- Bitcoin price could attempt a move to the 50% retracement level, between the $28,208 and $28,815 range.
- Ethereum price coils up for a move north and could test the $1,650 resistance level in a 5% climb.
- Ripple price deliberates the next move after rejection from the mean threshold at $0.5337; the odds still favor bulls.
Bitcoin (BTC) price is pushing north, but the headwinds continue to oppose the recovery rally. However, the odds still favor the upside, though only narrowly. On the other side, Ethereum (ETH) and Ripple (XRP) investors and traders have a lot going on with both price actions leaving longs and shorts a lot to ponder over. Generally, the market has a lot to decipher, with a quick rally in the cards, according to experts.
Bitcoin price could test the 50% Fib
Bitcoin (BTC) price is in an overall uptrend, in what appears to be a recovery rally, with the $26,000 psychological level holding forte for the flagship crypto even as profit takers engage the load-shedding gear. Increased buying pressure above this level could send BTC north, confronting the resistance confluence between the 200- and 50-day Exponential Moving Averages (EMA) at around 26,933, before heading up to the 100-day EMA at $26,962.
However, it would take more than just buying pressure to drive Bitcoin price north, considering the low volatility in the market. With the Relative Strength Index (RSI) moving north, momentum is growing. With such bullish interest, BTC bulls could launch a subsequent attack at the range limit presented by the EMAs before the next breakout.
Traders must also put off their profit-taking appetite, with a confirmed break and close above the $27,771 likely to fuel optimism that could send BTC to the 50% Fibonacci retracement level around the $28,208 to $28,215 range.
BTC/USDT 1-day chart
Conversely, selling pressure from the supplier congestion zones indicated by the EMAs could extend the downtrend for Bitcoin price, with a likely retest of the $25,613 range. In the dire case, the slump could extrapolate to the $25,100 support level, last tested during mid-June. Such a move would constitute a 5% slide.
Also Read: Bitcoin price action culls $30 million longs ahead of Fed Chairman speech
Ethereum price could make a move north
Ethereum (ETH) price appears due for a move north, supported by the promising outlook of the RSI, which is about to signal a call to buy as its edges closer to the signal line (yellow band) in the rising trajectory.
Traders heeding this call could send Ethereum price north, likely to the $1,650 resistance level. In a highly bullish case, the gains could extend to the 50-day EMA at $1,672. Such a move would constitute a 5% ascent above the current level.
ETH/USDT 1-day chart
On the flip side, profit-taking could send Ethereum price back towards $1,551 or lower to collect the sell-side liquidity resting underneath.
Also Read: Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
Ripple price rejected from the supply zone
Ripple (XRP) price was rejected from the mean threshold of the supply zone order block at $5,337. This was expected, considering the zone is characterized by aggressive selling. With the 50-, 100- and 200-day EMAs at $0.5300, 0.5468, and 0.5391, all resting within the supply zone, the bears have the advantage.
However, the RSI is showing rising momentum, while the Parabolic SAR continues to track XRP from below, acting as support at $0.4760. These are both bullish indicators, likely to give Ethereum price the pivot for its move north.
XRP/USDT 1-day chart
In the same way, the token has been recording lower highs and lower lows, indicating growing seller momentum. This could see ETH break below $0.4191 or in the dire case, send ETH below the $0.4600 to tag to mid-July.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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