- Bitcoin price correction seems to be holding above $60,000, but fear of an extended pullback persists.
- Ethereum price coils up between $3,900 and $4,200, preventing a retracement.
- Ripple price consolidates in a bullish pennant, suggesting a 26% ascent is likely.
Bitcoin price has been due for a retracement after rallying for three straight weeks in October. This came on October 21, when BTC began a correction that is now holding up pretty well above a psychological barrier. While a deeper correction seems likely, Ethereum, Ripple and altcoins are looking good and ready to pop higher.
Bitcoin price makes a shaky comeback
Bitcoin price dropped 11% over two days starting October 22 as it retested the $60,000 psychological level. Now buyers seem to have stepped in, however, signaling a makeshift albeit temporary bottom.
If BTC manages to produce a daily close above the October 21 open at $66,027, it will suggest a continuation of the uptrend. Failing to do so, however, will result in consolidation above $60,000. In the case that Bitcoin price shatters the said psychological level, investors can expect it to head toward the liquidity zone, ranging from $52,956 to $56,004.
A dip into this area will rid the Bitcoin market of short-term sellers as they exit the market booking profits. This will then allow the long-term rally to continue. In this situation, Bitcoin price will likely make a run at the $65,000 resistance barrier, a clearance of which will kick-start a run-up to new highs.
The 161.8% trend-based Fibonacci extension level at $77,525 will be the next high bulls target.
BTC/USD 1-day chart
On the other hand, if Bitcoin price breaches the $52,956 support floor, it will head toward the $50,000 psychological level, which may provide a level from which the uptrend could start again.
Ethereum price looks for an opening
Ethereum price looks ready for a run-up to contest its previous highs at $4,172 as it is consolidating between the $3,900 and $4,200 barriers. Like Bitcoin price, ETH has corrected 11% from its swing high at $4,380.
As long as the $3,900 support floor holds, Ethereum price will probably make a run up to new all-time highs. If the said support barrier gives way, however, investors can expect ETH to retrace to the $3,619 demand barrier. In a highly bearish case, the Ethereum price might revisit the $3,202 support level before restarting the bull rally.
A decisive daily candlestick close above $4,380 will confirm the uptrend and propel ETH to $4,957, coinciding with the 100% trend-based Fibonacci extension level – perhaps even making it to the $5,000 psychological level.
ETH/USD 1-day chart
On the flip side, if Ethereum price shatters the $3,200 barrier, it will dip into a stable support zone, extending from $2,765 to $3,202. This area has seen massive consolidation and will absorb the selling pressure, giving ETH price another chance to trigger a bull run.
Ripple price coils up for an explosive rally
Ripple price is consolidating inside a bullish pennant pattern, suggesting a massive move around the corner. From September 29 to October 10, XRP price rose 38%, creating the ‘flag pole’ section of the pennant pattern. This move was followed by a tight ranged movement that led to the formation of lower highs and higher lows, resulting in a pennant.
This technical setup forecasts a 26% ascent to $1.43, determined by adding the flag pole height to the breakout point at $1.14.
A decisive close above this level will indicate the start of a new uptrend. The ascent will face resistance at $1.24, but clearing this will open the path to $1.43. In some cases, Ripple price could extend this climb and retest $1.67 or $1.84, constituting a 67% gain.
XRP/USD 1-day chart
While things are looking up for Ripple price, a breakdown of the pennant’s lower trend line at $1.05 will invalidate this setup. In this situation, XRP price might revisit the $1 psychological level, which might provide support for buyers to launch a comeback.
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.
Recommended Content
Editors’ Picks
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.