Crypto analyst Lockridge Okoth says it is important for Bitcoin price to rise above $59,200. If it does this, BTC will have shown that it has already hit the bottom. The analyst notes that despite the falling momentum for Ethereum, the rise keeps the reversal pattern alive. Finally, the analyst notes that XRP Coin bulls are starting to show strength.
Bitcoin’s route and key levels
The decline in Bitcoin price on Wednesday saw it come close to testing the Bull Market Support Band at $55,831. However, dovish news from the FOMC reversed fortunes as the BTC price slowly rose. If the bulls manage to push BTC above the $59,200 level, it is likely to solidify the recovery. This means BTC bottomed out at $56,552.
Meanwhile, Bitcoin price remains in the woods amid falling momentum and increasing bearish sentiment, as shown by the Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators. If the Bullish Support band fails to hold as support, it is possible for Bitcoin to extend the decline towards the $52,000 threshold. Moreover, it is likely to test the psychological $50,000 level in a dire situation.
Conversely, all hope is not lost for BTC bulls, with the RSI holding well above the average level of 50 and the AO still in the positive territory. And a break through $59,200 into support would solidify a recovery rally. However, the bearish thesis will only be invalidated once BTC rises and closes above $72,000.
Ethereum still flirts with 25% upside potential
Ethereum price is consolidating in a falling wedge formation. This bullish formation will be executed after a decisive break above the upper trend line on a one-day time frame. The target for this formation is a 25% move towards $4,250, determined by measuring the height of the wedge and overlaying it at the expected breakout point. Ethereum price remained above $2,900 in the 12-hour time frame. Therefore, the descending wedge formation remains valid.
On the other hand, the RSI is trending lower. Therefore, the bears are likely to find their way by sending Ethereum below the $2,900 buyer congestion level. Such a move would negatively impact the bullish reversal pattern. Moreover, this will not only be limited, but will also encourage more sell orders. Traders who want to open a long position on ETH should wait for the RSI to rise above the 50 average level. This move is likely to be accompanied by a jump in Ethereum price above the lower boundary of the formation. A close of the 12-hour candlestick above $3,212 would provide a good entry.
XRP Coin is fighting against further declines!
Ripple (XRP Coin) bulls showed determination to defend the $0.5000 threshold. Therefore, XRP Coin price is likely to return around $0.4952 marked by the 50% Fibonacci placeholder. The RSI has managed to register higher lows on the one-day time frame. This indicates increasing bullish momentum. With increased buying pressure, it is possible that XRP Coin price may bounce with the possibility of reclaiming the range top of $0.5715. If the upside is strong, it is likely to continue above $0.6000. This would mean a gain of almost 17% from current levels.
On the other hand, if the 50% Fibonacci fails to hold as placeholder support, the XRP Coin price is likely to decline. A close of the candlestick below $0.4782 will signal a lower low, indicating a possible trend reversal. In this case, it is possible for frightened holders to pull the trigger. Thus, they can drop the XRP Coin price below $0.4500 or, in a more dire case, to $0.4188. This would mean a drop of approximately 20% below current levels.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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