- Bitcoin price develops bullish buying opportunities.
- Ethereum price is positioned for a breakout to $6,300.
- XRP price begins a moe towards $1.38.
Bitcoin price finds support near the $48,000 value area, creating a buying opportunity before its next major breakout. Next, Ethereum price develops a trifecta of significant breakout levels at the $4,300 value area. Finally, XRP price begins a broader move towards the $3.00 value area with an initial resistance test at $1.38.
Bitcoin price offers a new long opportunity before a Christmas rally
Bitcoin price has an excellent long setup on its $1,000/3-box reversal Point and Figure chart. The theoretical long idea is a buy stop order at $50,000 with a stop loss at $46,000 and a projected profit target at $69,000. This long idea represents a 4.75:1 reward for the risk. A two to three-box trailing stop would help protect any implied profits post entry.
BTC/USD $1,000/3-box Reversal Point and Figure Chart
It is anticipated that the breakout above the double-top at $49,000 would generate sufficient momentum to see it break above the bear market angle and convert Bitcoin into a bull market. The long idea is invalidated if Bitcoin price moves below $43,000 before the entry.
Ethereum price could explode above the $6,000 value area
Ethereum price has one of the most ideal breakouts on its Point and Figure chart that it has had in a long time. The current hypothetical setup would achieve three bullish events simultaneously.
First, the Ethereum price entry would confirm a breakout above a double-top. Second, the entry would confirm a breakout above a symmetrical triangle pattern. And third, the entry would push Ethereum above the bear-market angle (red diagonal line) and convert the Point and Figure chart into a bull market.
The hypothetical long entry is a buy stop order at $4,300, a stop loss at $3,900, and a projected profit target at $6,300. This trade represents a 5:1 reward for the risk setup. A three-box trailing stop would help protect any implied profit after the entry.
ETH/USD $100/3-box Reversal Point and Figure Chart
The long idea is invalidated if Ethereum price drops below $3,500 before the entry triggers.
XRP price to hit $3.00, but first, a test of $1.38 is needed
XRP price has a possible long setup on its $0.02/3-box reversal Point and Figure chart. The long idea is a buy stop order at $0.96, a stop loss at $0.88, and a profit target at $1.38. This trade represents a 5.25:1 reward for the risk setup. A two to three-box trailing stop would help protect and profit after the entry level is triggered.
The profit target may seem somewhat conservative, especially given recent analysis projecting moves towards the $3.00 range. However, there has been substantial resistance near the $1.38 – $1.44 price zones in the past that it is unlikely XRP would pass on through without some initial resistance.
Upon hitting $1.38 – $1.44, some selling pressure to the $1.15 zone is likely. If that holds as support, the road to $3.00 is more straightforward.
XRP/USDT $0.02/3-box Reversal Point and Figure Chart
To invalidate the current long idea, XRP price would need to close below the $0.50 level.