Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Return To $36,000 Beckons As Binance Exchange Woes Continue
- Bitcoin price latest rejection from $40,000 risks another sharp drop to $36,000.
- Binance exchange banned from operating in Malaysia, given 14 days to close up shop.
- Ethereum faces the formation of a death cross pattern, which may invalidate the bid for $3,000.
- Ripple rejected again from $0.75 as the hunt for support begins, but multiple buy signals could renew the uptrend.
Cryptocurrencies could close the week in the red despite kicking off Monday with massive gains. Bitcoin attempted to settle above $40,000 but was unsuccessful. At the moment, the bellwether cryptocurrency is facing a correction that may soon retest the support at $36,000.
Ethereum is slightly green after sustaining a 2.6% growth in 24 hours to trade at $2,344. Ripple gained the ground back to $0.75, but the uptrend to $0.8 lost steam. In the meantime, the cross-border money transfer token dances at $0.72.
The rest of the market is mixed red and green, with crypto assets such as Solana posting double-digit gains of more than 11%. Amp is the worst-hit token, following more than 11% in accrued losses.
Binance Asked To Exit Malaysia
Malaysia has become the latest regulatory jurisdiction to land a blow on Binance, one of the largest crypto exchange platforms in the world. According to authorities in the Asian economic powerhouse, Binance has continued to operate in the country illegally.
In an announcement made on Friday, the Securities Commission (SC) Malaysia asked Binance and all its entities to vacate the country and cease operations. A report by Cointelegraph in July 2020 confirmed that Binance was running operations in Malaysia without permission. Meanwhile, Binance has a 14 business day window to cease operations, including disabling the website and stopping all campaigns for its services.
Bitcoin Price Eyes Another Drop To $36,000
Bitcoin bulls continue to direct jabs at the $40,000 critical level. The flagship cryptocurrency needs to confirm a breakout above this level to validate the uptrend toward $50,000. On Thursday, we reported one of the largest single-day Bitcoin outflows from exchanges. This, indeed, is a bullish signal, and its impact appears to be taking time before being felt.
Meanwhile, the struggle to hold above $40,000 seems only to leave bulls tired and frustrated. Hence, several sell signals in Bitcoin’s short timeframes hint at another drop, perhaps to $36,000.
The Moving Average Convergence Divergence (MACD) has recently presented a call to sell BTC. As the signal takes root, sell orders are rising can could surmount the bullish pressure in far of losses to $36,000. The Relative Strength Index (RSI) affirms the bearish outlook after correction from the overbought area to the midline.
BTC/USD four hour chart
Don't Miss: Pros and Cons of Investing in Bitcoin
Impending Death Cross Pattern Could End Ethereum’s Uptrend
Ether is trading around $2,340 after failing to break the resistance at $2,400. Bulls realize that trading above this level will remove the impediments delaying a sustained price action to $2,700 and later $3,000. However, as long as the barrier remains intact, the pulldown toward $2,000 will remain apparent.
Similarly, an incoming bearish pattern threatens the uptrend. A death cross pattern is highly bearish and occurs when a short-term moving average (50-day SMA) crosses below a long-term moving average (200 SMA).
The pattern tends to mark the beginning of a downtrend or the continuation of the same. Its appearance on the daily chart would pave the way for Ethereum declines toward $2,000.
ETH/USD daily chart
Ripple Bulls Put Up A Fierce Fight To Defend $0.7 Support
The International money transfer is back to hunting for formidable support barely a day after testing areas above $0.75. It appears that news of the new On-Demand Liquidity Corridor between Japan and the Philippines has settled. Moreover, investors could be considering selling the news after XRP failed to sustain the uptrend to $0.8.
In the meantime, Ripple is trading at $0.72 while facing growing resistance from the 200-day SMA. Support at $0.7 must come in handy; otherwise, we expect losses to stretch toward $0.6
XRP/USD four chart
The MACD still holds a bearish outlook despite the correction from $0.75. Moreover, the bullish outlook has been reinforced by a call to buy XRP, presented by the SuperTrend indicator. This technical tool follows the trend like a moving average but utilizes the average true range (ATR) in its calculations. The call to buy appeared after the indicator closed the day below Ripple price, changing from red to green.
Read Also: Should You Buy Ripple?