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This Week’s Trading Forecast: Watch These Essential Levels for Bitcoin, Ethereum, Binance Coin, and Ripple

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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 22, 2024 | 3 min
Updated on Jan 24, 2024
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This week, the crypto market turns its gaze to significant technical thresholds. Bitcoin (BTC) treads carefully around a pivot of $40,937 after a slight uptick to $41,732, contemplating if the $41,750 triple bottom pattern will hold. Ethereum (ETH) trades at $2,477.9, its future course possibly defined by the resistance at $2,710.90 within an upward channel. Binance Coin (BNB) captures attention with a 6.72% surge to $319.3, surpassing its pivot point and eying the immediate resistance at $325.50. Meanwhile, Ripple (XRP) encounters a challenging phase, descending to $0.554, with the market speculating whether the current support can stave off further losses. As these cryptocurrencies approach their critical price levels, the anticipation of their next moves keeps investors on alert.

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Bitcoin: Can $41,750 Triple Bottom Spark Rally?

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

Bitcoin Price prediction: BTC’s latest trading pattern offers a glimmer of optimism as the cryptocurrency recorded a slight increase of 0.12%, reaching $41,732. Positioned near a crucial pivot point of $40,937 on the daily chart, Bitcoin appears to be at a crossroads. Resistance is formidable, ascending to $47,724, with subsequent levels at $52,945 and an ambitious $59,340. Should Bitcoin’s momentum wane, it has established supports at $35,977, then at $30,626, and potentially dipping to $24,938.

The Relative Strength Index (RSI) reflects a balanced market stance at 44, indicating the absence of immediate pressure from either buyers or sellers. The almost indistinguishable figures of the 50-day and 200-day Exponential Moving Averages (EMAs), at $41,726 and $41,733 respectively, underscore a market in equipoise, possibly awaiting a catalyst for its next major move. Technical patterns illustrate a compelling narrative with a triple bottom formation around $41,750, typically a bullish signal in technical analysis.

Ethereum Clings to Upward Channel: Next Stop $2,710.90 Resistance?

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

Ethereum’s (ETH) market trajectory is witnessing a subtle climb, appreciating by 0.23% to a valuation of $2,477.9. The cryptocurrency’s current position teeters around a pivot point of $2,416.00, suggesting a tentative balance between bullish and bearish forces. The upward glance of traders is fixed on resistance levels at $2,710.90, and beyond that, the higher echelons of $2,981.90 and $3,231.00 stand as challenging thresholds to surpass.

On the flip side, Ethereum’s safety net is woven with supports at $2,134.50, then potentially stretching down to $1,903.40 and even $1,647.70 should bearish pressures mount. The Relative Strength Index (RSI), stationed at 54, paints a picture of neutrality in the market, with neither sellers nor buyers gaining definitive ground. This is mirrored by the proximity of the 50-day and 200-day Exponential Moving Averages (EMAs), both hovering around $2,477.50, signaling a constricted trading range that might presage a breakout.

The technical charts articulate a story of resilience with an upward channel that has consistently bolstered Ethereum’s price around the $2,477 mark. This pattern of support fuels speculation on whether Ethereum can muster the strength to ascend to the next significant resistance level at $2,710.90.

BNB Breaks Pivot to Reach $319.30: A Prelude to a Test of $325.50 Resistance?

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

Binance Coin Price prediction: BNB has surged, posting a 6.72% increase to $319.30, signaling a potent wave of investor confidence. This cryptocurrency has eclipsed its pivot point of $288.80, setting its sights on the immediate resistance at $325.50, with further targets set at $361.00 and $398.60. Should BNB’s upward trajectory falter, it finds support at $259.80, with additional safety nets at $233.80 and $204.20.

The Relative Strength Index (RSI), at 61, indicates burgeoning bullish sentiment that has yet to reach the threshold of overextension. The alignment of the 50-day Exponential Moving Average (EMA) with the current price fortifies the significance of $319.30 as a potential platform for further appreciation. BNB’s price action is cradled by an upward channel that has been a consistent backbone for its value around the $319.30 mark.

XRP Awaits Trend Reversal: Will $0.554 Support Hold Against Selling Pressure?

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

XRP coin is navigating through a challenging session, down by 3.89% to a current price of $0.554. The cryptocurrency has slipped beneath its pivotal point of $0.5379. Looking upwards, resistance levels are staged at $0.6045, $0.6495, and $0.6969. Conversely, support is forming at $0.4803, with further potential floors at $0.4320 and $0.3930. 

 

The Relative Strength Index (RSI) is at 39, indicating that XRP is nearing oversold conditions, which could prompt a reversal if buyers step in. Both the 50-day and 200-day Exponential Moving Averages (EMAs) sit at approximately $0.5540, suggesting a crucial juncture for the asset. The chart exhibits an upward trendline that has been supporting XRP around the $0.5540 level.

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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.
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