- Bitcoin price hits $ 56,000 and is facing selling pressure during the trading session on Friday.
- Ethereum price is showing signs of exhaustion as momentum slows despite significant bullish breakout conditions.
- XRP price remains muted and generally unresponsive against Bitcoin and Ethereum
The price of Bitcoin appears to have hit a lower low, with selling pressure flowing in in the late morning and early afternoon in New York City. A bearish hammer candlestick pattern is developing, indicating that a top is likely to occur. Ethereum shows mixed behavior on its chart. Despite an extremely bullish Ichimoku chart, buyers are not looking for any follow-up to push the Ethereum price higher. The price of XRP remains in a very stagnant position.
Bitcoin price at a temporary high
The price of Bitcoin has made spectacular gains since last Friday, increasing almost 28% in a week. However, the current daily price action seems a bit heavy, with some selling pressure to the tune of $ 56,000. I expect a -13% drop from the $ 56,000 level to return to Tenkan-Sen between $ 48,000 and $ 50,000. There is a large gap between the daily candles and the Tenkan-Sen; the differences do not last long between the price and the Tenkan-Sen.
Ichimoku BTC / USD daily chart
Also, the Optex Bands Oscillator shows that Bitcoin is trading at extremes. The Composite Index is trading at the second highest level since July 29 and the third highest level since December 19, 2020. If the Relative Strength Index returns below the 65 level, we could see a chase of the move. to the south of Bitcoin that could extend beyond $ 48,000.
Ethereum price needs buyers to support bullish conditions
Ethereum price recently met all the necessary conditions to confirm an ideal bullish breakout pattern from Ichimoku. Typically, significant momentum enters the market when this pattern ends, and strong buy support collapses to drive the instrument higher. But while Ethereum has generated higher moves above the Cloud, the answer is not what one would expect to form such a bullish breakout. There are warning signs on the oscillators that the movement could be threatened with stopping. The Optex bands are on the extreme and there is a wide hidden bearish divergence in the composite index.
Ichimoku ETH / USD daily chart
Traders need to watch out for any loss of momentum and increased selling pressure in faster time frames. If the sellers take control, the traders will most likely test the $ 3,000 level again where the Tenkan-Sen retracement line, Kijun-Sen and the 50% Fibonacci line. However, if buyers continue to push Ethereum higher and past the all-time high, nothing is stopping it from climbing into the $ 6,200 value area.
XRP price volatility and indecision continues, direction undetermined
XRP price remains tight within the Ichimoku cloud and continues to experience very hectic trading conditions. Buyers could wait for the Chikou Span to close above the $ 1.12 candles, but XRP would still be in the Cloud even if that happened. The same type of hidden bearish divergence for Ethereum on the composite index also exists for XRP. XRP may be under increased selling pressure if it closes below the cloud at $ 0.99. From there, traders can push XRP to test the previous 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 contracts.
Rank Math Seo Pro Weadown, Wordfence Premium Nulled, Yoast Nulled, PHP Script, Fs Poster Plugin Nulled, Astra Pro Nulled,Woodmart Theme Nulled, Wpml Nulled, Avada 7.4 Nulled, Woodmart Theme Nulled, PW WooCommerce Gift Cards Pro Nulled, Elementor Pro Weadown, Newspaper – News & WooCommerce WordPress Theme, Nulledfire, Slider Revolution Nulled, Elementor Pro Weadown, Jnews 8.1.0 Nulled, WeaPlay, Business Consulting Nulled, WP Reset Pro, Newspaper 11.2, Flatsome Nulled, Woocommerce Custom Product Ad, Premium Addons for Elementor, Jannah Nulled, Consulting 6.1.4 Nulled, Plugins, WordPress Theme, Dokan Pro Nulled