As Kriptokoin.com, in this article, we will focus on the details of analyst Jonathan Morgan’s predictions for Bitcoin, Ethereum and XRP. Cryptocurrency rally in the midst of Russian aggression excites investors. Bitcoin price completes the most sought-after bullish entry condition within the Ichimoku Kinko Hyo system. Ethereum price action was able to avoid a major bearish breakout on Monday. XRP price rose more than 10% on Monday but failed to exit the Ichimoku Cloud.
Next levels for bitcoin
Bitcoin price closed February with a bang on Monday, closing about 15% higher. Ethereum price was threatened by a massive bearish continuation setup and barely held on to the short-term support until it recovered. XRP price enraged the bulls with a similar breakout to Bitcoin, but was cut short by only $0.0006. Bitcoin price has completed a bullish entry that marks a renewed bullish expansion phase. Bitcoin price on Monday completed what Ichimoku traders and analysts have been waiting for since the start of 2022: the Ideal Bullish Ichimoku Breakout.
While the bulls still need to confirm the breakout by pushing Bitcoin price higher, the next target for BTC after confirmation is near the $59,000 value area where there is a high volume node and 161.8% Fibonacci extension in the expanded 2021 Volume Profile. Downside risks have been mitigated but remain a threat. The short-term bullish outlook will be invalidated if bitcoin price closes at or below $37,000. In this scenario, Bitcoin will confirm a major bull trap and initiate the reversal of the current Ichimoku entry, according to the analyst.
Ethereum price triggers bear trap at $2,500
Ethereum price broke below $2,500 daily Tenkan-Sen’s recent support and 61.8% Fibonacci retracement had many short-term sellers waiting. However, as Ethereum its hopes were dashed and the broader cryptocurrency market experienced a massive rally, forcing Ethereum to the close it needed to avoid near-term selling. At the very least, Ethereum price needs to close above the $2,700 level, or just below the daily Ichimoku Cloud. Instead, ETH closed the Senkou Span A and then closed above the 50% Fibonacci retracement at $2,900.
If the bulls want to push Ethereum into the Ideal Bullish Ichimoku Breakout state that Bitcoin is currently in, ETH needs to close above the two strongest resistance levels on the daily Ichimoku chart: the 2022 Control Volume Point and the top of the Ichimoku Cloud. This means that Ethereum price must close at or above $3,160 to confirm a new bullish expansion phase. A daily close below $2,570 will invalidate any near-term bullish outlook and return Ethereum to a downtrend.
XRP price rejected as it completes the Ideal Taurus Ichimoku Breakout
XRP price above Tenkan-Sen and Kijun-Sen in an extreme bullish rally closed, continuing signs of renewed selling pressure on Monday. The bulls were expecting a solid close on the Ichimoku Cloud – but it was only prevented from doing so by a rally to $0.0006. However, a positive development broke out in Ripple’s bullish yesterday, with Tenkan-Sen closing above Kijun-Sen and the 2022 Volume Control Point. The only level blocking the Ideal Bull Ichimoku Breakout is Senkou Span B.
, bulls need to close XRP price at or above $0.7850 to confirm a new uptrend. Once confirmed, the next target XRP price to be tested is the $1.00 value area. Downside risks for XRP price should be limited to the confluent support zones below the Ichimoku Cloud and the 50% Fibonacci retracement that shares the $0.6450 level. A close below this support zone could invalidate any near-term bearish momentum and possibly trigger another sell-off towards the $0.50 value area.
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