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Bitcoin Reaches Critical Support Area. Bounce or Break?

  • Thomas Hughes
    📈 Price Predictions

    The recent Bitcoin drop nullified all gains made during the last couple of weeks and demolished any short term hopes of a steady climb above $4,000

Bitcoin Reaches Critical Support Area. Bounce or Break?
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The recent Bitcoin drop nullified all gains made during the last couple of weeks and demolished any short term hopes of a steady climb above $4,000. The market cap shed $16 billion in a single day, currently standing at $122 billion and BTC/USD is currently testing a critical support level located at 3700.

Chart Analysis – BTC/USD

Last time BTC/USD touched the current level (3700), it recovered swiftly and managed to climb above the 200-period Exponential Moving Average on a 4-hour chart. Price also showed a strong reaction to the level in the past, so it’s safe to say that the way it will behave now will determine the next short to medium term direction.

BTC/USD chart

A bounce higher will take the pair above 3820 and possibly into the bearish trend line seen on the chart above. A move above the 200-period EMA will solidify the climb and will probably bring in additional buyers.

On the other hand, a break of 3700 will make 3500 the first target (BRN – big round number) and will open the door for a drop into 3200 area in the longer term. Even if this second target is reached, we will probably see upswings until the price gets there.

Support zone: 3700 (still intact at the time of writing), 3500

Resistance zone: 3820, 200 period EMA and the bearish trend line

Most likely scenario: unclear, depending on how the “bounce or break” scenario plays out

Alternate scenario: low volatility price action, no clear break or bounce

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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
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Contents

Despite our hopes and beliefs, XRP fails to gain traction and stays about $0.32. Will it ever start growing, considering that BTC and altcoins are making considerable moves during the recent weeks? Let’s check out fresh Ripple XRP predictions to find out what to expect from it. tradingview users share their opinions and arguments about XRP price.

XRP reaches the point of consolidation

Watch XRP patterns closely

XRP price chart from CryptoManiac101

Look at the chart from CryptoManiac101: we can see there’s a strong pennant which might be considered by many to be a bear pattern. But after the formation of a pennant is over, there is a strong downtrend followed by heavy a consolidation phase which we're currently in. XRP seems to be bullish on this chart. However, before any considerable growth, we may see some more downtrend action.

This pattern is expected to break to upside or downside this month. Keep tabs on this technical indicator – it might help you to make further decisions.

A huge move is coming

XRP is about to go short

XRP price chart from russec2

A very interesting and detailed chart was proposed by russec2. Here, we see both short term and long-term perspectives. In the short term for XRP:

  • Looks like BTC before the last dump

  • Daily and 3D Stoch is falling

  • Energy lines are negative

  • Currently at the top of the big channel

As for the long term, daily RSI breakout has occurred and is now bouncing at the trendline. Thus, there’s a chance of XRP going short or higher. If Ripple goes short, BTC will do the same.

Is XRP finally triggering a breakout?

At least a $0.34 breakout should happen for XRP to grow

XRP price chart from DrDovetail

According to DrDovetail, there’s a Head & Shoulders pattern in the XRP chart, and the right shoulder is ending formation. The user anticipated the breakout point being right where this dotted green trendline converges with the neckline of the inverted head and shoulders pattern over a week ago. Finally, it seems to be closing, but first, we should see the price reach at least 34 cents to stay assured it is a legitimate breakout. We also need to watch for a good amount of bull volume.

XRP is going to $0.10?

XRP is very likely to drop to support

XRP price chart from AhmedAlii

AhdemAlii draws the following conclusion from the recent XRP behavior:

1. Bearish confirmation price to 0.28$ and 0.25$ is 0.304$. If you are more risk-prone and want to take advantage earlier, you can enter on a break of a 0.311$ price floor.

2. 0.32$ is current support and if EMA is used as support at this level, expect maximum upward activity to 0.335-0.34$ - a break above this level discredited lower high formation.

3. There is a chance we could be stuck in a range between 0.32$ and 0.35$ before any break.

4. Maximum upward potentials are at 0.35$ and 0.39$.

5. Final buy zones of 0.15-0.10$ are still in the books!

The current support price of 0.32$ was held up very well all in all and the price range was predicted very well with the ceiling coming in at 0.335$. Now we seem to be stuck.

So, what’s going to happen next?

1. XRP will most likely drop to supports at 0.32$ and thereafter, maximum upward capacity is to 0.377$ and even more so between 0.34-0.35$.

2. 0.304$ is still the bearish confirmation price to 0.28$ and 0.25$. The least conservative bearish confirmation price is 0.311$.

3. We are likely to test highs of 0.34-0.35$ conservative targets and even more so to 0.377$ increase before dropping to our downward targets of 0.28$ and 0.25$.

4. Our final buy zone still remains at 0.15-0.10$.

XRP/USD price chart from TradingView

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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