- Bitcoin prices are bullish every day beyond important and important levels.
- Ethereum prices face some resistance at the 55-day SMA, but the bull is still in charge.
- The initial XRP price is set at $ 1.00.
Cryptocurrencies are recovering and investors have completely forgotten the market turmoil last week. Bitcoin has seen daily bullish over the critical $ 44,088 level. This is a critical level that goes beyond to offer more upside potential. Ethereum’s price behavior is expected to break the 55-day simple moving average (SMA) at $ 3,267. In addition, XRP is set to exceed $ 0.88, which opens the door for bulls to set their goal at $ 1.00.
Bitcoin prices show that the Bulls are preparing for a 12% breakout by the weekend
Bitcoin (BTC) prices are returning the perfect report card this week as investors have finally learned to withstand the tough market conditions and get their money back to make a profit. Bitcoin’s price behavior is a perfect proof of a very bullish reaction on February 4th and an unstoppable rise towards $ 44,088 since then. With daily closings above that level, which has been mentioned quite a lot in the FX Street article over the last few days, the scene looks ready for a bull chasing the $ 50,000 barrier.
BTC prices seem to be set for another breakout as they are integrated with lower highs and higher lows. The fact that the daily closing price exceeded $ 44,088 yesterday proves that the bulls are in control and tightly capped to profit. Monthly R1 is expected to resist about $ 46,740 in the short term, but this week’s final goal is $ 48,760, with potential violations of over $ 50,000 next week.
BTC / USD Daily Chart
The downside risk is the economic figures in which today’s US inflation reports are in Dockett. The White House has already announced that it will grow in numbers, but investors still need to assess its impact on the Fed’s policy-making and whether it will lead to a double or one-fold rate hike from the Fed in March. I have. This could lead to a short but aggressive bearish influx, falling below the 55-day SMA again and coming in support at $ 39,780.
Ethereum bulls need to do one job before booking an additional 12% profit by this weekend
Ethereum (ETH) prices are seen as a bit hesitant about what the Bulls are facing today for the 55-day SMA at $ 3,267. Some profit taking is quite normal yesterday as price action was rejected due to further rises. A lot of tension is expected today as it is imperative to see if this fade begins to spread and further downside, and tomorrow may continue.
ETH prices are underpinned by some tailwinds from overall positive sentiment as investors are re-engaged in the market and scanning asset classes for opportunities to prolong in the medium term. .. This will add the momentum needed for today’s pricing behavior, surpassing the 55-day SMA and potentially reaching the target at a significant level of $ 3,391. This opens the door to the ideal scenario where Ethereum prices will reach a 200-day SMA near $ 3,600 by this Sunday.
ETH / USD Daily Chart
As already mentioned in the paragraph above, it is possible that the fades have begun to spread to Ethereum’s full retrace and the price has returned to $ 3,018. This crucial level should be able to sustain further losses as it is important for the bull to break through and finally end the long-term downtrend. This width fix can be confusing to some bulls as to whether this is a good buy area again, but could fall further towards $ 2,927 on the monthly pivot, or It could bounce off the red downtrend line for $ 2,800.
At the price of XRP, the bull sweats and eventually exceeds $ 0.88, but the goal is $ 1.00.
Ripple (XRP) is a complete squeeze format with low highs and high lows because buyers and sellers are attracted to each other. The end result is a bullish upside-down explosion where the bear steps out of the way, leaving room for the bull to rise towards $ 0.95, just below the 200-day SMA. That SMA is an important emotional factor and could be even better if the Bulls push up price behavior. It needs to be emphasized and emphasized that daily closing prices are essential to turn a 200-day SMA into solid support, support bullishness, and be able to withstand declines and profit taking.
XRP / USD daily chart
With a profit target set at $ 1.00, investors always want to jump longer, so the bulls are blind and open the door for bears to pull technical bull traps. XRP will fall back to $ 0.84 and possibly $ 0.78, rocking the green uptrend line a bit like a support factor. However, the bear push can be short-lived, as the 55-day SMA and $ 0.78 seem to be good at providing support and curbing further losses.