Cryptocurrency market update: Where is this Directionless Bitcoin trading going?
|- Bitcoin must come out of the range to break away from the sideways mundane trading.
- Ethereum has the potential to jump above $190 but $200 is still a pipe dream.
- Ripple up and down movements jeopardize the support areas at $0.28 and $0.25.
October was both a bad and great reckoning for the cryptocurrency especially for Bitcoin. The largest crypto in the market plunged to test $7,300. A counter movement blasted Bitcoin to levels almost hitting $10,600. However, acute volatility sent Bitcoin to the $9,000 range. For more than a week, Bitcoin has been locked between $9,000 and $9,600.
Bitcoin price update
The price of BTC is directionless and ranging within the above range limits. $9,000 is strong support and buy zone while $9,600 remains to be the sellers’ favorite spot. The 50 SMA is capping the immediate gains on the upside. The RSI and the MACD clearly show that the indecision will last longer. Breaking either of the range limits will give Bitcoin a defined course.
BTC/USD4-hour chart
Ethereum price update
Ethereum refreshed the short term support at $184 on Thursday. The downtrend became apparent following the rejection at $195. A recovery movement followed swiftly with ETH aiming for $190. Meanwhile, the price is dancing at $187.91 after stepping above the 100 SMA on the one-hour chart. Limiting gains to the upside is the 50 SMA currently at $189.
ETH/USD 1-hour chart
Ripple price update
Ripple, on the other hand, is quite volatile on Friday. The flash drop that extended the candle wick to $0.2750 on Thursday immediately reversed above $0.29. However, XRP has been unable to sustain gains towards $0.3 and embarked on a trimming exercise with a short-term target of $0.28.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.