xrp cryptocurrency price

Investors prepare to sell on ETF news

Investors prepare to sell on ETF news
Written by publisher team

  • Bitcoin price is under a cloud of uncertainty as history may repeat itself for Bitcoin.
  • Ethereum price is at the mercy of the Bitcoin Futures ETF catalyst.
  • The XRP price continues to face fundamental uncertainty with the Securities and Exchange Commission and technical weakness.

The price of Bitcoin has historically been sold off during the opening of any new derivative futures contract. Will this behavior continue? Ethereum price is struggling to cross above the critical $4,000 level and may pull back in anticipation of any weakness in Bitcoin. XRP price is still in the technical bears mark but it is approaching a major time cycle that could lead to explosive price moves.

Bitcoin price has the first futures ETF approved by the US Securities and Exchange Commission

Bitcoin price has increased significantly since the beginning of October – but can it continue? Tuesday’s trading session is the first day of the first Bitcoin futures ETF (NYSE code: BITO) to be approved by the SEC. The approval of an ETF is a strong signal that Bitcoin is just one step away from becoming a more legitimate asset class and one step closer to actually approving a spot ETF in the future.

BTC/USD Ichimoku Daily Chart

History, as they say, repeats itself. Every notable derivative listing for Bitcoin, starting with CBOT Futures, CME Futures and Bakkt Futures, has resulted in strong selling pressure for the Bitcoin price. Traders and investors are looking forward to this type of behavior continuing. Any sign of weakness or a close near $60,000 could lead to some rapid bitcoin selling pressure.

Ethereum price maintains near-term support, Bitcoin action awaits

Ethereum price continues to consolidate after hitting the $4,000 value area on October 16y. Tenkan-Sen $3,700 has been heavily tested over the past two trading days and is still holding as support. Ethereum has a vested interest in Bitcoin maintaining or exceeding its current value, as it is likely to determine the direction of where Ethereum will go. Bulls are looking for a close of $4,000 or more to push towards all-time highs.

ETH / USD . Ichimoku Daily Chart

However, any movement below the prevailing internal trend line (the black diagonal line) can lead to short selling pressure. Given the strong upward trend, traders will want to watch the price of Ethereum on October 20y – History of the upcoming Kumo Twist in the Ichimoku Kinko Hyo system. Kumo volatility is often catalysts for corrective moves or broad trend changes, especially when the instrument is trending strongly near the date of the Kumo Twist. A close below $3,600 could trigger a move to test $3000 as support.

XRP Price Still Looks Weak, While Ripple Is At Risk Of Massive Selling

XRP price had a particularly bullish fundamental event: the Fox Business Event cHarley Gasparino interviewed the CEO of RippleBrad Garlinghouse. Garlinghouse focused primarily on the ongoing legal drama with the SEC, but his general tone was positive and assertive. Unfortunately, XRP failed to attract any positive response or price action. There was almost no response from buyers.

XRP / USD Ichimoku Daily Chart

The current technical conditions warn of an imminent sale. XRP price has one final support zone inside the Ichimoku system at $1.05. $1.05 is where Kijun-Sen, Senkou Span A, and Senkou Span B have a common value area. A close at or below $1.04 will put XRP below the cloud and all other Ichimoku support levels. The bears are likely to take over in this event and push towards the former support area near $0.84.

If the bulls want to dominate the market, the price of XRP needs to close above $1.18 before it can ever make new highs.

.

About the author

publisher team