Crypto Market News: Top Predictions for Bitcoin (BTC), Ethereum (ETH) & Ripple (XRP)
- Bitcoin: Currently targeting the resistance at $25,000 and sitting on a major support at $22,800.
- Ethereum: Experienced a significant breakout and soared beyond the resistance at $1600.
- Ripple: Continues to stick to a descending trend and may ignite a fresh bearish wave soon.
Bitcoin’s Price Action
The recent price jump enabled the star crypto, Bitcoin to surpass the key resistance levels. However, the bullish momentum appears to slowly fade out due to which the price now appears to be at a critical juncture. It appears that sentiments are slowly dropping from being bullish to neutral and hence it may provoke investors to book their profit. If this happens so, the price of Bitcoin may witness a serious plunge before hitting the resistance. The price has risen beyond 200-day & 50-day MA levels and 100-day EMA levels, piercing through interim resistance at $21,393. However, it has not yet reached major resistance at $24,945 and is facing an inverse action just before these levels.
Ethereum’s Price Movement
The second largest crypto asset – Ethereum has finely followed Bitcoin and displaying huge possibility of rising beyond $1700 soon. The token is currently trading above 200-day Simple Moving Average(SMA) level but below 50-day SMA level along with facing stiff competition above interim resistance near 1744. Nevertheless, if bulls manage to breach this level then there could be another upswing towards its all time high around 1813 in near future.
Ripple’s Bearish SignalsUnlike other major cryptos like BTC & ETH, XRP continues its bearish ride as it is flashing massive bearish signals which indicates that if bulls fail to surpass crucial levels then it might slide below 036 mark in no time .Nonetheless ,if bulls manage regain strength then we can expect some upside correction near 045 – 050 zones .
Overall ,crypto market looks stable as top three cryptocurrencies have been recording decent gains in past few hours .Despite of all positive vibes ,we should remain cautious as volatile nature of Cryptocurrency market can’t be ignored anytime .Therefore ,it would be wise decision for traders/investors to keep strict stop losses while entering into any trade .