“Money is returning to cryptos,” said analyst Filip L., making price predictions for the three major cryptocurrencies. He predicts a bullish breakout for bitcoin price and expects a bullish breakout towards $65,087. He predicts Ethereum price is set to break towards $4,646. Ripple (XRP) thinks its price is stuck in a bearish triangle but the bulls are slowly but surely stepping up their game. Details cryptocoin.com‘in.
Will Bitcoin bounce back?
Bitcoin price sees bulls returning to the scene on Thanksgiving as investors see buying opportunities in cryptocurrencies. Ethereum price is gaining momentum towards a bullish breakout with buy-side volume under overbid. Despite the XRP delay, it is still stuck in a bearish triangle, with higher bottoms indicating a bullish entry for the currency.
Bitcoin price regained control above the monthly pivot with an increase in buy-side flow. Bitcoin (BTC) price has been surrounded by bears after hitting all-time highs at the beginning of November. As the price started to drop pretty quickly, the bears took control of several key technical indicators with the monthly pivot, the 55-day Simple Moving Average (SMA) and a break below the Fibonacci level at $59,586. However, there are signs of change as more entries are coming in and the Relative Strength Index (RSI) appears to be bullish away from oversold. BTC price appears to be in a festive mood as the bulls regain control above the monthly pivot at $57,335. The increase came as a bounce of the descending short-term trendline from Nov 21. As the entry should continue throughout the day, wait for a test and it could possibly retrace the Fibonacci level at $59,586.
According to the analyst, expect traders to start buying larger volumes and notice the rise in subsequent sessions. This will turn into a squeeze and break above the descending trendline from Nov. 10, even a rise towards $65,087 is possible. As markets likely shift to more risk aversion, expect this to turn into some tailwinds for Bitcoin and the price to rally higher by next week as it retests its all-time highs above $69,123.
outlook in ETH
Ethereum price sees impatient bulls build momentum for a break towards $5,000. Ethereum (ETH) price is no different from Bitcoin and is witnessing an even more violent bullish rally today, despite the US markets being closed for the holiday. ETH price action seems to be picking up as the buy-side volume rises in the early European hours. While the bulls may soon face resistance at $4,465, expect it to break easily as the buying volume is quite chunky. ETH price will then slow down after reaching $4,465 and then pull back and possibly retest the next barrier of resistance at $4,646 from May 12. According to the analyst, we will see a second wave of purchases from investors who came too late to join the party. This, in turn, would create a second break towards the all-time high of $5,000.
Ripple forecast
Ripple (XRP) price is still under bearish pressure, but the bulls are putting further downward pressure. Ripple (XRP) price is still in a downtrend with bears selling alongside a descending trendline from Nov. XRP price stalled at $0.99 with the 200-day SMA as a supporting factor and saw the price push back towards the descending trendline. The bulls are presenting themselves, which could signal a similar influx of investors to what Bitcoin and Ethereum are experiencing, but in a milder fashion, as the price squeezes in higher, lower lows. XRP price movements are reflected in the RSI, which has shown a slight bullish response to the upside but not rising as aggressively as we’ve seen with Bitcoin and Ethereum prices. However, the downtrend may continue for a little longer for now, as the bears seize the opportunity to take some more profits with a possible retest of $0.99.
As global cryptocurrencies start to gain momentum and show green profit numbers again, expect these tailwinds to help lift the mood for XRP price with a potential break above the descending trendline and a retest of $1.09, according to Filip L. After this hiatus, more investors will likely want to jump on the trend. This should likely see a spike towards $1.25 which should see a huge spike in sentiment. Achieving all-time highs is a little too far for now.
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