• Bitcoin price extended its upswing to $55,800 after an 18% ascent.
  • Ethereum price showed no reaction as it stayed below the $3,619 resistance barrier.
  • Ripple price remained relatively lull as it tested the $1.05 support level.

Bitcoin price showed a massive uptick in buying pressure, which could be driven by the expected launch of BTC Futures ETF in October. While investors put their capital into BTC, altcoins continue to show no strength.

Bitcoin price at crucial level

Bitcoin price is currently hovering around $55,000, just above the 70.5% Fibonacci retracement level at $54,182 or inside the high probability reversal zone. Moreover, the Momentum Reversal Indicator (MRI) has flashed a preemptive sell signal in the form of a yellow down arrow on the daily chart. This formation suggests that another green daily candlestick will create a red ‘one’ sell signal that forecasts a one-to-four candlestick correction.

Therefore, investors need to be aware of a correction that follows after a sudden uptick. The support level at $51,096, coinciding with the 62% Fibonacci retracement level, or the supply zone ranging from $48,834 to $47,316 are the areas where buyers will accumulate more BTC.

BTC/USD 1-day chart

BTC/USD 1-day chart

On the other hand, if Bitcoin price continues to head lower, breaching the 50%  Fibonacci retracement level at $46,738, it will invalidate the bullish thesis. In such a case, BTC could retest the $45,000 support floor.

Ethereum price lacks strength

Ethereum price showed a strong surge after a breakout from the parallel channel’s upper trend line on October 1. This rally tested the $3,398 resistance level and flipped it into a support foothold. However, since this point, ETH has lost strength while hovering below the next barrier at $3,619.  If the big crypto retraces, Ethereum price will likely follow suit and retest $3,398. In a dire scenario, the smart contract token might revisit the $3,202 demand barrier.

ETH/USD 1-day chart

ETH/USD 1-day chart

While things are looking tough for Ethereum price, a decisive close above $3,619 will flip a major hurdle into a platform, invalidating the bearish thesis. This move will allow ETH to be propelled to $3,952 or the $4,000 psychological level.

Ripple price is all out of volatility 

Ripple price rallied 17% since October 1, which is relatively less than its peers like Bitcoin, Ethereum and so on. Regardless, XRP price managed to slice through a critical resistance barrier at $1.05 and is currently hovering above it.

While the bellwether cryptocurrency contemplates a retracement, investors can expect the remittance token to do the same. In which case, the $1.05 support floor will be breached, knocking Ripple down to $1 or $0.95.

Depending on the selling pressure and the buyers’ ability to make a comeback, this downswing can stop at the $0.95 barrier or head even further to revisit $0.87. This move would constitute a 20% descent for Ripple price.

XRP/USD 1-day chart

XRP/USD 1-day chart

The short-term bearish outlook is made on the assumption that Bitcoin price corrects. However, if BTC continues to rally, investors can expect XRP price to follow suit. In this situation, a decisive close above $1.12 will invalidate the bearish thesis. Moreover, it will signal that the buyers are not done yet. In this scenario, Ripple bulls might even kick-start a 37% uptrend to $1.54.

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Three reasons why DOGE price will not be back above $0.17 anytime soon

Three reasons why DOGE price will not be back above $0.17 anytime soon

Dogecoin price is at the cusp of saying goodbye to $0.10 as the price is set to drop another leg lower in the coming week after DOGE price consolidated below that same $0.10. With such a move, losses would sum up to 55% of depreciation.

More Dogecoin news

Cardano price could go either way next week, but downtrend still rules

Cardano price could go either way next week, but downtrend still rules

Cardano price closes the week with another loss on the books. ADA price looks set to instead chose more downside as investors are turning away from cryptocurrencies. Expect another drop with at least a retest at $0.415.

More Cardano news

Why another 60% drop in SHIB price is inevitable

Why another 60% drop in SHIB price is inevitable

Shiba Inu price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action.

More Shiba Inu news

A weekly close below $0.50 spells another correction ahead for XRP price

A weekly close below $0.50 spells another correction ahead for XRP price

Ripple (XRP) price came close to a full recovery after the positive shift in sentiment on Friday, but as long as price action remains below $0.50, there is still no evidence of a fundamental turnaround in sentiment. Expect to see further downward pressure as several bearish pressures are not easing.

More Ripple news

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP