- Bitcoin price loses support from the $19,000 level.
- Ethereum price shows the development of a strong bearish trend.
- Ripple price produces a bearish death cross, signaling concerning times ahead.
The crypto market shows evidence of a strong developing downtrend. Key levels have been defined to gauge the strength of the decline.
Bitcoin price losing grounds
Bitcoin price currently trades at $19,181. The 8-day Exponential Moving Average (EMA) has put a halt to the uptrend rebound’s momentum. The rebound comes after an overnight decline, which pushed the Relative Strength Index into oversold territory. At the current time, it seems the bears have full control of the trend. If market conditions persist, a sweep of the summer lows at $17,880 could occur in the coming days.
Invalidation of the bearish outlook could occur if the bulls reconquer the recently rejected triangle apex at $20,300. Said price action could be the catalyst to send Bitcoin price back to $24,300, resulting in a 22% increase from the current BTC price.
BTC/USDT 30-Min Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price shows bearish strength
Ethereum price has been rejected from the psychological $1,300 on October 20, 2022. The rejection comes after a bullish attempt to hurdle the 21-day Simple Moving Average (SMA), which was abruptly denied. The move south prompted the bulls to lose grounds of the 8-day EMA as well.
Ethereum price auctions at $1,283. At the time of writing, it seems the Volume Profile indicator is slightly in favor of the bears on intra-hour time frames. The Relative Strength Index shows the last rebound occurred from a minor breach into oversold territory. The RSI’s moving averages are dually rejecting the indicator. Combining the indicators’ narratives could suggest the decentralized smart contract token is in the beginning stages of a developing impulse wave to the downside.
The bearish invalidation level is a breach above the October high at $1,383. If the bulls can accomplish this bullish event, a continuation rally into September high at $1,718 stands a fair chance of occurring. The ETH price would subsequently rise 36% from the current market value.
ETH/USDT 1-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP price is underwater
XRP price currently auctions at $0.44 as Ripple has lost more than 5% of market value in a day's time. The 8-day EMA and 21-day SMA remain above the digital remittance token and have produced the anticipated bearish cross on Monday, October 17.
Now that the cross has occurred, liquidity levels near $0.40 and potentially $0.37 are in jeopardy of getting breached. The Volume Profile Indicator confounds the bearish notion as a significant influx of transactions has occurred during the recent 5% decline.
invalidation of the bearish downtrend is a breach above $0.50. If the bulls manage to reconquer the $0.50 zone, an additional rally targeting September highs at $0.56 stands a fair chance of occurring. Such a move would result in a 24% increase from the current XRP price.
XRP/USD 4-Hour Chart
In the following video, our analysts deep dive into the price action of XRP, analyzing key levels of interest in the market. -FXStreet Team
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
Shiba Inu price stagnancy brings investors’ losses to a 28-month high
Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.
LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range
THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27. RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.
Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.