Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Ready for a new bullish cycle in the cryptomarket


  • Bitcoin hits a temporary setback under $11,000, support at $10,800 to hold before another breakout.
  • Ethereum is holding above an area with immense buyer congestion, the price action to $370 seems imminent.
  • Ripple is looking forward to an inverted H&S pattern breakout, gains above $0.26 to boost the recovery.

Major cryptocurrencies have traded in uncertainty since the begriming of the week. However, as the weekend is ushered in, volatility could make its way to the digital space. Already, most cryptocurrencies have been trading slightly in the green led by Bitcoin's short-lived spike to $11,000. As discussed earlier, chainlink (LINK) and UniSwap (UNI) followed in BTC's footsteps and accrued substantial gains. The uncertainly and the sluggish trading is expected to culminate in a perfect squeeze, paving the way for widespread improvements in the market.

Bitcoin's uptrend temporarily halted under $11,000

Bitcoin built on the support established at $10,600, as highlighted on Thursday. Moreover, a step above the 50 Simple Moving Average (SMA) in the 4-hour timeframe boosted the price significantly. A breakout above the symmetrical triangle pattern extended the bullish leg past the resistance at $10,800. The final approach to $11,000 lost steam significantly beyond $10,900.

In the meantime, a minor retreat has seen Bitcoin slide below $10,900. BTC/USD is exchanging hands at $10,866. Support at $10,800 is expected to remain intact ahead of a potential breakout to $11,000 over the weekend. For now, the Relative Strength Index (RSI) shows that buyers must overcome the building selling pressure to avert any significant damage to the progress made over the last 24 hours.

BTC/USD 4-hour chart

BTC/USD price chart

Looking at the age consumed, an on-chain metric by Santiment, a significant amount of dormant BTC, was moved on October 8. A spike on the age consumed chart reveals that the cryptocurrency is entering into a period of high volatility. Therefore, the spike towards $11,000 highlights rising volatility in the market and an opportunity for traders to prepare for a significant price movement.

Bitcoin age consumed chart

BTC age consumed chart

According to IntoTheBlock, the path of least resistance is upwards. However, a significant hurdle is emphasized at $10,528 - $11,856. Previously, roughly 1 million addresses bought approximately 720,000 BTC in the range. Movement past this zone could result in gains to the coveted $12,000 level.

Bitcoin IOMAP chart

Bitcoin IOMAP chart

On the downside, Bitcoin is resting on regions of immense support. For instance, $10,544 - $10,872, where 2.4 million addresses bought roughly 1.6 million BTC. If the support remains intact, Bitcoin will hold this range ahead of a breakout beyond $11,000.

Ethereum bulls are nurturing an uptrend

The smart contract token is generally in consolidation. A minor spike in the price stepped above the 50 SMA, in turn, pulling Ether above $350. However, bulls could not sustain the uptrend mainly because of the low trading volume. ETH/USD is trading at $348 at the time of writing. The same 50 SMA protects its immediate downside.

A breakout is likely to take place over the weekend as the Bollinger bands continue to squeeze. Simultaneously, the Moving Average Convergence Divergence (MACD) is almost crossing into the positive territory. Besides, a bullish divergence from the MACD hints that Ethereum is in the hands of the bulls. Sustained price action will call for more buy orders, hence the possibility of Ethereum hitting $360.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

IntoTheBlock's IOMAP model reveals reducing seller concentration towards $400. In other words, the path of least resistance is upwards for this crypto. However, the hurdle between $351 and $360 must be overcome for a much-awaited price action above $370. Here, nearly 759,000 previously purchased around 4 million ETH.

On the downside, immediate support lies between $340 and $349, according to the model. Previously, nearly 851,000 addresses purchased approximately 13 million ETH. Bulls must defend this zone as if their lives depend on it; otherwise, if broken, the price could plunge towards $300.

Ethereum IOMAP chart

Ethereum IOMAP chart

Ripple imminent breakout past $0.3

Ripple recently hit a snag at $0.26, paving the way for a correction to $0.24. The 50 SMA in the 4-hour range played a crucial role in stopping the losses. Meanwhile, a shallow recovery on Thursday failed to sustain gains back to $0.26. For, XRP is struggling to hold at $0.25 amid a bullish building momentum.

If the correction continues, the 50 SMA will also function as short term support. Other key support levels include the 100 SMA marginally above $0.24, $0.23 and $0.22. An inverted head-and-shoulders pattern suggests that XRP has the potential to rally to $0.30. A break above the neckline (close to $0.26) will boost the cross-border token upwards.

XRP/USD 4-hour chart

XRP/USD price chart

According to Santiment, the token uptake by the whales is rising. A significant uptrend occurred in the number of addresses holding between 100,000 and 1 million XRP, from roughly 16,420 on September 9 to approximately 17,050 on October 8. Over the last 48 hours, addresses holding over 10,000 coins increased by two to 310. The data shows that whales believe a reversal is in the offing. As they grow their holdings, buying pressure behind the crypto is also rising. In the end, XRP will breakout complete the leg to $0.3.

Ripple holder distribution chart

XRP holder distribution

Daily takeaway

Bitcoin price minor rally from support at $10.600 failed to clear the crucial $10,000 resistance again. However, this appears to be a temporary setback based on on-chain metrics.

Ethereum spiked to $350 but could not continue with the uptrend due to the resistance between $351 and $360. On the downside, strong support prevents the price from sliding to  $300.

Ripple, on the other hand, is looking forward to an inverted H&S pattern breakout. On-chain data shows whales accumulating, perhaps expecting gains to $0.30. On the downside, support areas are plenty, including the 50 SMA and the 100 SMA.

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP