Cryptocurrencies are slowing down as bulls defend the uptrend on Bitcoin, Ethereum and Ripple. Bitcoin (BTC) price drops below R2 for October and bulls are waiting for a good discount to push BTC price to $70,000. Ethereum (ETH) price is witnessing bulls presenting a very narrow window to take profits, with momentum already primed for all-time highs. Ripple (XRP) price seems to be stuck between a bear trap and the bulls’ gain motivation. Details cryptocoin.com‘in.
Bitcoin looks directional again
Bitcoin (BTC) price bounced back from its all-time high, while Ethereum (ETH) and Ripple XRP kept their price corrections a little more restrained. Global market sentiment will determine whether Ethereum is the next cryptocurrency to hit all-time highs, as the Bitcoin price has dropped a little too far so far. Ripple (XRP) price continues to decline but sees more buying volume added to the momentum, so the move has begun. Bitcoin (BTC) price is evaporating a little while the bulls are making some profits. Bitcoin (BTC) price has been falling since the cryptocurrency hit all-time highs on October 20. In the first stage, the monthly R2 resistance level, which was held over the weekend, started to become clear on Wednesday as global markets also broke out of their highs. Analyst Filip L. advises wait for volume and volatility to drop a bit as markets lag a bit.
BTC price bulls will want to wait before buying more Bitcoin (BTC). According to the analyst, more room should be expected for the correction to open towards the historic $55,619 from April 7th. Around this level, new buyers should eagerly start repurchasing Bitcoin and push the price back above R2 per month. Once above that, all-time highs aren’t far away, especially if global markets are back on the lead and positive tailwinds are likely to emerge.
According to the analyst, if the gains start to dampen the market sentiment even more, expect more and more bulls to take profits and the Bitcoin price to drop further. BTC price will start to test the psychological barrier of total $50,000 and it could reach $48,760 in an unexpected move. But at the same time, this should attract a large number of buyers and prevent further corrections in BTC price as there are quite a lot of support levels, moving averages and pivots in this area.
outlook in ETH what about
Ethereum price pauses before the final move to all-time highs. Ethereum (ETH) price started to decline slightly on Tuesday after reaching $4,400. However, it remains under control and the monthly R1 resistance level has yet to be tested. The bulls are trying to resume the uptrend and momentum by allowing a small correction window but keeping the Ethereum (ETH) price action under pressure. ETH price is gaining quite a bit of support from the monthly R1 and the descending red top line, which should provide enough support for a bounce. If that doesn’t work, a few dollars lower, historical support near $3,667 from May 5 was highly respected. With this summary, it seems clear that the bulls only have three support levels in the $200 range, offering plenty of opportunities for new buyers to add volume to the uptrend.
ETH price could come under further fire if the global markets start to correct further and the VIX volatility indicator starts making higher highs. According to analyst Filip L., in portfolio changes, expect cryptocurrencies like Ethereum to be first on the cutting block. After a break below $3,687, wait for the lines below $3,391 and $3,039 which could slow any downside or correction. If more upsides start to emerge, $3,018 should certainly be able to withstand quite a lot of selling volume and provide solid support.
XRP price formed a bear trap
Ripple (XRP) prices seem to be in the hands of the bulls to raise prices. Ripple (XRP) price saw a pennant formation on Wednesday, which was completed with a bearish bias. While global markets lagged behind yesterday, bears got the support of global sentiment. In this downtrend, the bears were quickly rejected at the highly respected blue descending trendline since Aug 15. XRP price quickly broke out of the blue descending trendline around $0.93 and today sees XRP bulls retest $1.05. With this move, the bears are seriously injured and they seem to have stepped into a bear trap. The bulls now need to squeeze the bears out of their short positions, which allows the price to quickly rally to $1.25.
Analyst says: With market sentiment in doubt as to whether it will be risky or risk-free, wait for the markets to quickly pull buyers out of their positions in case of a risk return and see the XRP price return to this blue. A break would push the XRP price between $0.83 – $0.78. If global markets are more concerned about stagflation and accelerating bullish cycles from several central banks, expect a quick correction to $0.582.
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