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Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto markets may hit the brakes

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  • Bitcoin price congestion and indecision continue, but opportunities on both sides develop.
  • Ethereum price fails a bullish breakout above its bear flag, threatening continuation moves south.
  • XRP price is positioned at a make-or-break point, hovering above final support that could thrust Ripple below $0.80

Bitcoin price remains inside the Cloud within the Ichimoku Kinko Hyo system, indicating continued volatility and uncertainty. Ethereum price failed to close above the bear flag on Tuesday, but the bullish structure remains. XRP price barely holding support, could drop lower.

Bitcoin price develops opportunities on its Point and Figure charts

Bitcoin price remains stuck inside the Cloud on the daily Ichimoku chart, providing little opportunity or guidance when viewed from that chart style. However, Point and Figure charting reduces the ‘noise’ associated with Japanese candlestick charts and focuses only on price action, giving a clearer picture of Bitcoin’s behavior and what kind of trading opportunities exist.

A theoretical long trade setup exists with a buy stop order at $60,000, a stop loss at $58,000, and a profit target at $66,000. This hypothetical entry is exceptionally bullish for two reasons. First, the entry is a breakout above a triple-top, and second, the entry confirms a powerful bullish reversal pattern in Point and Figure known as a Bearish Fakeout.

BTC/USD $500/3-box Reversal Point and Figure Chart

The theoretical long idea is invalidated if the current O-column moves below $55,000.

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On the short side of the trade, a hypothetical short idea is a sell stop order at $53,000, a stop loss at $56,000 and a profit target at $44,000. The entry confirms one of the most sought-after short entry patterns in Point and Figure, a Bearish Catapult. In addition, a trailing stop of one to two boxes to protect any implied profits would help mitigate any whipsaws in price action that may occur.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

The hypothetical short setup is invalidated if the long idea above is triggered.

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