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28 March 2024
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Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto Christmas rally to begin early

  • Bitcoin price develops bullish buying opportunities.
  • Ethereum price is positioned for a breakout to $6,300.
  • XRP price begins a moe towards $1.38.

Bitcoin price finds support near the $48,000 value area, creating a buying opportunity before its next major breakout. Next, Ethereum price develops a trifecta of significant breakout levels at the $4,300 value area. Finally, XRP price begins a broader move towards the $3.00 value area with an initial resistance test at $1.38.

Bitcoin price offers a new long opportunity before a Christmas rally

Bitcoin price has an excellent long setup on its $1,000/3-box reversal Point and Figure chart. The theoretical long idea is a buy stop order at $50,000 with a stop loss at $46,000 and a projected profit target at $69,000. This long idea represents a 4.75:1 reward for the risk. A two to three-box trailing stop would help protect any implied profits post entry.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

It is anticipated that the breakout above the double-top at $49,000 would generate sufficient momentum to see it break above the bear market angle and convert Bitcoin into a bull market. The long idea is invalidated if Bitcoin price moves below $43,000 before the entry.

Ethereum price could explode above the $6,000 value area

Ethereum price has one of the most ideal breakouts on its Point and Figure chart that it has had in a long time. The current hypothetical setup would achieve three bullish events simultaneously.

First, the Ethereum price entry would confirm a breakout above a double-top. Second, the entry would confirm a breakout above a symmetrical triangle pattern. And third, the entry would push Ethereum above the bear-market angle (red diagonal line) and convert the Point and Figure chart into a bull market.

The hypothetical long entry is a buy stop order at $4,300, a stop loss at $3,900, and a projected profit target at $6,300. This trade represents a 5:1 reward for the risk setup. A three-box trailing stop would help protect any implied profit after the entry.

ETH/USD $100/3-box Reversal Point and Figure Chart

The long idea is invalidated if Ethereum price drops below $3,500 before the entry triggers.

XRP price to hit $3.00, but first, a test of $1.38 is needed

XRP price has a possible long setup on its $0.02/3-box reversal Point and Figure chart. The long idea is a buy stop order at $0.96, a stop loss at $0.88, and a profit target at $1.38. This trade represents a 5.25:1 reward for the risk setup. A two to three-box trailing stop would help protect and profit after the entry level is triggered.

The profit target may seem somewhat conservative, especially given recent analysis projecting moves towards the $3.00 range. However, there has been substantial resistance near the $1.38 – $1.44 price zones in the past that it is unlikely XRP would pass on through without some initial resistance.

Upon hitting $1.38 – $1.44, some selling pressure to the $1.15 zone is likely. If that holds as support, the road to $3.00 is more straightforward.

XRP/USDT $0.02/3-box Reversal Point and Figure Chart

To invalidate the current long idea, XRP price would need to close below the $0.50 level.

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