xrp crypto value

Altcoin lag while BTC marches higher

Altcoin lag while BTC marches higher
Written by publisher team

  • Bitcoin price reaches $56,000 and faces selling pressure during Friday’s trading session.
  • Ethereum price is showing signs of exhaustion, momentum slowing despite conditions for a fundamental bullish breakout.
  • XRP price remains mostly silent and unresponsive compared to Bitcoin and Ethereum

Bitcoin price appears to have reached a minor peak, with selling pressure pouring in during the late morning and afternoon session of the New York trading session. A bearish hammer candlestick pattern is developing, indicating the potential for a rally. Ethereum is showing some mixed behavior on its chart. Despite the very bullish Ichimoku chart, buyers are not looking to continue pushing the price of Ethereum higher. XRP price is still very stagnant.

Bitcoin price at a temporary high

Bitcoin price has made amazing gains since last Friday, rising nearly 28% in a week. However, the current daily price action looks a bit heavy, with some selling pressure coming in at the $56,000 value area. I expect a -13% drop from the $56,000 level to return to the Tenkan-Sen between $48,000 and $50,000. There is a big gap between the daily candlesticks and the Tenkan-Sen; The gaps don’t last long between price and Tenkan-Sen.

BTC/USD Ichimoku Daily Chart

In addition, the Optex Bands oscillator shows that Bitcoin is trading at an extreme. The composite index is trading at the second highest level since July 29y And the third highest level since December 19y, 2020. If the RSI returns below the 65 level, we could see a continuation of a move south for Bitcoin which could cross $48,000.

Ethereum price needs buyers to support bullish conditions

Ethereum price recently met all the necessary conditions to confirm the perfect bullish Ichimoku breakout pattern. Usually, the big momentum enters the market when this pattern completes, and the strong buy support to push the instrument higher collapses. But while Ethereum has created some higher moves above the cloud, the response is not what one would expect to form such a bullish breakout. There are warning signs in the oscillators that the movement may be threatened with termination. The Optex bands are at their extreme, and there is a hidden bearish divergence extending into the composite indicator.

ETH / USD . Ichimoku Daily Chart

Bulls should be wary of any loss of momentum and increasing selling pressure on faster time frames. If the sellers take control, the bears are likely to retest the $3000 level where the Tenkan-Sen line, the Kijun-Sen line, and the 50% Fibonacci line are. However, if buyers continue to push Ethereum higher and break the all-time high, there is nothing to stop it from rising to the $6,200 value area.

XRP Price Continues Volatility and Indecision, Trend Undetermined

XRP price remains confined within the Ichimoku cloud and continues to experience extremely volatile trading conditions. Buyers may wait for the Chikou Span to close above the candlesticks at $1.12, but XRP will remain within the cloud even if it does. The same type of hidden bearish divergence for Ethereum in the Composite Index also exists for XRP. XRP will be at risk of further selling side pressure if it closes below the cloud at $0.99. From there, the bears may push XRP to test the former support near $0.84. If a breakout occurs above the cloud, the path to $3.00 should be relatively smooth.

XRP / USD Ichimoku Daily Chart

Traders and investors on both sides of the market should be prepared to see the price of XRP consolidate further in October, until at least October 20 when the cloud fades to just a tiny bit.


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