The latest developments in the cryptocurrency markets have raised questions about the current state of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Here is a detailed price analysis of Bitcoin and altcoins!
Bitcoin has been trading between moving averages in the past few days. On October 16, the bulls made a strong move by pushing the price above the 20-day EMA at $27,224. The momentum increased, and the BTC/USDT pair surged above the $28,143 resistance. However, the excitement was short-lived as the bears managed to sell at higher levels, pulling the price below $28,143.
The 20-day EMA is rising, and the relative strength index (RSI) has entered the positive zone. This indicates that the bulls may have a slight advantage. If the buyers manage to close the price above $28,143, the pair could advance towards $30,000 and then $31,000. On the downside, a break and close below the 50-day SMA at $26,715 could favor the bears. The pair could then drop to $26,000 and subsequently to $24,800.
Ethereum has been fluctuating between $1,531 and $1,746 in the past few days. Typically, analysts buy near support levels and sell near resistance levels. The buyers initiated a relief rally by buying the dip to $1,521 on October 12. The bulls attempted to push the price above the moving averages on October 16, but the long wick on the candlestick shows selling by the bears.
If the price drops from the current level, the bears will make another attempt to push the price below $1,521. If successful, the ETH/USDT pair could drop to $1,368. Conversely, the bulls may try to push the price above the moving averages and sustain it. If they succeed, the pair could rally to $1,746. However, this level is likely to witness strong selling pressure from the bears.
XRP has been trading within a wide range between $0.41 and $0.56 in the past few days. The bulls are attempting to initiate a pullback, which is likely to face strong resistance from the moving averages. If the price falls below the moving averages, it could indicate that every minor relief rally is being sold into. This could increase the probability of a drop to $0.46. If this level doesn’t hold, the XRP/USDT pair could drop to $0.41. On the contrary, if the bulls manage to push the price above the moving averages, it could indicate strong buying at lower levels. The pair would then attempt to rise towards $0.56. It is expected that the bears will strongly defend this level.