideal bullish first glance breakout setup. An ideal bullish first-time breakout setup has occurred two times in the past, resulting in a 71% increase (August 9, 2021 to September 6, 2021) and a 273% increase (March 20, 2021). From the day until April 14, 2021) occurred. If the bull can pull the daily XRP above the $ 0.84 of the 38.2% Fibonacci retracement, the road to $ 1.00 is an almost complete deal.
XRP / USD $ 0.02 / 3 Box inversion points and charts
However, the downside risk remains. Closing Kijun-Sen daily below $ 0.73 could indicate that XRP’s previous bear market has reopened and could identify a large bull trap. Movements above the $ 0.50 level are almost forgotten conclusions.
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