Currently, BTC is retesting the psychologically significant peak of $70,000. ETH is also close to this mark as it retraces. BTC’s all-time high ended at a reasonably 12% extension from its previous peak. Ripple’s price has yet again consolidated lower than its defined trendline.
Bitcoin’s price recently achieved a monthly peak of $70,079 with hopes for further rising. If BTC breaks out following this peak, it will have its sights revisited on its previous ATH of $73,777. The time for deliverance is upon us. Will it be ‘make or break?’
In daily charts, the RSI (Relative Strength Index) indicator is hovering at 69 levels which is nearing an overbought territory of 70. If it crosses this level and closes in this region, then long positions for traders will be advised against any further builds as the chances of a pullback increase. What is possible, however, is that such a rally is followed through, and the RSI sustains in the overbought zone.
In case BTC is unable to penetrate above the $70,079 mark, the other alternative is that a pullback occurs and the price drifts lower to seek support around the emotionally important $66,000 level.
The price of Ethereum is looking forward to a further moonshot if the price manages to establish close above its descending trendline.
On Monday, Ethereum price is testing the resistance by the descending trendline which it has been struggling close to since October 15 th after reaching support around its 50-day EMA of $2,564 on October 15th.
If such an event occurs and ETH closes the day around $2,820 on the upside, it will then attempt an initial breach of the $2,927 daily resistance level. Giving this price level a close above this could bring the price further close to that week’s exchange of $3,236.
The daily RSI indicator has been trading at 66 and it is nearing the overbought 70 level zone. Should it enter the zone during the closing, long traders will be advised not to increase their bullish positions as the likelihood of a pull back would be appreciable. But conversely, a possibility still remains that the push continues with the RSI remaining in the overbought zone.
Nevertheless, unless the Ethereum currency crosses above the descending trendline, it may fall down to the price aiming to test the 50-EMA support which is $2,564.
If closure happens above its 200-day ema, there is a high possibility of Ripple price increasing.
The price of the Ripple currency has remained within the $0.552 region defined by the currency’s 200-day EMA for the past week. For Monday, the trade was around $0.547 and is coming closer to the 200-day ema which is at $0.552.
If XRP manages to close and break the 200-day ema which is at $0.552, the price can reach up to 13% and go towards the daily resistance which is $0.626.
Trading on a daily basis using the chart, the rsi index is at 48 implying a bullish tendency on the RSI near its neutral level of 50, hence, there is a stalemate amongst the traders. The average directional movement index must be greater than neutral is bullish momentum is to become meaningful.
On the contrary, consider the case where the XRP price does not manage to close above the $0.552 mark as the daily resistance level of signed XRP stands at $0.544. In this case, the Ripple price might be vulnerable to falling to retest the $0.506 price from October 3rd.