Advertiser disclaimer

Crypto Price Predictions: Bitcoin, Ethereum, Binance Coin & Ripple – Key Levels to Watch This Week

author
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 14, 2024 | 3 min
Updated on Jan 15, 2024
Advertiser disclaimer
  • Bitcoin Slips to $42,850: Facing a double top resistance at $47,725, Bitcoin’s bearish trend may continue unless it breaks this level.
  • Ethereum Surges 15%: With resistance breached at $2,360, Ethereum shows bullish signs, potentially continuing its upward trajectory.
  • Ripple Gains Momentum: Trading at $0.5784, Ripple could see increased bullish momentum if it crosses the $0.6470 resistance level.

 

This week in the cryptocurrency market, key digital assets like Bitcoin, Ethereum, Binance Coin, and Ripple are at critical junctures. As they navigate through pivotal resistance and support levels, investors are keenly observing their movements for potential buying or selling opportunities. Here’s a technical outlook on these major cryptocurrencies, highlighting their recent performance and key levels to watch in the coming days.

 

Show more

Bitcoin Price Prediction: Technical Outlook

Bitcoin has witnessed a notable decline this week, falling nearly 2.50% to $42,860. Analyzing the weekly chart, the pivot point for Bitcoin is currently set at $40,937, with significant resistance levels seen at $47,724, $52,945, and $59,340. The immediate support for the cryptocurrency is established at $35,977, with further support levels at $30,626 and $24,883.

 

The Relative Strength Index (RSI) stands at a high 70, indicating potential overbought conditions. The 50-Day Exponential Moving Average (EMA) is calculated at $32,090, significantly lower than the current price, which could suggest bullish momentum in a longer-term view.

 

BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

However, chart analysis reveals a double-top pattern with resistance around $47,725, a critical level that Bitcoin needs to breach to confirm bullish momentum. Failure to surpass this level could reinforce a bearish trend in the short term.

 

Given these technical indicators, Bitcoin’s immediate outlook appears bearish unless it can successfully break above the resistance at $47,725. Traders and investors should closely monitor these key levels in the coming days, as they are likely to influence Bitcoin’s price trajectory and provide insights into the market’s directional bias.

 

Ethereum Price Prediction: Technical Outlook

Ethereum has displayed remarkable resilience this week, surging nearly 15% to reach a current price of $2,545. The weekly chart analysis sets the pivot point for Ethereum at $2,361. It faces immediate resistance at $2,711, with further resistance levels at $3,060 and $3,351. The support levels are established lower at $1,950, followed by $1,523 and $1,124.

 

The Relative Strength Index (RSI) currently stands at 70, indicating potential overbought conditions. However, the 50-Day Exponential Moving Average (EMA) at $1,922 is significantly lower than the current price, suggesting a strong bullish trend over the longer term.

 

ETH/USD Price Chart
ETH/USD Price Chart – Source: Tradingview

A key observation in Ethereum’s weekly chart is the breach of the major resistance at $2,360, which now serves as a support level. The formation of a bullish engulfing pattern on the weekly chart signals the potential for further buying momentum. This bullish breakout suggests an optimistic trajectory for Ethereum in the short term.

 

Given these technical indicators, the short-term forecast for Ethereum appears bullish, especially if it remains above the pivotal $2,360 mark.

Binance Coin (BNB) Price Prediction: Technical Outlook

Binance Coin (BNB/USD) has experienced a modest increase this week, up by nearly 0.60%, reaching a price level of $304. Analyzing the weekly chart, Binance Coin’s pivot point is established at $271, with the cryptocurrency confronting immediate resistance at $318, followed by subsequent levels at $352 and $399. Support levels are significantly lower, positioned at $222, then at $186, and further down at $147.

 

The Relative Strength Index (RSI) for Binance Coin is currently at 66, nearing the overbought threshold but still indicating bullish momentum. The 50-Day Exponential Moving Average (EMA) stands at $263, which is lower than the current price, suggesting a bullish trend over a longer-term perspective.

 

BNB/USD Price Chart
BNB/USD Price Chart – Source: Tradingview

 

A notable chart pattern for Binance Coin is a symmetrical triangle with resistance extending at $317. The formation of a Doji candle below this resistance level is currently limiting upward movement. However, a bullish crossover above this level could potentially trigger a buying trend.

 

Given these technical insights, the short-term outlook for Binance Coin appears bearish unless it can surpass the resistance level of $317. 

 

Ripple (XRP) Price Prediction: Technical Outlook

Ripple (XRP/USD) is showing positive momentum this week, recording a rise of nearly 4.60%, currently priced at $0.5784. Analyzing the weekly chart, the pivot point for Ripple is set at $0.5784. The cryptocurrency faces immediate resistance at $0.6994, with additional resistance levels at $0.8048 and $0.9462. On the downside, support is found at $0.5112, followed by $0.4160 and $0.3108.

 

The Relative Strength Index (RSI) stands at a balanced 50, indicating a neutral market sentiment. The 50-Day Exponential Moving Average (EMA) is placed at $0.5478, slightly below the current price, suggesting a potential for bullish trend continuation.

 

XRP/USD Price Chart
XRP/USD Price Chart – Source: Tradingview

A key chart pattern for Ripple is a symmetrical triangle, with resistance extending at $0.6470. The formation of a Doji candle below this level is currently restraining upward movement. However, a bullish crossover above this level could potentially initiate a buying trend.

 

Given these technical indicators, Ripple’s short-term outlook appears cautiously optimistic, particularly if it maintains above the $0.5478 mark. Investors and traders should closely monitor these levels, as a breach above the $0.6470 resistance could signal a stronger bullish momentum, while failure to surpass this threshold could lead to potential downside corrections.

 

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
Other categories