- Bitcoin prices will lose momentum as they return to consolidation along the demand zone of $ 36,398 to $ 38,895.
- Ethereum prices slide below a symmetric triangle, suggesting a move below $ 2,000.
- Ripple prices remain bullish as the bull is looking to retest the psychological level of $ 1.
Bitcoin prices continue to tag and weaken immediate demand areas. Despite a sudden burst of buying pressure, BTC seems to be in integrated mode. Ethereum prices have created a bearish outlook, but Ripple prices are showing signs of rising.
Bitcoin prices move without a sense of direction
Bitcoin’s price will fall from $ 36,398 to the $ 38,895 demand zone for the fourth time without hitting a high. This pricing behavior indicates integration and is less likely to be violated. If the daily candlestick falls below $ 36,398, the demand zone will be disabled, BTC will be knocked and the weekly support level of $ 34,752, the last line of defense, will be retested.
When this barrier collapses, bears will be able to lower the price of Bitcoin to less than $ 30,000. Here, market makers push BTC to less than $ 29,100 and collect liquidity below the comparable lows formed in mid-2021.
BTC / USD daily chart
While Bitcoin’s price looks ominous, the strong bounce from the aforementioned demand zone, which retests the weekly supply zone, ranging from $ 45,550 to $ 51,860, provides some relief for the bull.
Ethereum prices favor bears
The Ethereum price action from January 22nd to March 4th created three low highs and high lows, and when connected via the trend line, a symmetric triangle was formed. This technical formation predicts the 26% movement obtained by measuring the distance to the breakout point between the first swing high and the swing low.
On March 6, ETH violated the following and showed a bearish breakout. This brings the theoretical target to $ 1,962. The breakdown of the weekly support level of $ 2,541 is very important. When this barrier collapses, it facilitates downward movement.
ETH / USD daily chart
Despite the recent bearish onslaught, Ethereum prices need to generate daily candlesticks in excess of $ 3,413 to invalidate the bullish dissertation. Such developments also open up the possibility of launching a potential uptrend.
Ripple prices maintain bullish momentum
Ripple price is a breakout that crosses the bull flag continuation pattern and from there suggests the continuation of the uptrend. This technological formation involves impulsive ascents followed by integration in the form of pennants.
The 55% rise from February 3rd to 8th formed a continuation pattern of bullish flagpoles, and continued integration in the form of lows and highs created a pennant. Together, the bullish setup predicts a 31% increase in XRP price obtained by adding flagpole height to the breakout point from the pennant.
On March 11th, the Ripple price arose from the pennant, indicating that the 31% uptrend started at $ 1. So far, the retest seems to be going well, so investors can expect the remittance token to continue its journey to the psychological level of $ 1.
XRP / USD daily chart
Daily candlesticks, ranging from $ 0.689 to $ 0.705, just below the immediate demand zone, create lower lows and invalidate the bullish paper on Ripple prices.
In such cases, XRP has a 12-hour demand zone, which will be expanded from $ 0.546 to $ 0.633 to support the remaining sales pressure.
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