Friday, January 6, 2023

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Is 2023's first rally in works?

Bitcoin price triggered an uptrend after bouncing off the $16,624 support level. This move has produced a market structure shift when considering the recent higher high. While the bullish outlook is alive, confirmation of the uptrend will arrive if BTC manages to flip $16,822, which is the highest volume traded level since November 5. If successful, Bitcoin price could attempt a move to $17,306 followed by the range high at $18,401 and the highest volume traded level for 2022 at $19,237. While the outlook remains bullish, a failure to breach the $16,822 could be a sign of weakness. If Bitcoin price produces a four-hour candlestick close below $16,221, it will invalidate the bullish thesis. In such a case, BTC could revisit the equal lows at $15,443. Ethereum price reaches its upper limit, what’s next? Ethereum price is traversing a bear flag pattern as described in a previous article. Based on the technical formation a 12% downswing is forecast upon the breakdown of the flag at $1,206. For the bearish outlook to play out, BTC needs to remain in a lull or flip bearish and Ethereum price needs to get rejected at the upper limit of the flag, resulting in a steep correction to $1,071 and $1,051 support levels. Ripple price dug a lot lower than other altcoins on January 1 but its recovery since then has come along well. As XRP price trades around $0.348, investors can expect this trend to continue until it tags the $0.374 hurdle. Beyond this level, if the buying pressure continues to hold, the remittance token could retest the the equal highs at $0.397.

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