- Bitcoin’s price has declined after being rejected at $ 41,756.61, and support at $ 40,000 could bounce back to $ 45,000 by next week.
- Ethereum prices are seeing the Bulls defending the 55-day SMA as profit taking is constrained to continue the rally.
- The price of XRP opens above $ 0.7843 and will bring more profit as long as the bull can maintain its pricing behavior beyond this important level.
Bitcoin prices, Ethereum and other cryptocurrencies are in profit-taking mode after a long and intense bailout rally. Negotiations are underway, recovery is still very unimpaired, and there are some significant price breakouts that go beyond significant levels and hurdles, but it is possible to ensure that these levels are maintained. It is essential. As the weekend approaches, the continued development of the uptrend is essential to maintaining the current bailout rally and can be shortened very quickly.
Rejection of Bitcoin price at $ 41,756.61 can scare investors
Bitcoin (BTC) price action broke the bearish defensive wall, surpassing the 55-day simple moving average (SMA) and the $ 39,780.68 level that limited price action. Due to its clear proximity over these barriers, this area is currently under bull control. Against the backdrop of this current volatile global market, it is usually fairly standard for some profit taking to be triggered on the next trading day. So fade isn’t a reason to panic, it’s also good for rallies, as bulls who are late for the party now have the opportunity to join or add more to their more positions. maybe.
Therefore, BTC’s pricing behavior is set to break through $ 41,756.61 before the weekend as peace talks continue, and will be further detailed, showing that it could be a breakthrough in the near future. .. Expect a break this weekend beyond the $ 41,756.61 dotted line already mentioned and freeing up space for $ 45,000.00. The only level along the way is $ 44,088.73, which will be hard to crack as the bear wants to keep the downtrend and not too high the price action for now.
BTC / USD Daily Chart
The weaker dollar has also helped after the FOMC provided relatively dovish forward guidance. This rhetoric could change once the situation in Ukraine is resolved, giving FED the freedom to perform more annoying interventions. This can drag investors’ sentiment as it makes bonds more attractive as a rate of return on investment against equity and cryptocurrency uncertainties. In that case, expect investors to escape from Bitcoin’s pricing behavior and fall from the lower level of 2022 at $ 38,073 to $ 36,709.
Ethereum prices require Bulls to defend $ 2,745 to keep the rally alive
Ethereum (ETH) price behavior has made great strides yesterday as investors tried to get silver backing from peace talks after investors were re-engaged in price behavior and headlines made further progress. The FOMC helped by raising dovish rates, pushing risky stocks and further benefiting yesterday’s Closing Bell. It’s declining slightly today, investors are reassessing the situation, making some profits, and down a bit from Wednesday’s highs, which could lead to further positions.
The ETH price appears to be very well protected at $ 2,745 by the 55-day SMA. After the Bulls broke through it yesterday and exceeded the daily closing price, it turned into support. As daytime price behavior approaches this level, we expect more bulls to join in and reinforce price behavior with a target of $ 3,018.55. It will probably make up a mere 10% profit, which will take place by Friday, as relief rallies will continue today and tomorrow.
ETH / USD Daily Chart
However, Ethereum bulls can hesitate and do not intervene in the 55-day SMA and, with a break below it, may benefit more as a panic when the bull camp begins. And twice the bandwidth of $ 2,682.70 is usually enough to withstand the downside push. However, negative headlines that match this move are expected to return to lower levels at $ 2,500.00.
XRP prices are set to rise another 11%
Ripple (XRP) pricing behavior has brought a clear bullish signal to the market after the Bulls closed comfortably above $ 0.7843. With such a bullish rhetoric, the market is now trying to test how strong this bullish move is with a slight decline and testing of the closest support levels it has acquired since Wednesday’s price hike. Fed Chair Powell helped the market a bit by implementing dovish rate hikes.
Expect further increases after it becomes clear that bears are not comparable to the number of bulls waiting to pick up and defend price actions as they approach the first available support. For the Ripple price action, it’s $ 0.7843, fully set for a bounce back to the US approaching $ 0.8390. Expect more punches to exceed that level at the end of each day. This will set the scene for Friday, test support for $ 0.8390, followed by a $ 0.8791 level hit marked up on the chart, and will attack the 200-day SMA later next week.
XRP / USD Daily Chart
In yesterday’s Fed statement, there is a clear tail risk as central banks may accelerate policy tightening. It puts pressure on investor sentiment and will see XRP price behavior plummet and investors withdraw. In such cases, it is expected to return to the green uptrend line around $ 0.78 and in some cases drop to $ 0.73. Here, 55 days of SMA intervenes to catch the action of price decline.
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