$BTC #BTC

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to record rash move soon as Bollinger Bands contract

Bitcoin price could fall 5% to the support confluence between 100-day SMA and horizontal line at $40,650 as boring chop continues.

Ethereum price could revisit $2,200, a 4% correction, as the 50-day SMA proves impenetrable.

A retest of the October lows around $0.4734 seems likely for Ripple price as XRP token holders show weakness.  

Bitcoin (BTC) price continues to record a boring chop, trading horizontally, with altcoins such as Ethereum (ETH) mimicking the price action. Meanwhile, Ripple (XRP) price continues to suffer in the hands of unmotivated traders.

Also Read: Week Ahead: Crypto markets to turn volatile as AI steals the spotlight

Bitcoin price likely to fall 5%

Bitcoin (BTC) price is trading within a range, consolidating between the centerline and the upper band of the Bollinger indicator at $41,895 and $44,210, respectively. With the two Bollinger bands contracting, BTC could record an impulsive or rash move soon.

The Relative Strength Index (RSI) is closely bearish, teasing with a cross below the signal line (yellow band). The Moving Average Convergence Divergence (MACD) also appears subdued with miniature volumes on the histogram bars. This is also reflected in the Awesome Oscillator (AO), tilting the odds in favor of the bears.

If the bears have their way, Bitcoin price could descend 5% to find support due to the confluence between the 100-day Simple Moving Average (SMA) and the horizontal line at $40,650. If this level fails to hold as support, BTC could extend the fall into the demand zone between $38,496 and $39,582. A break and close below the midline of this order block at $39,196 would confirm the continuation of the downtrend, potentially going as low as the $37,800 support.

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