Bitcoin (BTC), Ethereum and XRP After Big Gains – Top 3 Price Predictions

Bitcoin (BTC), Ethereum and XRP After Big Gains – Top 3 Price Predictions


Bitcoin (BTC) rose significantly on Friday and may have started a reversal to the upside. While Ethereum (ETH) and XRP (XRP) are still lagging, both have posted increases.

BTC

BTC has been dropping below the descending resistance line since August 15th. The movement took the form of a falling wedge on August 19. The falling wedge is a bullish pattern, which means that it leads to breakouts most of the time.

Moreover, the six-hour RSI has been generating a bullish divergence since August 15. As expected, BTC broke out on September 9 and actually 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 Fibonacci retracement resistance levels, respectively.

The wave count indicates that an increase of at least $22,000 is expected.

ETH

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

If so, ETH is currently in wave B of this structure, which could take it towards the 0.618 Fib retracement resistance level at $1,790 (black). After that, the recent decline could bring ETH back to the 0.618 Fibonacci support (in white) at $1,323 before resuming the bullish move.

As for the long-term count, it is possible that ETH started the fifth and final wave of the bullish IM wave that started in 2019. In this case, the number of sub-waves is given in white. Any break below the first sub-wave low at $881 would invalidate this particular number.

XRP

XRP has been following a long-term ascending support line since its bottom in March 2020. Recently, it bounced above this line twice, in June and September respectively (green symbols). At this time, the line also coincides with the $0.32 horizontal support area, which increases the legitimacy of the rebound.

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

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