BTC, ETH, RİPPLE 23 February 2021 Price Analysis
Analyzes on this site are not intended to encourage investment. The author only gave an opinion.
BTC / USD
Bitcoin climbed above the resistance line of the ascending channel on February 19, but failed to gain momentum. This showed that the current uptrend is tiring. Traders were aggressively taking profit today, which brought the price to the 20-day exponential moving average ($ 48,081).
However, lows continue to attract buyers, as seen from the long tail on the daily candlestick. If the price stays above the midpoint of the channel, the bulls will try to push the pair back above the channel.
If they manage to do this, the BTC / USD pair may continue its uptrend. On the upside, the next target is $ 60,974.43 followed by $ 66,000. The upward moving averages and the relative strength index (RSI) in the positive zone show that the bulls are in control.
Contrary to this assumption, if the price stays below the midpoint of the channel, the bears will again try to break the 20-day EMA support. If they manage to do this, the pair could drop to the 50-day simple moving average ($ 39,885).
ETH / USD
Ethereum (ETH) was reversed from the resistance line of the rising channel on February 20, indicating that investors made a profit after the price reached a psychologically significant level from $ 2,000.
ETH / USDT daily chart. Source: TradingView.
If buyers can and sustain the price above the 20-day EMA ($ 1,753), the positive momentum may remain intact.
Conversely, if the price stays below the 20-day EMA, the bears will try to push the pair below the channel and the 50-day SMA ($ 1,465). If they are successful, the correction could deepen to $ 1,200 and then to $ 1,000.
XRP / USD
XRP continues to trade in the $ 0.50 to $ 0.65 range. Altcoin caught the trend today, and many of the other major cryptocurrencies have soared while witnessing sharp sales.
XRP / USDT daily chart. Source: TradingView.
The price surged to $ 0.65155 today but the bulls were unable to sustain the higher levels. This indicates that the bears have not yet thrown towels.
However, the rising 20-day EMA ($ 0.50) and the RSI in the positive zone suggest the path of least resistance is up. If the bulls can push the price above $ 0.65 and sustain it, the rally could extend to $ 0.78608.
This positive view will become invalid if the price falls from current levels and falls below the $ 0.50 support. In such a case, the XRP / USD pair could drop to $ 0.3855.