BITCOIN / U.S. DOLLAR
Price Analysis
Bitcoin has made a positive close above its twenty-day exponential MA and the basis (middle line) of Bollinger Bands and is currently trading inside the symmetrical triangle. We can see in the price chart below how the bulls are trying to push the price above the resistance line of the triangle and the $11K mark. If they successfully do so, and Bitcoin breaks out above the triangle, we can expect the price to escalate above the upper Bollinger Band in no time.
But if the bears take over and not let the asset to breakout above the triangle, the price might go down to test the triangle's support again. If this happens, small traders might end up panic selling. The fact that Bitcoin is trading inside a symmetrical triangle suggests that the next move is unclear inviting questions like, when will the breakout occur? You can also see in the chart below that BTC's 20-day EMA and the basis of BB have both flattened again suggesting indecision. Basically, in other terms, we can say that the ball can fall in anyone's court, either bulls or bears. But with the rising bull momentum, the price has more potential to break out above the triangle giving us profits.
Bitcoin made a high just a few points below the triangle's resistance at $10,816 and closed the price positively in the upper half zone of Bollinger Bands at $10,807 on Monday, 5th October 2020. If bulls maintain this increasing momentum, traders and investors will witness higher price levels soon.
Key points to mark:
Bitcoin is facing immediate resistance at $11,000 + $11,133 (upper BB). If bulls push the price above these levels, $11,500 will be tested before rising to the $12,325 resistance level.
The immediate support it faces is $10,741 (basis of BB) + $10,717 (20 EMA). If bears push the price below these levels, BTC will test $10,500 followed by $10,348.7 (lower BB) before testing $10,000 support.
Indicators
The MACD line nearing 0 above the signal line. RSI is significantly sloping up above the midpoint at 51.6 level, indicating an equal battle between the bulls and bears with bulls having a slight upper hand.
ETHEREUM / U.S. DOLLAR
Price Analysis
Ethereum has made a higher high forming a long-legged Doji as the bulls aim to push the price into the upper half region of Bollinger Bands. They could make a high almost at Ether's twenty-day exponential MA and the basis (middle line) of Bollinger Bands at $356.7 and closed the price at $354 on Monday, 5th October 2020. This Doji patterned candle indicates that there's indecision in the market and will be hard to predict the next price direction.
The bulls and bears are equally fighting the battle. If bulls increase more magnitude of momentum, the price will soon hike above the downtrend line towards the upper Bollinger Band to give us profits. But if bears take over, we can expect the asset to consolidate in the lower half region of Bollinger bands for a few more days.
If you notice the below price chart carefully, we observe that a lot of Ether's have been accumulated at lower levels. Traders and investors keenly wait for the Ethereum project to boom back upwards soon.
Key points to mark:
Immediate resistance that ETH is facing = $357 (20 EMA + basis of BB) + $365. If bulls can take the price above these levels, ETH will test $377.6 (50 MA) + $389 (upper BB) + $395, before rising to $410 resistance level.
If bears take over and push ETH to lower levels, $325.5 (lower BB) support will be tested, followed by $310, and then $288.7 before declining to $253 support level.
Indicators
The MACD line sloping up above the signal line towards 0. RSI has sloped up at 47 indicating bulls have the upper hand.
RIPPLE / U.S. DOLLAR
Price Analysis
Ripple after breaking out above its crucial support of $0.241 and rising above both its twenty-day exponential MA and the basis (middle line) of Bollinger Bands has made a higher high closing above the previous day's close. This shows how bulls have increased their strength and are now trying to push Ripple above its upper Bollinger Band. They made a high a few points below it at $0.254 and closed the price positively above the line of downtrend at $0.250 on Monday, 5th October 2020. The bears might again attempt to pull down the price into the lower half region of Bollinger Bands, but if bulls maintain their increasing momentum, we can expect Ripple to cross above the upper Bollinger Band giving us profitable levels.
Key points to mark:
Immediate resistance that XRP is facing = $0.256 (50 MA) + $0.257 (upper BB). If bulls push XRP above these levels, $0.260 will be tested, followed by $0.276, before rising to $0.304 resistance level.
Immediate support that XRP is facing = $0.241 (20 EMA + basis of BB). If bears push XRP below this level, $0.229 will be tested, followed by $0.219 before XRP declines to the $0.200 level.
Indicators
The MACD line significantly sloping up above the signal line nearing 0. RSI has also sloped up above the midpoint at $54 indicating bulls are in demand.
LITECOIN / U.S. DOLLAR
Price Analysis
Litecoin continues to trade in the downtrend channel. After it rose above the $46 level and both the twenty-day EMA and the basis of Bollinger Bands, the bears tried to push it down below its 20-day EMA (yellow line). But the bulls did not allow the price to slip below the basis of Bollinger Bands and closed it in between the two. Litecoin made a high of $47 and closed the price on the basis of BB at $46 on Monday, 5th October 2020. This indicates that bulls are not ready to give up and if they increase more strength and momentum, the price will rise above the line of the downtrend, towards the upper Bollinger Band soon. But if bears win the battle, the altcoin might trade in the lower half zone of Bollinger Bands again.
Key points to mark:
Immediate resistance that LTC is facing = $47 (20 EMA) + $48 (downtrend). If bulls can take the price above these levels, LTC will test $49 (upper BB) + $51, followed by $51.7 (50 MA) before rising to $60.5 resistance level.
Immediate support that LTC is facing = $46 (basis of BB). If bears push the price below this level, it will test $43 (lower BB), followed by $41.6 before declining to the crucial $39 support level.
Indicators
MACD goes on increasing its acceleration with both, the MACD line, and the signal line sloping upwards nearing 0. RSI has sloped down to 46, indicating a strong battle between the bulls and bears.
BITCOIN CASH / U.S. DOLLAR
Price Analysis
Bitcoin Cash has formed a dragonfly Doji candle that indicates a price trend reversal, i.e. this patterned candle is signaling an uptrend to take place soon. We can see in the chart below that bulls are trying their best to take the price above the basis (middle line) and BCH's twenty-day exponential MA. They made a high just below the two indicators at $222.5 and closed the price above the $217.5 support at $221.7 on Monday, 5th October 2020. But the downsloping fifty-day MA suggests that bears might still have some advantage and might try to sink the cryptocurrency to lower levels.
Bulls need to increase more magnitude of momentum and strength to confirm the dragonfly Doji candle result and take Bitcoin Cash into the upper half zone of Bollinger Bands to give us profitable levels.
Key points to mark:
Immediate resistance that BCH is facing = $223.5 (basis of BB) + $225 (20 EMA). If bulls take BCH above these levels, it will face resistance at $237 (upper BB) + $242 + $244.5 (50 MA), followed by $266 before rising to $280.5 resistance level.
Immediate support that BCH is facing = $217.5 + $209.6 (lower BB). If bears push BCH below these levels, it will test $200 support before declining to $140 level.
Indicators
The MACD line moving parallel to the signal line, both nearing 0. RSI has sloped up at 44.5 level, indicating bulls are not ready to give up.
