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

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