Friday, October 30

Bitcoin, Ethereum & Ripple Price Analysis; Bearish Momentum Creeps Into Top 3 Ranked Coins – Is The Entire Market Declining Now?

Key Emphasizes

Bitcoin stopped by 5.57% this week as the coin reached $11,500.
Ethereum saw a 8.8% rate decrease this week as it reached $390 today.
XRP stopped by 9% over the past week as it reached the $0.28 level.

BITCOIN PRICE ANALYSIS

What has been going on?

Having a look at the everyday chart above, we can see that Bitcoin had actually permeated above a balanced triangle toward the end of July as it surged above the $9,200 level. The coin continued greater to reach the $11,800 level in August.

From there, Bitcoin rolled over and began to head lower. It broke beneath the increasing price channel at the end of last week however found support at a parallel pattern line. Bitcoin traded above this pattern line over the past 3-days but broke underneath here today as it crashed underneath the $11,600 assistance (.236 Fib Retracement) to reach $11,500.

As August progressed, we can see that Bitcoin was trading within a rising price channel. The coin continued to trade within this price channel as it reached the August high of $12,471 as it reached the resistance at a 1.414 Fib Extension level.

BTC price short-term forecast: NEUTRAL

The break beneath the increasing pattern line has turned Bitcoin into a neutral trading condition in the short term. The coin would now have to break above $12,000 to turn bullish once again. A break beneath $11,000 is likely to turn Bitcoin bearish.

The very first level of assistance lies at $11,368 (drawback 1.272 Fib Extension) if the sellers continue to drive Bitcoin beneath $11,500. This is followed by added assistance at $11,244 (downside 1.414 Fib Extension) and $11,080 (.382 Fib Retracement).

If the sellers continue to drive Bitcoin underneath $11,000, assistance is then anticipated at $10,800, $10,645 (.5 Fib Retracement), $10,400, and $10,200 (.618 Fib Retracement & & 100-days EMA).

Where is the resistance towards the advantage?

On the other side, if the buyers regroup and push greater, the very first level of resistance lies at $11,600. This is followed by resistance at $11,800, $12,000, $12,126 (1.272 Fib Extension), and $12,471 (1.414 Fib Extension).

What are the technical indicators revealing?

The RSI has actually also dropped underneath the mid-line to show the sellers are in control of the market momentum. Thankfully, the Stochastic RSI is oversold and is primed for a bullish crossover signal which need to put an end to the drop.

ETHEREUM PRICE ANALYSIS

What has been going on?

Looking at ETH/USD above, we can see that the coin rose to a 2-year high during mid-August 2020 as the coin reached $438 (August 2018 High). From there, Etheruem started to roll over as it headed lower over these past 2-weeks.

The coin preliminary discovered support around $410 however ultimately went on to press beneath here as it headed lower to reach $390. It bounced from this support yesterday to break above $400 however failed to pass $408. Ethereum has since headed back beneath $400 to trade at $391 once again.

ETH rate brief term forecast: BULLISH

Etheruem still stays bullish at this time. The coin would need to break underneath $360 to turn neutral and more below $310 to turn bearish.

The very first level of support lies at $390 if the sellers push lower. This is followed by included assistance at $380, $361 (.382 Fib Retracement), $335 (.5 Fib Retracement), and $310 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $400. This is followed by resistance at $420 and $438. Above $438, resistance can be expected at $460 (bearish.5 Fib Retracement) $474 (1.414 Fib Exnteison), $490, and $500.

What are the technical indicators showing?

Also, the RSI has actually dipped beneath the 50 line as the sellers take charge of the market momentum.

RIPPLE PRICE ANALYSIS

What has been going on?

XRP had actually risen as high as $0.3177 throughout August 2020. It was unable to overcome this resistance after many efforts to break above it. This caused XRP to roll over and head lower over the previous couple of days. Nevertheless, we can see that strong support has actually been found at the $0.28 level.

XRP rate short-term forecast: BULLISH

XRP is bullish right now however the resistance at $0.317 will need to be broken relatively soon. The coin would need to fall below $0.27 to turn neutral and further below $0.24 to turn bearish.

If the sellers do push lower, the very first level of support is expected at $0.28. This is followed by added assistance at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement). Beneath this, included assistance is then anticipated at $0.24 (100-day EMA), $0.23 (.618 Fib Retacement & & 200-days EMA), and $0.218.

Where is the resistance toward the upside?

If the bulls can break $0.35, resistance then lies at $0.361, $0.367 (1.272 Fib Extension), and $0.378.

On the other side, if the buyers press greater, the very first level of strong resistance lies at $0.3. This is followed by added resistance at $0.317 (bearish.886 Fib Retracement), $0.337, and $0.35.

What are the technical indicators showing?

The RSI has likewise permeated underneath the mid-line her which suggests that the bears supervise of the market momentum. If the RSI continues to drop, the bearish pressure will increase and is likely to cause Ripple to drop beneath the existing $0.28 assistance and head lower.

Above $438, resistance can be anticipated at $460 (bearish.5 Fib Retracement) $474 (1.414 Fib Exnteison), $490, and $500.

We can see that strong assistance has been found at the $0.28 level.

Andrew is a writer that does many of his work on cryptocurrency-related subjects. While hes primarily interested in Bitcoin, he also follows significant altcoins and the innovative ideas that new cryptocurrency and blockchain jobs are bringing to the table.

Bitcoin traded above this trend line over the previous 3-days however broke underneath here today as it crashed underneath the $11,600 assistance (.236 Fib Retracement) to reach $11,500.

If the sellers do press lower, the very first level of assistance is anticipated at $0.28. This is followed by added assistance at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement).

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