As a seasoned crypto investor with over five years of experience under my belt, I’ve learned that navigating through the cryptocurrency market is like riding a roller coaster without a safety harness. The current price action of Bitcoin has me on the edge of my seat once again.
For several months now, Bitcoin has been confined within a falling price range or channel. As Bitcoin approaches the upper boundary of this channel, roughly $70,000, the likelihood of another effort to surpass this mark heightens, yet so does the possibility of a pullback.
As a crypto investor, I’ve noticed that Bitcoin’s price action has rebounded from lower levels, suggesting resilience based on chart analysis. However, it seems stuck within this downward trend, implying a need for a substantial catalyst or robust buying momentum to surpass the upper trendline and initiate a substantial rally towards $70,000.
If the test of $70,000 is successful again, new peaks could potentially be attained. However, should Bitcoin fail to maintain this escalating stress, we may observe a return to crucial support zones.
As an analyst, when considering a potential retracement in the market, I would emphasize the significance of the psychological level at $60,000. This is because it also aligns with the current position of the 100-day moving average, making it a noteworthy point of interest.
If Bitcoin surpasses $70,000, it’s likely that $75,000 would be the next significant level to aim for in a bull market. However, Bitcoin might encounter challenges at this price point again because historically, it has demonstrated a high level of resistance during past market cycles.
XRP’s pattern plays out
A significant development in the symmetrical triangle formation on XRP indicates potential for increased upward momentum. This pattern, which has been building since August, suggests that XRP was amassing power and readying itself for a surge. It’s clear that the market is shifting toward a bullish outlook now that the breakout has taken place.
This pattern often signals significant price shifts, either upwards or downwards, which makes the breakout from this symmetrical triangle particularly noteworthy. Since XRP managed to climb higher, it suggests that at present, the bulls are in control. However, whether this momentum will persist or if there might be a reversal remains uncertain.
Even though XRP looks promising at the moment, it’s essential to remember that a reversal could occur. If the price falls back into the triangle and breaks below critical support points, the recent surge might have been a false breakout.
1) If XRP manages to stay above the crucial support of $0.58, it could signal a continued bullish momentum. A quick drop back to around $0.55 might happen if this level isn’t maintained. However, if XRP keeps climbing and surpasses its resistance, it may potentially bring about further gains. The market might aim for the $0.65-$0.70 range as its potential next objective following the recent breakout.
Ethereum makes return
Following a short spell of rising prices, Ethereum has once again moved back within its downward trending price range. Yet, the broader trend seems to be weakening. Remarkably, even though it’s been on an uptick recently, Ethereum – the second-largest cryptocurrency in terms of market capitalization – shows signs of potential reversal.
Since the middle of 2023 ETH‘s price has been moving lower due to a persistent bearish trend that the cryptocurrency has struggled to overcome. Ethereum has recovered quite well over the last week as seen by the current chart rising back above the $2,500 threshold. But the bullish dynamic seems to be waning as the price approaches significant resistance levels around $2,600 and $2,700.
At present, Ethereum’s price appears to be stabilizing within a downward trending corridor, and it seems that the momentum isn’t particularly strong at this time. The key question is whether Ethereum can maintain its current level or if there will be a shift back towards $2,400 or even $2,300. This is something to closely monitor.
As an analyst, I’m observing a potential shift towards bearish sentiments if Ethereum (ETH) breaks below its critical support levels in the coming weeks. However, there’s some optimistic news for ETH holders. The upcoming trading sessions, particularly on Monday when market activity typically picks up, could see Ethereum making further progress. If buying interest increases and ETH manages to surpass its current resistance, it might revisit the $2800 region again.
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2024-09-23 14:02