BTC and XRP - Bullish sentiment continues

FXOpen

BTC/USD

From last Friday when the price of Bitcoin has been traded at $46,371, we have seen an increase of 17.6% measured to its highest point today at the $54,530 level. After a minor pullback, the price back close to the levels of today’s high and is still on an upward trajectory.

BTC and XRP

This upside movement is counted as the starting impulse to the upside after a correction ended on the 28th of February. The first two waves should have ended which is why now we are seeing the development of the next 3rd one. 

If this is the five-wave impulse the price increase should continue after the completion of this rise which is set to exceed the high on the 3rd. But there is still a possibility that it would end on the 3rd wave in which case that would mean that we have seen the 2nd sub-wave of the higher degree correctional count. 

In the first case, a new all-time high would be expected, while in the second the price would go above its low of February 28th which would be the first sub-wave of the higher degree descending move. The pivot point would be the pullback that is expected after the current rise ends, as it manages to stay above the $52,600 area it would validate the 4th wave. But if it continues moving down and even falls below the $50,000 area that would be a clear sign that the price of Bitcoin is headed for a lower low as the 4th wave count would be invalidated.

XRP/USD

The price of Ripple has been rising from the start of the month when it fell to $0.3954 and measured to its highest point today made a recovery of 24% as it came up to $0.4858.

BTC and XRP

On the hourly chart, we can see that the price entered the horizontal zone which was a significant pivot zone and represents the support/resistance range around which the price has been traded after January’s spike to the upside ended. If we have seen the end of the correction that started from the 1st of February, now a breakout above the $0.5 level could be seen which would validate the bullish scenario.

However, we could see a rejection at the current levels which can cause another downturn in price, which is why we are going to closely monitor what happens at present levels.

 

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Cryptocurrency CFDs are not available to trade in all jurisdictions.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k Bitcoin Recovers to January 11 Prices When ETFs Were Approved A Major Network Outage in Solana Had Little Impact on the SOL/USD Exchange Rate

Latest articles

Indices

Nvidia's Successes Helps S&P 500 Price Reach Its All-time High

Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months. Reasons for Extremely Bullish Sentiment: → Nvidia's

Forex Analysis

Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily

AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today· The

Forex Analysis

Commodity Currencies Strengthen after the FOMC Minutes Publication

The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.