Bitcoin (BTC), Ethereum, XRP Post Big Wins – Top 3 Price Predictions

by James · September 9, 2022

Bitcoin (BTC) rallied significantly on Friday and has potentially begun a bullish trend reversal. While Ethereum (ETH) and XRP (XRP) are still lagging behind, both have posted gains.

Table of Contents

BTC

BTC had dipped below a descending resistance line since August 15. The movement took the form of a descending wedge on August 19. The descending wedge is considered a bullish pattern, meaning it leads to breakouts most of the time.

Furthermore, the six-hour RSI had generated bullish divergence since August 15. As expected, BTC broke out on September 9 and has already reached the 0.382 Fib retracement resistance level at $21,000. The next resistance levels are at $21,800 and $22,650, created by the 0.5 and 0.618 Fib retracement resistance levels, respectively.

The wave number suggests that a rise towards at least $22,000 is expected.

ETH

Starting on June 18, ETH initiated a five-wave upward movement that led to a peak of $2,030 on August 14. The price has been declining since in what appears to be an ABC corrective structure.

If so, ETH is currently in the B wave of this structure, which could take it towards the 0.618 Fib retracement resistance level at $1,790 (black). Afterwards, a final drop could take ETH back to the 0.618 Fib support (white) at $1,323 before the upward move resumes.

Regarding the long-term count, it is possible that ETH has begun the fifth and final wave of a bullish impulse that began in 2019. In this case, the sub-wave count is given in white. A decline below the sub-wave low of $881 would invalidate this specific count.

XRP

XRP has followed a long-term rising support line since the bottom in March 2020. Recently, it bounced above this line twice, in June and September respectively (green icons). At this point, the line also coincided with the horizontal support area at $0.32, adding to the legitimacy of the bounce.

In addition, the weekly RSI has started to generate bullish divergence. If this divergence is confirmed, it could lead to a significant upward move that takes XRP at least to the long-term descending resistance line (dotted) at $0.55.

For Be[in]Crypto’s Latest Bitcoin (BTC) Analysis, click here

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.