xrp crypto news

Crypto markets position for new bullish expansion phase

Steep correction looms crypto market
Written by publisher team

  • Bitcoin is up more than 20% in a week, meeting the bullish Ichimoku breakout conditions.
  • Ethereum grabs 25% gain in a week and pushes around $4,000.
  • XRP is struggling to generate significant momentum despite a 22% rise.

Bitcoin price fulfills all conditions necessary to complete the setup of the Ideal Bullish Ichimoku Breakout. Ethereum price, hot on the Bitcoin performance tail, positions the same Ichimoku hack as Bitcoin. However, XRP’s price action is somewhat muted when compared to its peers and shows signs of striving for the same momentum as Bitcoin and Ethereum.

Bitcoin price looking for a clear and sustained breakout above $50,000 to move towards $70,000

Bitcoin price has fulfilled all requirements to enter Ideal Bullish Ichimoku Breakout within the Ichimoku Kinko Hyo system. Chikou Span is located above the candelabra; Closing above the cloud, the future Senkou span A is descending while the future Senkou span B is descending downward and Tenkan sen is above Kijun Sen. The only technical factors that could hinder the continued upward movement are the hidden bearish divergence between the candlestick chart and the composite indicator. Therefore, Bitcoin will need to close above September 6y The highest level is at $52.742 to nullify any bearish signals in the near term in the oscillators.

BTC/USD Ichimoku Daily Chart

Bulls should be wary of any return inside the cloud as it could point to another lower leg towards the $30,000 value area.

Ethereum price is trying to break higher; The bulls target the $3,600 close to confirm a new bullish extension

The price of Ethereum, unlike Bitcoin, is still inside the cloud stubbornly above the top of the cloud (Senkou Span A) at $3,500. For a bullish breakout to be valid, the close and Chikou Span must be above the cloud, with the Chikou Span also above the candlesticks. This can only happen with a close at or above $3,600. Until then, negative pressure remains the highly likely scenario. The same hidden bearish divergence scenario on the Bitcoin chart is also present in Ethereum. To undo this bearish divergence and eliminate any downside pressure threat, a close above $4,000 is necessary.

ETH / USD . Ichimoku Daily Chart

A drop in Ethereum price below $3000 would be a sign of further downside potential.

XRP Struggling to Maintain Bullish Momentum, Looking to Return to $0.90

XRP price continues to struggle higher and is now under threat of losing most of its gains over the past week. Kijun-Sen at $1.05 continues to act as a source of significant resistance. Bearish readings in the oscillators are exacerbating resistance at Kijun-Sen. Optex Bands continues to the upside and is approaching overbought levels. The hidden bearish divergence between the candlestick chart and the composite indicator is weighing on more bearish momentum. Finally, the RSI faces resistance against the first overbought condition in a bear market at 55. A close above $1.20 is necessary to return XRP to a bullish market.

XRP / USD Ichimoku Daily Chart

XRP could cause some big price crashes if it fails to hold at $1.00.

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