- Bitcoin price develops a powerful bullish reversal candlestick on its weekly chart.
- Ethereum price finds support against intense Fibonacci and Ichimoku price levels.
- XRP price hits time and price zone that could push Ripple back to $1.00
Bitcoin price action shows clear signs that the bottom is in and a new run higher is imminent. Ethereum price has so far rejected any further selling pressure by remaining above the bottom of the Cloud. XRP price is inside one of the most essential Gann Cycles of the Inner Year, pointing to a new bull run soon.
Bitcoin price ready to bounce and retest $45,000 as resistance
Bitcoin price is developing one of the most sought-after bullish reversal candlesticks in Japanese candlestick analysis: the Dragonfly Doji. The Dragonfly Doji is a candlestick with little to no body, a small wick above and a long wick below. The single candlestick pattern alone is not sufficient to identify the likelihood of a bottom, but the combination of the Dragonfly Doji and the current oscillator conditions support that theory.
The Relative Strength Index remains in bear market conditions, yet despite the significant drop over the past two weeks, it is relatively unchanged and remains in neutral territory. On the other hand, the Composite Index has slowly increased while price has decreased, creating regular bullish divergence – a warning that the current downswing is likely to weaken or terminate. Finally, the most glaring example of how oversold Bitcoin price currently is best represented by the Optex Bands oscillator, which is in extreme oversold conditions for the first time since July 2021.
BTC/USD Weekly Ichimoku Kinko Hyo Chart
Upside potential for Bitcoin is likely limited to the $45,000 to $47,000 in the near -term. Downside risks remain but are likely limited where Bitcoin price found immediate support near the 88.2% Fibonacci retracement at $33,000.
