As a seasoned crypto investor with over a decade of experience in this volatile market, I have learned to navigate the ups and downs with a mix of cautious optimism and calculated risk-taking. The current price action of Bitcoin is reminiscent of a rollercoaster ride, but it’s one that I’ve grown accustomed to.
For several months now, Bitcoin has been moving within a falling price range or channel. As it nears the upper boundary of this channel (around $70,000), the likelihood of another push to surpass this level rises, yet so does the possibility of a correction.
The graph shows that Bitcoin’s price has rebounded from its lower prices, suggesting it’s gaining strength. However, it’s currently trapped within a falling trend. For Bitcoin to break free from this pattern and potentially reach $70,000, a powerful event or significant increase in buyers is needed to push it above the upper boundary of the trend.
If successful in retesting the $70,000 mark again, new highs may be achieved. However, should Bitcoin fail to maintain the growing pressure, it could potentially pull back towards significant support zones.
If there’s a price drop (retracement), it would be wise to pay attention to the level of $60,000 because this is where the 100-day moving average currently rests, serving as a significant psychological barrier. Additionally, the 200-day EMA, past consolidation zones, and the support level at $58,000 offer extra reinforcement below that point.
If Bitcoin surpasses the $70,000 mark, it could potentially reach the $75,000 level next, but encounter challenges at this point due to its history as a significant area of resistance during past market trends.
XRP’s pattern plays out
A significant break in the symmetrical triangle formation on XRP indicates potential for increased upward movement. This triangle, which has been forming since August, suggests that XRP was accumulating power and readying itself for a shift. It’s clear that the market is leaning towards bullishness now that the breakout has taken place.
This pattern often signals significant price shifts, whether upward or downward, which makes the break from this symmetrical triangle particularly significant. Since XRP has surged above this level, it suggests that at the moment, the bulls are steering the market. However, it remains uncertain if this trend will persist or if there might be a reversal.
While XRP seems robust at present, it’s essential to remember that a reversal could still occur. If the price falls back into the triangle and breaks below crucial support lines, the recent surge might have been a misleading spike.
To continue its bullish momentum, XRP needs to stay above the crucial support of $0.58. If it fails to do so, a quick drop to around $0.55 might occur. However, if XRP manages to surpass this resistance and sustain its growth, further gains could be expected. Optimistically, if the market continues to rise, it may aim for the $0.65-$0.70 range as its potential next objective.
Ethereum makes return
After a short spell of rising prices, Ethereum, the world’s second-largest cryptocurrency, has once again moved back within its downward price trend. However, signs suggest that it might be preparing to reverse this trend, despite its recent uptick.
From mid-2023 onwards, Ethereum’s price has been steadily declining due to a continuous bearish phase it hasn’t managed to break free from. However, Ethereum has shown remarkable resilience in the past week, as evidenced by its current chart that’s surged back above the $2,500 mark. Yet, the upward momentum appears to be subsiding as the price edges closer to formidable resistance zones at around $2,600 and $2,700.
At present, Ethereum’s price is stabilizing within a downward trending channel and it appears that there’s little powerful push in either direction. It’s essential to watch if Ethereum can maintain this level or if we might see a turnaround, possibly heading back towards $2,400 or even $2,300.
If Ethereum (ETH) falls below critical support levels in the near future, it might signal a resurgence of pessimism and further declines. However, there’s some positive news for ETH holders. Ethereum could potentially gain momentum in the coming trading sessions, particularly on Mondays which typically experience increased market activity. The $2800 level may be revisited by ETH if buying interest rises and it manages to surpass its current resistance.
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2024-09-23 03:15