Crypto analyst Akash Girimath says Bitcoin (BTC) price looks strong and is poised to conquer higher tops as it bounces off the 2-day demand zone ranging from $60,018 to $63,567. Ethereum (ETH) price action continues to fall within the ascending parallel channel, watching a retest of the $5,000 psychological level. Akash Girimath states that Ripple (XRP) price is struggling below the $1.31 to $1.41 supply zone, despite retesting $2. cryptocoin.com We have compiled Akash Girimath’s BTC, ETH and XRP analysis for our readers.
“A daily close above $69,190 is required for confirmation of BTC uptrend”
Analyst Akash Girimath thinks investors can expect volatility in the cryptocurrency market to continue until BTC makes an authorized move that manages capital inflows from other altcoins. Bitcoin price set an all-time high (ATH) at $69,000 on November 10, but has since dropped 10%. The analyst states that the correction pushed the leading crypto into the 2-day demand zone, which ranged from $60,521 to $63,620. The analyst underlines the following points in his technical analysis:
This move gave BTC a basis to start a surge in bullish momentum and allowed it to rise 6.5%. While this uptrend is optimistic, a daily close above $69,190 is needed for confirmation of the uptrend. Doing so will solidify the bullish outlook and push BTC to label the 161.8% Fibonacci extension level at $77,525. This rise will constitute a 17% climb and a new peak. In some cases, BTC could extend this run up to $80,000.
On the other hand, the analyst reminds that if Bitcoin price re-enters the 2-day demand zone, which ranges from $ 60,018 to $ 63,567, the bullish narrative may weaken a little. In addition, the analyst warns that if BTC breaks a daily close below $60,018, the bullish thesis will be completely invalid, and this move may drop the leading crypto to $56,004.
Ethereum (ETH) price is in an uptrend
Analyst Akash Girimath states that Ethereum price has been in a continuous uptrend since September 29, producing higher highs and higher lows. The analyst says that connecting these trend lines will result in the formation of an ascending parallel channel. However, this upside has been choppy and it is currently hovering above the $4,609 support base after setting a new high at $4,875. While Ethereum price is a few dollars away from tagging the psychological barrier of $5,000, it is unclear whether the uptrend will continue higher without a pullback. The analyst evaluates this situation as follows:
Therefore, investors need to be careful about ETH trading. From a long-term perspective, Ethereum price could still remain volatile and run towards the 161.8% Fibonacci extension level at $6,387.
The analyst warns traders that a break of the $4,609 support base will indicate a weakness among buyers and if Ethereum price produces a daily close below $4,387 it will create a lower bottom and invalidate the bullish thesis.
Ripple (XRP) price struggles
According to the analyst, ripple price has been struggling for more than three months to successfully break the $1.24 resistance level and stay above it. The analyst states that this consolidation will also face the $1.31 to $1.41 supply zone, which must be broken to confirm the uptrend. Akash Girimath continues his analysis with the following levels:
In this scenario, ripple price will retest the $1.54 resistance barrier and rush to the $1.97 high formed on April 14. A one-day close above this barrier would put XRP price on track to retest its all-time high at $3,317.
The analyst states that if ripple price fails to break through the $1.24 resistance barrier, it will signal weakness of the bullish momentum and this move will drop the XRP price by 17% to a stable support base at $1. According to the analyst, buyers may attempt a reversal here, while a daily close below this will likely invalidate the bullish argument and cause XRP price to drop to $0.85.
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