Bitcoin price is currently trading at levels before the 50% corrective action from May 12 to June 22. Ethereum price is also trying to complete an Ideal Bullish Ichimoku Breakout entry while forming one of the most sought-after bullish formations, the engulfing bullish formation. Finally, the XRP price is in a position to catch up with its peers and experience its first big rise since March. According to 8-year veteran crypto analyst Jonathan Morgan, these levels can be followed in the second week of October.
Bitcoin price is less than 15% away from the ATH level
Bitcoin price continues its rally that started with a significant bullish burst on the Cloud on October 4. Since the beginning of October, Bitcoin has gained 30% in value. In addition to the significant rally, it confirmed a sustained move, invalidating all recent hidden bearish divergences. If the momentum continues, there is no obstacle for it to reach new ATH levels…
On the technical side, around October 20, there may be a period of stagnation introduced by the next Kumo Twist. If Bitcoin continues to rise with the same momentum close to October 20, Bitcoin price could experience a quick corrective move and a return to Tenkan-Sen or Kijun-Sen. This represents a roughly 15% to 33% drop. However, the analyst states that this pullback will likely be a regular and quick corrective move. Tenkan-Sen can be followed at $52,000 for short-term support.
Etheruem price is approaching confirmation of a close uptrend with a target of $6,200
Ethereum price is currently in a rare and overwhelmingly bullish trend. First, the Ideal Bullish Ichimoku Breakout entry is complete and the pattern will be confirmed if Ethereum can close the daily candlestick at or above $3,580. Second, the candlestick formation itself is a candlestick chart with bullish signs. It is also one of the strongest bullish candlestick patterns in Japanese technical analysis. Even the simultaneous occurrence of these two conditions is rare and could represent the start of an explosive move in the next few trading days.
However, bulls should avoid the intense tunnel focus. No matter how bullish the Ethereum price action is, the current situation will be a perfect bull trap. The RSI could remain in a position that weighs significantly on any downside pressure. Buyers should then confirm the breakout and continue higher to remove any remaining bearish warning signals.
XRP finally approaches its bullish trend
Ripple (XRP) price has undoubtedly lagged behind the three cryptocurrencies discussed in this article. Bitcoin was the first rally, now Ethereum is poised to be the next and it may finally be the day of XRP. On the daily Ichimoku chart, there is only one more condition for XRP to confirm an Ideal Bullish Ichimoku Breakout entry close above the Cloud ($1.19). From here, XRP will be well positioned to hit new three-year highs in the $2.50 to $3.00 value areas.
As for XRP bulls, they should watch for any intense weakness that may occur on any daily close, especially below $0.93. A close at $0.93 or below will position the Chikou Spread and the current close below the Cloud, creating the opposite of the Ideal Bullish Ichimoku Breakout – Ideal Bearish Ichimoku Breakout. If this happens, XRP price can be expected to reach levels below $0.50.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.