- Bitcoin price hits and maintains its primary support zone while the threshold for a bullish breakout decreases.
- Ethereum price maintains bullish structure despite saber-rattling and geopolitical unknowns.
- XRP develops a bull flag before returning to the $1.00 price range.
Bitcoin price action, like the rest of the cryptocurrency market, was hammered south on Thursday due to increased fears about a possible war between Russia and Ukraine. Ethereum price respects significant resistance and support levels, relatively unchanged price action behavior. Like BTC and ETH, XRP is relatively unchanged and has maintained its primary near-term support zone – while also developing a robust bullish continuation pattern.
Bitcoin price prepares for a new bull market above$43,850
Bitcoin price action will likely surprise a large number of crypto participants. The drop on Thursday has led to an inordinate amount of pundits and social media declaring any hope for the cryptocurrency market returning to a bull run is null and void. However, the joke may be on them.
By Saturday, Bitcoin only needs to accomplish a daily close above $42,500 to complete an Ideal Bullish Ichimoku Breakout. Of course, that is contingent upon Bitcoin maintaining the critical support level it just tested in the $40,000 value area. But given hidden bullish divergence between the Optex Bands and the price chart, it is very likely Bitcoin price will see a gradual rise to its bullish breakout entry zone.
BTC/USD Daily Ichimoku Kinko Hyo Chart
Bulls only need to get nervous if there is a daily close that puts the Chikou Span below the candlesticks and in open space. For that to occur, Bitcoin price needs a daily close below $36,600. In that scenario, Bitcoin would likely drop below the 2022 lows to test the $30,000 price range.
