Hello everyone, I am an analyst closely following the cryptocurrency market. Today I want to talk to you about my views on the trends of the popular cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
First, let's look at Bitcoin. I find that after experiencing a correction around the $70,000 range, it is very likely on the verge of a large-scale bullish reversal. Analyzing the four-hour chart, Bitcoin seems to have formed a bullish triple bottom reversal pattern. This triple bottom pattern is significant, indicating that the asset has tested a certain price three times and has refused to fall below it, showing that this price has strong support. If this triple bottom pattern is indeed confirmed, it will become a classic bottom formation in cryptocurrency history.
However, I must remind everyone. If Bitcoin cannot hold the key support level of $78,264, as the leader of cryptocurrencies, its price could potentially drop by up to 13% compared to its current value, likely falling to the $69,000 - $74,000 range. As of now, Bitcoin's trading price is $80,641, with an increase of nearly 2% for the day, but the market is ever-changing, and the gains or losses at this support level are crucial.
Now let's talk about Ethereum. I believe that if Bitcoin starts to further correct downwards, Ethereum is very likely to revisit the $1,100 level. During this downturn, most altcoins, including Ethereum, have not performed well. Therefore, once Bitcoin further drops to the $69,000 - $74,000 range, Ethereum will likely break below the green area I previously marked as a bottom. If this happens, I will focus on the downward orange area. It is important to note that before the end of this month, Ethereum's long-term support level is at $1,800. If Ethereum really drops to the orange area, I expect a strong rebound to occur, and by the end of the month, the price may likely rise back above $1,800 - $1,900. Thus, I think for investors planning to hold Ethereum for the long term, buying on dips in the orange area is a good strategy. Currently, Ethereum's trading price is $1,568, down 1.3% in the past 24 hours.
Lastly, let's talk about the payment token XRP. In my view, it may temporarily drop below $1.80 and then start a rebound, targeting around $3.50. From my chart analysis, I do not expect XRP to effectively break below $1.80. Even if the price briefly drops below this level, it is likely to be a false breakdown or a fake breakout during a dip, not a true sign of weakness. Currently, XRP's trading price is $1.93, down 1.8% for the day.
But I must remind everyone, the cryptocurrency market is always full of uncertainties, and price fluctuations can be very intense. When referencing my analysis for investment decisions, be sure to weigh carefully and consider your own risk tolerance; do not blindly follow the crowd.
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