- Bitcoin price stopped at the 361.8% Fibonacci extension of the 2017-2018 bear market.
- Ethereum price failed to extend 138.2% to February correction.
- XRP price is welcoming a bullish news turn.
Coinbase’s listing today under the NASDAQ COIN ticker symbol is not only a watershed moment for the company but an essential step for casual investors who are skeptical of outright buying of cryptocurrencies but may be convinced to own the market through a SEC approved central exchange that handles transactions.
A more stable trading experience will allow investors to hedge their bets on the future spread of cryptocurrencies with a well-positioned company that will earn trading returns that are not directly affected by the price fluctuations of any token.
Investors and institutional analysts, such as Dan Ives of Wedbush, are stunned by the opportunity to own a “foundational part of the cryptocurrency ecosystem.” Coinbase is seen as a benchmark for the adoption of not only Bitcoin but the entire cryptocurrency pool going forward.
Co-founder and current CEO, Brian Armstrong, envisions something bigger for Coinbase.
To increase economic freedom in the world. Everyone deserves access to financial services that can help them build a better life for themselves and their families.
From a broader perspective, the Coinbase listing appears to be a win-win situation for individual and institutional investors and people seeking financial freedom from the current system.
Bitcoin Price May Rise to $67,650 Before Deep Correction
The opening price structure continues to take the form of a rising wedge pattern with another touch of the upper trendline needed to complete the pattern. It would mark a new marginal rally for the major cryptocurrency near $67,650, but first is an unfolding test of the 361.8% extension of the 2017-2018 bear market at $63,777.
BTC/USD daily chart
If the current rally fails before testing the upper trendline of the wedge, BTC will find support at the lower trendline at $57,600, followed by the 50-day simple moving average at $55,277.
The growing support continues to the March low at $5,0305 and then the 100-day simple moving average at $47,770, before the final test of the February low at $43,016.
Ethereum price may look for a similar run in 2017
It’s been 16 days since the symmetrical triangle breakout. The path included the battle with the magnet effect of the February high and now a successful close above the 161.8% Fibonacci extension of the 2018 bear market at $2,247.
The current forecast expects ETH to continue strengthening to the 161.8 extension of the February correction at $2,504, immediately followed by the measured triangle move target at $2,507.
Once the current Fibonacci resistance set is cleared, ETH could rise to 261.8% of the February retracement extension at $3,253 and up to the 261.8% extension of the 2018 bear market at $3,587.
ETH/USD daily chart
The lack of significant negative trading volume is considered to be a continuous rally. For most positive days, the size should be medium and no more. This could hinder ETH as it struggles with the current Fibonacci resistance.
XRP price stops at $2 is psychologically significant
It has been a series of bullish news for Ripple over the past few weeks. The most recent is a cross-border remittance executive filing to dismiss the SEC’s pending XRP case since December 2020.
XRP price action mirrors the bullish trend with a massive advance over the past weeks which lifted it near the 61.8% retracement of the 2018-20 bear market at $2.08. With the daily chart flashing a moderate bearish momentum divergence, speculators need to prepare for a pause to release some of the price pressure from the evil advance.
After the consolidation, XRP is expected to challenge the 78.6% retracement at $2,617 before launching an all-time test at $3.30 over the medium term.
XRP/USD daily chart
XRP came a long way in a short time, and speculators need to pay attention to the crucial support at the 38.2% retracement of the April rally at $1.42 and then the 50% retracement at $1.26.