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Bitcoin, Ethereum, Ripple: BTC bulls aims for $70,000
The last time it was noted that a support level at $66,000 was key for the Bitcoin price, the surge had successfully closed above support.
Goldman adds that Ethereum price was likely on the verge of a strong trend.
Near the 200-day EMA, Ripple price is at $0.553; a possible retracement is demonstrated when a close above is obtained.
Bitcoin (BTC) and Ethereum (ETH) hold critical support levels suggesting there's a chance of upward movement. Meanwhile, Ripple's (XRP) proximity to a significant resistance suggests it may break out and surge later days.
Bitcoin’s bottom seems to be forming stronger. Future bulls are showing signs of strength.
Average prices continue to remain lower. On Tuesday with significant bitcoin price movement surpassing alltime high previous levels, Tuesday results were 2.42% higher than Wednesday.
Lonescu Trietosjes Vadau’s bullish cross of MACD aids in explaining why Bitcoin’s price was steady while holding above this key metric. The MACD and signal lines gained bullish strength once the MACD line further moved above the signal line. Histogram bars growing closer to vertical increasing bullish sentiment.
In addition to that, as per the daily chart, the RSI indicator of Bitcoin is approaching its overbought level. It is currently at 67, and the level to watch is 70. If it reaches that level on a closing basis, traders will be advised not to further increase their long positions as the probability of experiencing a pullback is likely to be high. There is also the possibility that the upside is maintained and the RSI remains overstretched. For those who watch it, if it passes a level of 70 and then comes back to 50, that will be an indication that a strong correction is coming.
Should the $66,000 level hold, BTC will continue its current bullish momentum and attempt to test the July 29 high of $70,079.
But quite contrary, if clicks do not come around at BTC which seems to be at a $66,000 level, it will likely extend its decline by another 6% and touch the $62,000 support level. This level is in confluence with the 61.8% Fibonacci retracement level at $62,059 which was drawn from a swing high of $70,079 to a swing low of $49,084 during the August timeframe.
Ethereum price is poised for an up trend
Ethereum’s price has been rising for the third day running and has managed to gain a lot more than 6.5% on Monday and closed the price at $2,461 which is well above the 50-day EMA. On Tuesday, ETH price dipped and tested the 50-day EMA which is at $2,542. As per the data provided on Thursday, ETH’s price is around $2600 which is just gaining in value with the current trading pattern.
The MACD on the other hand has also been supporting Ethereum up and has witnessed a bullish crossover on the daily chart. Just yesterday, the MACD line crossed above the signal line which signaled be a buy. As per the current data, there are rising green histogram bars labelling the positive support followed by the neutral line zero which places Ethereum bullish.
Similarly, the RSI on the daily chart trades above the 61 mark which is above its neutral level on a scale of 50 bringing in positive forces to the table.
Now if the 50-day EMA continues to remain as a level of support, which currently is at 2542, there could be chances of ETH climbing up to its August 24 level of $2820.
Contrary to that argument, if Ethereum manages to close the price below the level of daily support and which is $2461, there will be further loss in ETH to test the level of $2150.
Ripple price has fail to sustain its upward momentum after Monday’s euphoria but still lies relatively strong in the downward trend.
Ripple price has remained bullish since last week but its movements remained choppy because of loss of confidence around its 200-day average movement which appears to be getting stronger. The current price of the cryptocurrency is $0.551, close to its 200-day EMA of $0.553.
An increase is expected if XRP surpasses the 200-day exponential moving average of $0.553 and secures a close above it. After breaking the 200-day moving average, it has the potential to rise by more than 13 percent which is close to the next daily resistance level of $0.626.
After several days of struggle in maintaining bullishness, the MACD indicator crossed above in a bullish calamity. The bullish line which crossed above the MACD's signal line provides a buy signal. Looking at the current trends in the MACD oscillator, bullish momentum appears to be in control and may experience an increase in momentum.
The daily length of the relative strength index is also currently bullish, although there are concerns that it may fall lower since the value of the relative strength index is currently at 49. If the RSI level falls below it's neutral level, the momentum push may not hold.
If the particular price is not crossed, the XRP price may retest below $0.553 level while under the resistance range at $0.544 and further downward breaching 3rd October 2020 low $0.506 levels.
#BTCSoarsTo68K #BTCBULLS70k #BTCUptober $BTC
Goldman adds that Ethereum price was likely on the verge of a strong trend.
Near the 200-day EMA, Ripple price is at $0.553; a possible retracement is demonstrated when a close above is obtained.
Bitcoin (BTC) and Ethereum (ETH) hold critical support levels suggesting there's a chance of upward movement. Meanwhile, Ripple's (XRP) proximity to a significant resistance suggests it may break out and surge later days.
Bitcoin’s bottom seems to be forming stronger. Future bulls are showing signs of strength.
Average prices continue to remain lower. On Tuesday with significant bitcoin price movement surpassing alltime high previous levels, Tuesday results were 2.42% higher than Wednesday.
Lonescu Trietosjes Vadau’s bullish cross of MACD aids in explaining why Bitcoin’s price was steady while holding above this key metric. The MACD and signal lines gained bullish strength once the MACD line further moved above the signal line. Histogram bars growing closer to vertical increasing bullish sentiment.
In addition to that, as per the daily chart, the RSI indicator of Bitcoin is approaching its overbought level. It is currently at 67, and the level to watch is 70. If it reaches that level on a closing basis, traders will be advised not to further increase their long positions as the probability of experiencing a pullback is likely to be high. There is also the possibility that the upside is maintained and the RSI remains overstretched. For those who watch it, if it passes a level of 70 and then comes back to 50, that will be an indication that a strong correction is coming.
Should the $66,000 level hold, BTC will continue its current bullish momentum and attempt to test the July 29 high of $70,079.
But quite contrary, if clicks do not come around at BTC which seems to be at a $66,000 level, it will likely extend its decline by another 6% and touch the $62,000 support level. This level is in confluence with the 61.8% Fibonacci retracement level at $62,059 which was drawn from a swing high of $70,079 to a swing low of $49,084 during the August timeframe.
Ethereum price is poised for an up trend
Ethereum’s price has been rising for the third day running and has managed to gain a lot more than 6.5% on Monday and closed the price at $2,461 which is well above the 50-day EMA. On Tuesday, ETH price dipped and tested the 50-day EMA which is at $2,542. As per the data provided on Thursday, ETH’s price is around $2600 which is just gaining in value with the current trading pattern.
The MACD on the other hand has also been supporting Ethereum up and has witnessed a bullish crossover on the daily chart. Just yesterday, the MACD line crossed above the signal line which signaled be a buy. As per the current data, there are rising green histogram bars labelling the positive support followed by the neutral line zero which places Ethereum bullish.
Similarly, the RSI on the daily chart trades above the 61 mark which is above its neutral level on a scale of 50 bringing in positive forces to the table.
Now if the 50-day EMA continues to remain as a level of support, which currently is at 2542, there could be chances of ETH climbing up to its August 24 level of $2820.
Contrary to that argument, if Ethereum manages to close the price below the level of daily support and which is $2461, there will be further loss in ETH to test the level of $2150.
Ripple price has fail to sustain its upward momentum after Monday’s euphoria but still lies relatively strong in the downward trend.
Ripple price has remained bullish since last week but its movements remained choppy because of loss of confidence around its 200-day average movement which appears to be getting stronger. The current price of the cryptocurrency is $0.551, close to its 200-day EMA of $0.553.
An increase is expected if XRP surpasses the 200-day exponential moving average of $0.553 and secures a close above it. After breaking the 200-day moving average, it has the potential to rise by more than 13 percent which is close to the next daily resistance level of $0.626.
After several days of struggle in maintaining bullishness, the MACD indicator crossed above in a bullish calamity. The bullish line which crossed above the MACD's signal line provides a buy signal. Looking at the current trends in the MACD oscillator, bullish momentum appears to be in control and may experience an increase in momentum.
The daily length of the relative strength index is also currently bullish, although there are concerns that it may fall lower since the value of the relative strength index is currently at 49. If the RSI level falls below it's neutral level, the momentum push may not hold.
If the particular price is not crossed, the XRP price may retest below $0.553 level while under the resistance range at $0.544 and further downward breaching 3rd October 2020 low $0.506 levels.
#BTCSoarsTo68K #BTCBULLS70k #BTCUptober $BTC
