Crypto analyst Filip L. makes level predictions on Bitcoin, Ethereum and Ripple. According to him, cryptos are ready for fireworks display this weekend. Bitcoin price is seeing daily gains above an important key level. Ethereum price is facing some resistance at the 55-day SMA, but the bulls are still at work. For the start of the launch, the XRP price is set at $1.00. Details of the analyst’s views cryptocoin.com‘in.
Weekend levels for bitcoin
Cryptocurrencies are on their feet and making investors completely forget about the market turmoil of the past week. Bitcoin saw a daily rally above the critical $44,088 level, which is a critical level that must be surpassed to provide more upside potential. Ethereum price action looks set to break the 55-day Simple Moving Average (SMA) at $3,267. XRP will rise above $0.88, which opens the door for the bulls to set a target at $1.00.
Bitcoin price sees bulls preparing for a 12% breakout by the end of the week. Bitcoin (BTC) price brings an excellent report card for this week as investors finally learn to live with tighter market conditions and put their money back to work to make a profit. Bitcoin price action is excellent proof of that, with a very high reaction on Feb. 04 and an unstoppable rally to $44,088 since then. With the daily close above this level, the scene looks set for the bulls to chase the $50,000 barrier.
BTC price looks set for another breakout as it converges with lower highs and higher lows. Yesterday’s daily close above $44,088 is proving that the bulls are in control and will tightly close any profit take. Expect resistance near $46,740 in the short term from monthly R1, but the final target by the end of this week will be $48,760, which will front position for a breach above $50,000 next week. While the White House has already said it will be a higher figure, investors will still need to assess the impact on the Fed’s policymaking and whether this will lead to a double or single rate hike from the Fed in March. This could turn into a short but aggressive bearish stream leading to a break below the 55-day SMA again and support at $39,780.
General situation in Ethereum
Ethereum bulls have a job to do before they hit an additional 12% gain by the end of this week. Ethereum (ETH) price is seeing the bulls hesitate a bit about what to do with the 55-day SMA they face today at $3,267. It is quite normal to take some profit as the price action was denied any upside yesterday. ETH price is supported by a few headwinds from overall positive sentiment as investors re-enter the markets and scan asset classes for long-term opportunities in the medium term. This should add the necessary momentum for today’s price action to a break above the 55-day SMA, potentially hitting a target at the $3,391 key level. This opens the door to an ideal scenario where Ethereum price hits the 200-day SMA near $3,600 this Sunday.
As mentioned earlier in the paragraph above, the decline could begin to expand towards a full pullback for Ethereum and its price could slide back to $3,018. This key level should be able to sustain further losses as it is critical for the bulls to break up to finally end the long-term downtrend. While this may confuse some bulls as to whether this is the right area to buy again, expect a possible downward slide on the monthly pivot to $2,927 or even a bounce off the red descending trendline at $2,800.
XRP price sees the bulls finally breaking a sweat to break above $0.88, but expectations for $1.00 remain. Ripple (XRP) is in a perfect compression formation with lower highs and higher declines as buyers and sellers pull towards each other. The end result will be a bullish breakout to the upside as the bears get out of the way and the bulls open room for a rise slightly below the 200-day SMA at $0.95. This SMA is an important sentiment factor with more upside potential when the bulls push the price action above it. It should be stressed and underlined that a daily close is necessary to turn the 200-day SMA into a solid support in favor of the bulls and ensure they can withstand any dips or profits.
With the profit target set at $1.00, the bulls could go blind as investors will want to jump in any situation to go long and open the door for the bears to pull a technical bull trap. XRP drops to $0.84 and possibly $0.78, causing the green ascending trendline to wobble a bit like a supportive element. But bearish pressure may be short-lived as the 55-day SMA and $0.78 look perfect to provide support and contain more losses.
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