BTC, Ethereum and XRP Price Prediction: Relief Rally Begins

Published on:

Bitcoin (BTC) price is in the process of breaking out from a descending wedge. If successful, it would be expected to increase towards $22,500. Ethereum (ETH) is trading in the upper portion of a corrective pattern. An eventual breakout is expected.

Even though the XRP price is trading inside a neutral pattern, the preceding trend indicates that an eventual breakout is expected.

Bitcoin Price Is Ready to Break Out

BTC has been falling underneath a descending wedge since reaching a high of $25,211 on Aug. 25. The descending wedge is considered a bullish pattern, meaning that a breakout from it is expected.

So far, the BTC price has reached a low of $18,125 on Sept. 21. The low seemingly caused a breakdown from the $18,800 horizontal support area.

Nevertheless, the price regained its footing shortly afterward and reclaimed the support area, rendering the preceding breakout as only a deviation (green circle). This is a sign that often precedes movements in the other direction.

Moreover, BTC created a bullish hammer candlestick on Oct. 13 (green icon), further supporting the possibility of the breakout.

Finally, the bullish divergence trend line in the daily RSI is still intact, and the indicator is in the process of moving above 50.

If a Bitcoin price breakout occurs, the closest resistance area would be at $22,500.

So, there are numerous signs that suggest the most likely price prediction is an upward movement towards $22,500.

  • BTC price has deviated and then reclaimed the $18,800 horizontal support area.
  • It created a bullish hammer candlestick on Oct. 13.
  • The price is trading inside a descending wedge.
  • The daily RSI has generated bullish divergence.

Ethereum Reclaims Crucial Support

ETH has been falling underneath a descending parallel channel since Aug. 14. Similar to the descending wedge, the descending parallel channel usually leads to breakouts.

While decreasing inside it, the ETH price fell to a low of $1,190 on Oct. 13. While it initially seemed that this had caused a breakdown below the $1,280 horizontal support area, the Ethereum price reclaimed the area shortly afterwards and created a long lower wick (green icon).

Afterward, it moved above the middle of the channel. This is a sign that an eventual breakout is expected.

Additionally, the daily RSI is in the process of breaking out from its bearish trend line (green line), validating the possibility of an upward movement.

In a similar fashion to Bitcoin, there are several signs that point to an Ethereum breakout:

  • The ETH price is trading in the upper portion of a descending parallel channel
  • It has created a hammer candlestick
  • The daily RSI is in the process of breaking out

XRP Price in a Neutral Pattern, but Breakout Likely

Unlike BTC and ETH, XRP is trading inside a symmetrical triangle, which is considered a neutral pattern. However, since the pattern is transpiring after an upward movement and breakout from an ascending parallel channel, a breakout from it would be the most likely scenario.

Additionally, the growing hidden bullish divergence in the RSI (green line) is another sign that a breakout is expected.

If one occurs, the next closest resistance area would be at $0.64. This is both a Fib and horizontal resistance area.

A decrease below the wave C low of $0.44 (red line) would invalidate this possibility and indicate that XRP is correcting instead.

While the price prediction for XRP is less bullish than those for BTC and ETH, the hidden bullish divergence and the preceding breakout from the channel support the continuation of the upward movement.

For BeInCrypto latest Bitcoin (BTC) analysis and crypto market analysis, click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source link