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Cryptocurrency Price Forecast for Bitcoin, Ethereum & Ripple

Cryptocurrency Price Forecast for Bitcoin, Ethereum & Ripple

Price behavior analysis, brief to intermediate-term trade set-ups.

  • Bitcoin pulling back towards support zone, but still has slagroom before reaching it
  • Ethereum relentless rise brings top-side trend-line into concentrate, pullback could eventually be near
  • Ripple fails to hold consolidat ion , unclear at this point how deep the decline could be

To learn more about Cryptocurrencies, check out the Introduction to Bitcoin Trading Guide

Bitcoin pulling back towards support zone, but still has slagroom for more weakness

Bitcoin (BTC/USD) proceeds to slump after a failed attempt to run back to the high set ter December. Relatively speaking, given the utterly high level of volatility, it wouldn&rsquo,t take much of a decline to reach down into support wij discussed last week . Looking lower, there is horizontal support by way of the December 30 low, but of even fatter rente is the slope running higher since May and December 22 swing-low. This critical support zone arrives ter the surroundings of 11750/160. This would be an attractive spot to see BTC/USD find a bid and begin pushing back higher. A pauze below and a much deeper decline may ensue. Wij&rsquo,ll update on this spil price activity unfolds…

See how retail traders are placed ter Bitcoin and what it might mean &ndash, IG Client Sentiment pagina.

Ethereum relentless rise brings top-side trend-line into concentrate, pullback could eventually be near

Ethereum (ETH/USD) rally is at risk with a top-side trend-line sitting just overheen today&rsquo,s high. Given the extreme momentum ter crypto&rsquo,s, it&rsquo,s unclear how meaningful the top-side line will be. Risk of an &lsquo,overthrow&rsquo, (where price extends beyond the slope) is elevated. But on the flip-side, the rise from just under $500 at the December low into the $1380s does suggest it is overdone ter the short-run, so the top-side trend-line may be all it takes to at least cause ETH/USD to consolidate, if not practice a acute pullback altogether. The very first line of support arrives at the trend-line off the Dec 22 low, and below there wij&rsquo,ll be looking to the Dec high at 863. If Ethereum is to proceed trekking higher, a correction ter price or time will be a welcomed event for traders looking to inject.

Ripple fails to hold consolidation, unclear at this point how deep the decline could be

When wij looked at Ripple (XRP/USD) on Monday , the question wij asked wasgoed, &lsquo,high-level&rsquo, consolidation or broader pullback? The price act until yesterday looked similar to two prior occasions ter December which led to higher prices. Ter this case, it did not. The Two.1577 level wij were looking at spil support wasgoed soundly violated yesterday with an acceleration lower into day. Given the parabolic rise since last month, it is unclear how much of a pullback wij could see before it stabilizes. For now, taking a cautious treatment until wij have more to work with.

—Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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