According to crypto analyst Filip L., Bitcoin (BTC) price rose 6% on Tuesday and looks set to remain stable above $50,000; Ethereum (ETH) price sought and matched BTC’s lead with 8% profit on Tuesday, but has already taken back most of that gain; Ripple (XRP) price, on the other hand, is flirting with a downside break at $1.05. Analyst Filip L.’s analysis of BTC, ETH and XRP cryptocoin.com we have compiled for you.
“Bitcoin price will seek support at $53,350 before retesting”
Bitcoin (BTC) price is up 6% on Tuesday and is up 27% since September 21, the start of the current bull run. The analyst states that a repeat of the pattern shown on October 1 and 2 would be an excellent playbook to give the bulls an additional entry point, which he says will open more room for an upside move towards $53,350. Filip L. points to the following technical levels for BTC:
BTC’s price action from the monthly resistance level of R1 to $51,589 could lead to short-term profits with the $50,019 support. If the bulls keep the price action above $50,000, it’s a sign of confidence and an indication of a healthy rally in the markets. It also adds confidence to the Relative Strength Index (RSI), which used to flirt with oversold but is now returning to more normal levels.
The crypto analyst expects Bitcoin price to bounce off $50,019 or sooner, noting that the bulls are expected to make more gains up to $53,350 and break the monthly R1 resistance level at $51,589 on their way. According to the analyst, this will turn the second level into support in favor of the bulls.
Analyst Filip L. says that if market sentiment cuts the positive headwinds on cryptocurrencies, bulls will be expected to profit quickly, in which case the bears will be given an opportunity to break through some key support levels. The analyst points to the following levels:
Certainly, the $47,065.70 level, which is in line with the 55-day Simple Moving Average (SMA), fits that bill. Expect the bull run to be short-lived if the bulls fail to hold this level against some bearish reaction.
“Ethereum price sees bulls fleeing the scene”
Ethereum (ETH) price action is in a tough spot as the bulls are unable to defend the double support level at $3,370. Filip L. states that with this area, the 50% Fibonacci level at $3,370 and a historical level of $3,391 just above it comes and there is an opportunity to enter if the bears take the price action further down, with the bulls closing their positions with either flat or marginal gains. Filip L. continues his analysis in the following direction:
With global sentiment lagging behind today, the supportive tailwind in Ethereum price is completely gone and it looks like the bull run is at a standstill. Expect a break further below the $3,245 low and the 38.2% Fibonacci level at $3,200 towards the monthly pivot.
However, the overall long-term bull run still looks solid, he predicts, as soon as the markets allow the dust to settle on this downside trading day, the bulls will restart price action in ETH to retest $3,687.
“Ripple price rejection looks terrible”
Crypto analyst Filip L. says that Ripple (XRP) price has been rejected from the historical level of $1.09 and does not look very positive for the next bull run. “The 55-day SMA proved to be too heavy for the bulls to handle on Tuesday,” he said, noting that as price action subsides, the bears are attempting to push the price down towards the 200-day SMA, around $0.98. Continuing his analysis, Filip L.’s expectations and evaluations are as follows:
That way, the bears will face a double bottom with the October 4 low. Add to that the psychological level of $1, and the bulls have three reasons to wash the bears out of their open positions ahead of time. Of course, the global market sentiment today is causing a headwind rather than a tailwind.
The analyst expects that once the dust clears and the markets’ risk appetite opens, the bulls will shift the XRP price action back into fifth gear and move to retest and break $1.09.
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