Crypto Market Analysis: Top Predictions for Bitcoin(BTC), Ethereum(ETH) & Ripple(XRP) for February 2023


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The post Crypto Market Analysis: Top Predictions for Bitcoin(BTC), Ethereum(ETH) & Ripple(XRP) for February 2023 appeared first on Coinpedia Fintech News

Bitcoin (BTC) Price Analysis

Bitcoin appears to accumulate gains as the price levels have been hovering around $23,000 for nearly a week. The RSI is displaying a bearish divergence while the MACD is about to flash a bearish crossover. Therefore, the BTC price is expected to face a minor rejection during the weekend that may trigger a bullish close for the month ahead.

The BTC price is manifesting both the possibilities of rising beyond the interim resistance at $24,400 and surging below $21,800. An equal bullish and bearish impact is been recorded due to which the volatility of the asset has been slashed hard.

However, the upcoming weekend may turn the tables for the BTC price and either of the targets may be achieved. Meanwhile, a bearish outcome is more likely which may slash the price below $21,000 but the upcoming week could be bullish.

Ethereum (ETH) Price Analysis

The Ethereum price in constantly trading along the resistance of the falling wedge for more than a week now. The price slightly deviates towards the south and hence the bears are slowly gaining strength and may display a giant action during the weekend. Moreover, the Bolinger Bands are also displaying a contraction which reduces the bullish possibilities to a larger extent.

Trading View

The current trade setup displays the possibility of a minor pullback and plunges down. However, in case of an extended bearish action, the price may find a base to rebound at 200-day MA which is located at $1424. This may trigger a notable upswing that could uplift the price levels beyond the upper resistance and reclaim the crucial levels at $1767 in the coming month.

Ripple (XRP) Price Analysis

Ripple price broke above the bearish trade set up after the first fortnight of 2023 and began to consolidate heavily around the resistance. The price just made a failed attempt to rise beyond $0.43 intensifying bearish action and slashing the levels close to $0.41 at the moment. However, the upcoming weekend is believed to be highly volatile that may display a giant price action.

Trading view

The XRP price is testing the crucial resistance levels and displays huge possibilities of a bearish breakout in the next 24 to 48 hours. While the lower support levels are fragile and hence may not hold the rally. However, the bulls may not allow the price to drop heavily as they appear to be well in a position to defend the gained levels. Therefore, after a brief consolidation, the XRP price is believed to rebound finely to reclaim levels above $0.45 soon.