• ​​​​​​Bitcoin price is continuing its ascent and will face the $62,944 resistance barrier next.
  • Ethereum price has moved on from consolidating under one hurdle to another at $3,938.
  • Ripple price flash crashes close to $1.01 support floor but recovers quickly, eyeing retest of $1.27.

Bitcoin price is not looking back as it breached the $60,000 psychological level. Ethereum mirrors the big crypto’s moves, but Ripple seems to be more volatile than the top two cryptocurrencies.

Bitcoin price remains strong

Bitcoin price has rallied a whopping 44% since October 1 and breached two psychological levels, $50,000 and $60,000. Despite this exponential upswing, the big crypto shows no signs of stopping as it currently trades around $62,330.

BTC will, however, face a minor resistance at $63,330 and its all-time high at $64,985. Therefore, a breach of these two barriers will open Bitcoin price up to a resistance-free path to venture into the discovery phase.

The 161.8% trend-based Fibonacci extension level at $77.525 is the next target for Bitcoin bulls if they manage to produce a decisive close above $64,985. This run-up would constitute nearly a 25% ascent and would set up a new all-time high.

BTC/USD 1-day chart

BTC/USD 1-day chart

On the other hand, if Bitcoin price breaches $60,000 to the downside, it will put the uptrend on hold. In such a case, BTC might revisit the $57,300 support floor.

In dire cases, a massive sell-off could knock the big crypto to $55,370, where the buyers can make a comeback.

Ethereum price gets stuck again

Ethereum price traded between $3,619 and $3,387 for roughly eleven days and showed no affinity to move higher. However, on October 14, ETH finally moved out of the upper barrier and is currently grappling with the $3,938 hurdle, which sits just below the $4,000 psychological level.

While Ethereum price closely mirrors Bitcoin price action, it has relatively less volatility, which can be observed in comparing returns for October. ETH has only rallied 31%, but BTC has jumped 44% in the same time.

Although the smart contract token might be slow, its ascent will steepen going forward due to multiple bullish fundamentals.

A decisive close above $4,000 and its all-time high at $4,380 will likely propel ETH to $6,384, coinciding with the 161.8% trend-based Fibonacci extension level.

ETH/USD 1-day chart

ETH/USD 1-day chart

Regardless of the bullish outlook, if Ethereum price produces a decisive close below $3,387, it will create a lower low and probably knock it down to $3,200. This move will slow down the ascent and dent the bullish outlook, but it will not invalidate the optimistic thesis.

Ripple price fumbles but gets back on track 

Ripple price began its consolidation after rallying 38% from September 29 to October 10. This coiling up faced abrupt selling pressure, leading to a 10% flash crash on October 17. While XRP price came extremely close to retesting the $1.01 support level, it recovered. 

Ripple price is currently trading above the $1.09 platform, suggesting that the buyers are back in business. A continuation of this uptrend will likely allow XRP price to revisit the $1.27 hurdle after a 15% ascent.

While this is an interim stop, investors can expect Ripple to make a run at the Fair Value Gap’s (FVG) upper limit at $1.60.

XRP/USD 1-day chart

XRP/USD 1-day chart

Despite the recent flash crash, Ripple price seems to have recovered above the $1.09 resistance barrier and is currently bouncing off it. A successful retest will propel XRP price higher, but a failure to follow through will knock the remittance token down to the support area ranging from $1.01 to $0.96.

A breakdown of $0.96 will delay and jeopardize the bullish thesis. Therefore, investors need to keep a close eye on these barriers.

 

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