- Bitcoin prices are below 200 3-day SMAs, indicating that a reversal is likely to occur.
- Ethereum prices range from $ 2,800 to $ 3,000, digging deeper into the confluence of support.
- Ripple prices offer bystander buyers another opportunity to ride up-only trends.
Bitcoin prices have temporarily fallen below significant support levels, indicating a recurring history. The last two times BTC has cleared this barrier are followed by a large, profitable rise. Therefore, this can be seen as a purchase opportunity.
Bitcoin prices need to stabilize before they rise
Bitcoin prices are passing through parallel channels that rise in a three-day time frame. Since January 13th, BC has set three highs and two highs. Connecting them using trend lines raises the parallel channel.
With the latest downswing, BTC has dropped 9.8%, retesting the 200 3-day moving average at $ 39,651. With the last two tags of this moving average, BTC triggered a large run-up, but after a wick to the downside.
Therefore, investors need to be careful until it is on the downside. Following this move, market participants can expect an uptrend that will push BTC to tag the annual open at $ 46,198. Clearing this blockage could extend the rise to a psychological level of $ 50,000.
BTC / USDT 3-day chart
The $ 34,752 support level breakdown disables rising parallel channels and bullish papers, opens the door and crashes below $ 30,000.
Ethereum price that bounces off with a stable support level
Ethereum’s price action looks much more attractive than big cryptocurrencies. This is primarily due to support clusters ranging from $ 2,800 to $ 3,000. This foundation includes a demand zone and a bullish crossover of the 50-day and 100-day simple moving averages (SMA).
Therefore, rebound from this barrier is more likely for ETH than for BTC below 50-day and 100-day SMA. Elevated ETH could retest a 200-day SMA for $ 3,495 and a small number of nodes for $ 3,703.
However, if the bullish momentum continues to rise, the price of Ethereum will rise and the next large number of nodes could be tagged at $ 4,040. A large number of nodes are the level at which assets have been traded in large numbers and therefore tend to act as support and resistance levels.
ETH / USD daily chart
Breakdowns below $ 2,820 create lower lows and invalidate bullish papers, as immediate support levels are the confluence of multiple barriers. In this situation, ETH could retest the next large number of nodes in the downside for $ 2,584.
Ripple prices show signs of life
Ripple prices have expanded from $ 0.62 to $ 0.68 after the recent decline and have fallen into the buying zone, making them much better than most altcoins. The resulting bounce increased XRP by 17%, reversing the 50% retracement level to $ 0.733.
However, bullish momentum failed to boost Ripple’s highest trading volume of $ 0.772 in 2022. As a result, the remittance token is back to retest $ 0.733.
Only rapid movements above the control volume point will allow XRP to be more bullish and revisit the high range of $ 0.91. However, the ultimate goal for the Ripple price is the psychological level of $ 1, which is likely to be achieved after overcoming the $ 0.91 blockade.
XRP / USD daily chart
Regardless of the bullish outlook, if Ripple’s price falls below the $ 0.601 support level and lowers its lows, the bullish dissertation will be invalidated. In this case, XRP can crash to $ 0.548.