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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets to tumble before higher highs

  • Bitcoin price rose 13% in the first three days of October, igniting a bullish market outlook.
  • Ethereum price followed BTC’s footsteps and broke out of a descending parallel channel, climbing 18%.
  • Ripple price flipped the $1.01 resistance barrier into a stable support floor. 

Bitcoin price was under a lot of pressure as it squeezed during its descent. BTC broke out of the falling wedge pattern on October 1 in an explosive manner, taking altcoins for a ride.

Bitcoin price prepares to launch

Bitcoin price rose 13% from October 1 to October 3. While this ascent was impressive, its goal was to collect liquidity resting above the September 18 swing high at $48,834. On October 3, BTC reached its destination, which signifies that the bellwether crypto is primed for a correction.

Further adding credence to this outlook is the Momentum Reversal Indicator (MRI)’s red ‘one’ sell signal. This technical formation forecasts a one-to-four candlestick correction.

Therefore, investors can expect BTC to head to the immediate and stable support platform at approximately $45,000.

A resurgence of the buying pressure around this level is the key to setting higher highs and restarting the bull run. A decisive close above $53,000 would indicate the reversal of the move to $29,000 and an attempt to retest the next psychological level at $60,000.

BTC/USD 12-hour chart

Investors are cautiously optimistic, because the bullish thesis assumes that there will be a resurgence of buyers around $45,000. If the selling pressure overwhelms the bulls, it is highly likely Bitcoin price will revisit $42,900.

A breach below $40,000 will invalidate the bullish thesis and potentially trigger a drop to $36,276.

Ethereum price fails to sustain

Ethereum price breached its descending parallel channel on October 1 as the big crypto enjoyed a breakout. However, ETH is currently facing a blockade after it failed to pierce the 12-hour demand zone ranging from $3,400 to $3,545.

Rejection from this level is likely to push Ethereum price to $3,202 or $3,154. Moreover, the bearish outlook on BTC further helps this corrective wave that is expected on ETH.

In some cases, ETH might retest the $3,000 support floor before starting a new impulsive wave that slices through the said demand zone and reaches the $4,000 psychological level.

ETH/USD 12-hour chart

Regardless of the bearish outlook on Ethereum price, if the buyers band together now, pushing ETH past the upper limit of the demand zone at $3,545, it will invalidate the bullish thesis and indicate that investors are not booking profits.

This development might then allow ETH bulls to target the $4,000 psychological level.

Ripple price buyers and sellers in agreement

After days of struggle, Ripple (XRP) price broke through the $1 barrier in October after a 9.3% ascent. Unlike other altcoins, XRP price seems to be facing a lack of volatility, which has led to a sideways movement just below the $1.05 resistance barrier.

This slow development indicates that the buyers are more or less in agreement with sellers. A breakout from this coiling is likely to propel the remittance token higher. However, if XRP price manages to produce a decisive close above $1.12, it could mark a 35% ascent to $1.53, coinciding with the 70.5% Fibonacci retracement level.

XRP/USD 1-day chart

While things are going slow for Ripple price, a breakdown of the $1 foothold will put the buyers in trouble. This development could knock XRP price down to the support floors at $0.94 or $0.87.

However, a decisive close below $0.87 will invalidate the bullish thesis and potentially lower the market value of the remittance token.

 

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.


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