- Bitcoin price shows signs of a bullish breakout by crossing a falling corner.
- Ethereum price also shows a bullish outlook, as it forms a descending parallel channel.
- The fluctuation price is consolidating in hopes of forming a higher low and initiating an uptrend.
The price of Bitcoin is experiencing a momentary dip as it establishes a descending wedge pattern. Similar to big crypto, the price of Ethereum also forms a bullish pattern. However, Ripple appears to be bouncing off supportive ground without any technical training involved.
Bitcoin price is waiting for a breakout
The price of bitcoin has been trending down since September 7, but the asset saturates as it goes down. In total, BTC has set around four lower highs and three lower lows from this point. The connection of these oscillation points by trend lines shows the formation of a descending wedge pattern.
This technical formation predicts a 12% rise to $ 51,925, achieved by measuring the distance between the first swing high and the low and adding it to the breakout point.
Investors can assume that BTC bounces off the 50% Fib retracement level at $ 41,126 and crosses the upper trend line at $ 44,192. This move would set a higher low from the July 21 low, while the Relative Strength Index (RSI) creates a lower low on those dates. Such a move indicates the formation of a hidden bullish divergence, adding a tailwind to the bullish scenario from a falling wedge perspective.
The exhaust of the model, although optimistic from a theoretical point of view, would not be the only requirement. The resistance levels at $ 44,893 and $ 46,856 will likely hamper the uptrend before hitting the $ 49,766 target.
BTC / USDT 12-hour chart
While things appear to be bullish, BTC’s lack of recovery at $ 41,126 will indicate that buyers are not ready.
In such a case, investors can wait for BTC to return to the high probability reversal zone, which ranges between $ 38,287 and $ 34,264, before restarting the rally.
Ethereum price competes with a bullish breakout
Ethereum price set three separate highs and two lows since Aug 31. The connection of these oscillation points shows the formation of a descending parallel channel. While ETH has rebounded from the channel’s midline, it is currently testing the upper trend line again in hopes of a breakout.
A potential increase in buying pressure pushing ETH to produce a decisive 12-hour candle above $ 3,202 will confirm a breakout and the start of a new bullish rally. In such a case, ETH could cross the $ 3,619 mark after rising 13%.
If the buying pressure continues to mount, the Ethereum price could continue and mark the $ 3,952 resistance level.
ETH / USD 12-hour chart
On the other hand, if the Ethereum price breaks the support barrier of $ 2,889, it will trigger a 9% sell-off towards the demand zone ranging from $ 2,442 to $ 2,605. If the decline recovers in this area, an uptrend could occur. However, if sellers push ETH to produce a decisive close below $ 2,442, it will invalidate the bullish thesis.
Ripple price at inflection point
The fluctuation price remains above the $ 0.924 support floor, hoping to rebound. However, the big crypto is showing momentary weakness and could cause the price of XRP to drop to $ 0.816.
Either way, a decisive daily close above $ 1,052 will break through a major hurdle and become a platform that could initiate an uptrend. Despite this surge, the XRP price needs to lift two more locks, at $ 1,192 and $ 1,326, to reach a higher high.
This move could potentially trigger an influx of underserved shoppers, starting a buying frenzy and driving the discount token to $ 1.67. The current price increase to $ 1,672 would represent an increase of 81%.
XRP / USD 1-day chart
Conversely, if Ripple’s price does not stay above $ 0.924, it will lower the altcoin to $ 0.816. A convincing close below this support floor will invalidate the bullish thesis and may catalyze a decline.