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PRICE ANALYSIS: With the prevailing price consolidations, the overall market momentum continues to advance

News • 2020/10/07 • by
tiwari

BITCOIN / U.S. DOLLAR

Price Analysis

Bitcoin, after slipping below its twenty-day exponential MA and the basis (middle line) of Bollinger Bands yesterday, has slightly recovered its price by closing near the 20-day EMA. We can see in the price chart below how the bulls are trying to push the price back into the upper half zone of Bollinger Bands. If they successfully do so, Bitcoin will target to break out above the symmetrical triangle, depicted in pink lines below.

But if bears take over and not let the asset cross above, the price might go down below the $10.5K support level to test the triangle's support again, which might attract some panic selling by small traders. According to our previous analysis, the next price move is still unclear, though bulls have increased some strength. With the rising bull momentum, traders and investors are keenly waiting for the breakout to occur to witness profitable levels.

Bitcoin made a high, just a few points below its 20-day EMA at $10,691 and closed the price at $10,687 on Wednesday, 7th October 2020. The bulls successfully bought back the dip from above the $10,500 level and did not let the asset go down from a low of $10,563 today, which is a positive signal.

Key points to mark:

  • Bitcoin is facing immediate resistance at $10,705 (20 EMA) + $10,709 (basis of BB). If bulls push the price above these levels, $10,900 (50 MA + symmetrical triangle resistance) + $11,075 (upper BB) will be tested, followed by $11,500 before rising to the $12,325 resistance level.

  • The immediate support it faces is $10,500 + $10,350 (triangle support + lower BB). If bears push the price below these levels, BTC will test $10,000 support.

Indicators

MACD maintains its acceleration with the MACD line, along with the signal line moving upwards parallel to each other and nearing 0. RSI has sloped up again at 48.8 level, indicating bulls have the upper hand.

ETHEREUM / U.S. DOLLAR

Price Analysis

Ethereum, after getting rejected from its twenty-day exponential MA and the basis (middle line) of Bollinger Bands yesterday, has now formed a dragonfly Doji patterned candle. This indicates that the price of Ethereum is holding the potential to reverse its price trend, i.e. go to the upside from the prevailing downtrend since the start of September 2020.

The bulls are trying their best to take the price towards the basis of BB and could make a high at $343 and closed the price at $342 on Wednesday, 7th October 2020. If bulls increase more magnitude of momentum, the price will soon hike above the down-trend, towards the upper Bollinger Band to show us higher price levels. 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.

Note that a lot of Ether's are being accumulated at lower levels. Traders and investors keenly wait for the price of Ethereum to boom back upwards soon.

Key points to mark:

  • Immediate resistance that ETH is facing = $354 (20 EMA + basis of BB) + $365. If bulls can take the price above these levels, ETH will test $374 (50 MA) + $383 (upper BB) + $395, before rising to $410 resistance level.

  • If bears take over and push ETH to lower levels, $325 (lower BB) support will be tested, followed by $310, and then $288.7 before declining to $253 support level.

Indicators

MACD has slightly decelerated with the MACD line overlapping the signal line, both parallel to 0. RSI has also flattened at 43 indicating an equally strong battle between the bulls and bears.

RIPPLE / U.S. DOLLAR

Price Analysis

Ripple is trading along the down-trend line aiming to escalate above it soon. After the price got rejected yesterday, Ripple made a positive close today exactly at the line of the down-trend. This shows how bulls are not at all ready to give up the battle and go on increasing their strength little by little everyday, targeting to push Ripple above its upper Bollinger Band.

Bulls took the price till the fifty-day MA and made a high a few points below it at $0.251 and closed the price positively at the down-trend at $0.249 on Wednesday, 7th 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 = $0.254 (50 MA) + $0.256 (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 = $0.243 (20 EMA) + $0.241 (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

MACD goes on increasing its acceleration with the MACD line significantly sloping up above the signal line nearing 0. RSI has also sloped up above the midpoint at 52.8 level indicating bulls are in demand.

LITECOIN / U.S. DOLLAR

Price Analysis

Litecoin continues to trade in the down-trend channel along with its twenty-day EMA and the basis (middle line) of Bollinger Bands. After it rose above the $46 level, it has been trading between the 20-day EMA and basis of BB.

The Bears had pushed the price below the basis yesterday, but Litecoin recovered and closed exactly at its 20-day exponential MA. Bulls made a high above the 20 EMA at $46.9 and closed the price exactly at it at $46.6 on Wednesday, 7th 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 down-trend, towards the upper Bollinger Band soon. This continuous price consolidation indicates accumulation at lower levels.

Key points to mark:

  • Immediate resistance that LTC is facing = $46.6 (20 EMA) + $47.5 (downtrend). If bulls can take the price above these levels, LTC will test $48.6 (upper BB) + $50.9 (50 MA) before rising to $60.5 resistance level.

  • Immediate support that LTC is facing: $45.9 (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 has maintained its increasing acceleration with both, the MACD line, and the signal line sloping upwards moving parallelly nearing 0. RSI has sloped up to 47.5 level, indicating how bulls are increasing their upward momentum.

BITCOIN CASH / U.S. DOLLAR

Price Analysis

Bitcoin Cash continues to trade between the $217.5 support level and the basis (middle line) of Bollinger Bands. After it had closed below the basis yesterday, the price has recovered and made a positive close just above the basis of BB.

We can see in the chart below that bulls are trying their best to take the price above its twenty-day exponential MA. They made a high exactly at it at $224 and closed the price positively above the basis line at $223 on Wednesday, 7th October 2020. But the significant 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 take Bitcoin Cash above the upper Bollinger Band to give us profitable levels.

Key points to mark:

  • Immediate resistance that BCH is facing = $224.6 (20 EMA). If bulls take BCH above this level, it will face resistance at $235 (upper BB) + $240.9 (50 MA) + $242, followed by $266 before rising to $280.5 resistance level.

  • Immediate support that BCH is facing = $217.5 + $209.7 (lower BB). If bears push BCH below these levels, it will test $200 support before declining to $140 level.

Indicators

MACD has increased its acceleration and the MACD line, along with the signal line are sloping upwards moving parallel to each other towards 0. RSI has sloped up at 46, indicating bulls are not ready to give up.

Comments (12)
Guest
ugospecial
6 years ago
BITCOIN PRICE ANALYSIS: Yesterday Bitcoin slightly recovered it's price after moving downward below it's twenty-day exponential MA and the basis(middle line) of Bollinger Band, the bulls are trying to push the prise back to it's upper half zone of Bollinger Bands and If this is successful BTC will target a break out above the symmetrical triangle. But if the bears have a strong resistance over the bulls price might experience a downtrend below $10.5k(support level) again and this might make small traders sell their investment out of panic. Previous analysis shows, next process moves is uncertain though bulls have the upper hand thus traders and investors are eagerly waiting for the breakout to occur so as to witness a profitable levels. ETHEREUM PRICE ANALYSIS: Despite getting a rejection after it went down below it's twenty-day exponential MA and the basis(middle line) of Bollinger Bands, ETH is still holding the potential to reverse its price trend, the bulls are doing everything possible to take the price towards the basis of BB and if they can be able to increase more magnitude of momentum then price will soon go up above the down-trend towards the (upper BB). But if bears takes over, asset might consolidate in the lower half region of BB for a few more days. Traders/investors are waiting for price of ETH to surge as alot of ETH are being stored and hold in lower level. RIPPLE PRICE ANALYSIS: Ripple is though trading at the down-trend line, it is aiming at escalating above it soon, XRP made a positive outcome indicating that the bulls are not giving up anytime soon but is going to increase it's strength gradually by the day, thus targeting at pushing XRP above it's (upper BB). The bears might try to pull down the price of XRP into a lower half region of Bollinger Bands, but if the bulls could maintain their increasing momentum, then XRP could cross above the (upper BB), giving us a profitable levels. LITECOIN PRICE ANALYSIS: Litecoin has been trading between the 20-day EMA and basis of BB on a continues down-trend channel after rising above $46 level. Price has been pushed by the bears below it's basis but recovered and then closed exactly at it's 20-day exponential MA and basis of BB indicating that the bulls are not ready to give up and if they could increase more strength and momentum then price will rise above the line of the down-trend towards the (upper BB). BITCOIN COIN CASH: After BCH had closed below it's basis, it continues to trade between the $217.5 support level and the basis (middle line) of BB, price has recovered and has made a positive close just above the basis of BB. Bulls made a high exactly at $224 and closed the price positively above $223 thus trying their best to take the price above its twenty-day exponential MA. Bears might still have some advantage and might try to bring the cryptocurrency to a lower levels due to the significant downsloping fifty-day MA. So Bulls need to increase more magnitude of momentum and strength to take Bitcoin Cash above the upper Bollinger Band so as to give us a profitable levels.
godgrace1
6 years ago
from my observation , i can say that the market is very unstable now because no one can really determine, the actual direction any of the markets would follow due to the markets going between the support and resistance zones without any major break out.
guxcman
6 years ago
im agree with you, i choose to save USDT than BTC
guxcman
6 years ago
anyway, i hope BTC price will grow up !
freshprinx
6 years ago
At the moment, it seems that negative news is dominating the crypto sector and prices, along with investor sentiment is suffering as a result. One positive is, with depressed prices at least comes the opportunity to open new long positions. Let’s take a look at the charts to see what opportunities exist. BTC/USD Bitcoin (BTC) is currently stuck in a tight range as seen from the narrowing of the Bollinger Bands. Previous instances of similar tightening resulted in strong trending moves. There was an up-move toward the end of July, and a downside break in early September. Although it is difficult to predict the direction of the breakout from the Bollinger bands, the relative strength index may provide some insight as it is considered a leading indicator for anticipating price movements. Currently, the RSI is in a symmetrical triangle, which shows indecision among the bulls and the bears. If the RSI breaks and sustains above the triangle, it will signal a possible breakout in the price above $11,200. Conversely, if the RSI breaks and sustains below the symmetrical triangle, it will increase the likelihood of a retest of the critical support at $9,835. ETH/USD Ether (ETH) again turned down from the middle band, which is the 20-day simple moving average. This suggests that the bears are selling on relief rallies to this resistance level. If the bears sink the price below the lower band and the critical support at $308.392, the ETH/USD pair could start a downtrend that may result in a fall to $240. The RSI has been trading below the 50 level for the past few days, which shows advantage to the bears. However, the lower band is currently flat and the bulls are likely to buy a dip to this support. The first sign of strength will be a break and close (UTC time) above the downtrend line. A break above the upper band may signal the resumption of the uptrend. XRP/USD XRP attempted to rise above the upper band on Oct. 6 but the bulls could not sustain the breakout. However, a positive sign is that the buyers purchased the dip to the middle band at $0.240 and are again attempting to push the price above the upper band. The bands are currently flat and the RSI has risen into positive territory, which suggests that selling pressure has reduced and a few days of range-bound action is likely. However, if the bulls push the price above the upper band and $0.26, it will increase the possibility of a rally to $0.303746. This level might act as stiff resistance but if the bulls can drive the price above it, the XRP/USD could retest $0.326724. BCH/USD Barring the period between July 25-Sep. 3, Bitcoin Cash (BCH) has largely remained range-bound since April. The narrowing Bollinger Bands suggest that the price is again stuck in a tight range. The bulls pushed the price above the middle band on Oct. 6 but they could not sustain the higher levels and the price again dipped back into the lower half of the Bollinger Bands. The RSI has been trading below the 50 level for the past few days, which suggests that the bears have the upper hand. If the bears can sink the price below the lower band at $209 and the long-term support at $200, a downtrend to $140 is possible. This negative view will be invalidated if the bulls can push the price above the upper band at $235 and the overhead resistance at $242. Above this level, the BCH/USD pair could rally to $296.87. LTC/USD The Bollinger Bands are narrowing and the RSI has risen close to the center, which suggests that Litecoin (LTC) could consolidate in a tight range for a few days. The altcoin could oscillate between the upper and the lower band during this period. This neutral view will be invalidated if the bulls can push and sustain the price above the upper band at $48.56. Such a move could result in a move to $52.50, where the bulls are likely to face stiff resistance. However, if the bulls can push the price above $52.50, the uptrend could pick up momentum and rally to $64. The trend will turn in favor of the bears if they can sink the LTC/USD pair below the lower band at $43.11 and the critical support at $39
exodusab
6 years ago
Based on the recent trend of BTC, its pullback in October, and subsequent recovery, traders remain neutral and optimistic. The majority are not largely bearish in the short to medium term due to the strength of the $10,500 support level. If the support breaks down, then the sentiment could change, but it has held up well so far.
whenayon
6 years ago
I think the bulls are trying to push the price back into the upper half zone of Bollinger Bands. If they successfully do so, Bitcoin will target to break out. But if bears take over the market and not let the asset cross above, the price might go down below the $10.5K support level to test the triangle's support again, which might attract some panic selling by small traders. In this case most traders are still looking forward of a bullrish trend to take place in the nest few days
visiblemoney
6 years ago
The price analysis for this review shall cover 5 crypto asset; BTC/USD, ETH/USD, RIPPLE/USD, LTC/USD & BCH/USD most of which make similar momentum to consolidate market price for possible uptrend. BTC/USD Price Analysis: BTC began it journey on a rather frustrated level right below 20-day EMA where it dipped in the previous activity but consolidated with some bull to make uptrend to the upper half zone of BB. The little rise above $10,500 level to close above $10,563 is a positive signal that Bitcoin might surpass $10,705 20 EMA basis with a slight bull push to attain 50 MA triangle region in probable momentum that can make it scale $11,075 in upper BB to set a new course at $12,325 resistance. This propensity to break a sustainable uptrend is confirmed by MACD signal moving parallel along the signal line towards zero while the momentum needed to breakout the bull is ascertained by RSI rising above 47 level to consolidate the bull action. ETH/USD ANALYSIS: Ether also is consolidating momentum to begin uptrend. Evidently, the bull begins to push price to make a new high at $343 that closed at $342. There is more possibility that the bull could likely prevail above bear. The magnitude of the momentum being gathered by the RSI will determine wether ETH will break resistance at $354 20 EMA and basis of BB to as far as $410 resistance level where the bull prevails. On the contrary, the bear could push ETH to a terrible pitfalls at $253 support level should all resistance fail to hold. RIPPLE/USD REVIEWS: The bull is beginning to gain momentum to push Ripple above its upper Bollinger Band. This sees the price goes up to $0.251 before it dropped at $0.249 on Wed 7th Oct, 2020. Although, the price action is not certain with clear momentum but it is expected that if the bull continues XRP might scale resistance at $0.254 (50 MA) and persistently can make upper BB while rising to $0.304 resistance level. As clearly shown by the indicators of MACD accelerating with signal line while RSI make bull imminent at 52.8 level. LTC/USD ANALYSIS: The litecoin recovers from bear to close exactly at 20-day exponential MA. The tenacity of bull ensures that price closed at $46.6 above 20 EMA. The increasing acceleration of MACD line and signal line in parallel advance to zero coupled with RSI mark at 47.5 level are approving increasing momentum for another uptrend. BCH/USD ANALYSIS: Bitcoin cash is able to sustain its tempo for uptrend because MACD and signal line are sloping upwards moving parallel to each other towards zero in relative term with RSI which also shows possibility for the bull uptrend at level 46. In summary, generally the prices are making similar behavior as they consolidate to make continuous price improvement in uptrend directions.
guxcman
6 years ago
hm.. you like to save BTC or USDT sir ? or other crypto ?
guxcman
6 years ago
nice analysis !
omogbai
6 years ago
Predicting the price movements of cryptocurrencies is a dark art that combines technical and fundamental analysis with an understanding of human psychology. A recent analysis dispels a little of that darkness by revealing the interdependence of altcoins. Its findings? When altcoins fall, they often fall in unison.
lorettachinasa
6 years ago
BITCOIN/USD Bitcoin made a high, just a few points below its 20-day EMA at $10,691 and closed the price at $10,687 on Wednesday, 7th October 2020. The bulls successfully bought back the dip from above the $10,500 level and did not let the asset go down from a low of $10,563 today, which is a positive signal. ETHEREUM/USD If bulls can take the price above these levels, ETH will test $374 (50 MA) + $383 (upper BB) + $395, before rising to $410 resistance level. If bears take over and push ETH to lower levels, $325 (lower BB) support will be tested, followed by $310, and then $288.7 before declining to $253 support level. RIPPLE/USD Immediate resistance that XRP is facing = $0.254 (50 MA) + $0.256 (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 = $0.243 (20 EMA) + $0.241 (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. LITECOIN/USD Immediate resistance that LTC is facing = $46.6 (20 EMA) + $47.5 (downtrend). If bulls can take the price above these levels, LTC will test $48.6 (upper BB) + $50.9 (50 MA) before rising to $60.5 resistance level. Immediate support that LTC is facing: $45.9 (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. BITCOIN CASH/USD Immediate resistance that BCH is facing = $224.6 (20 EMA). If bulls take BCH above this level, it will face resistance at $235 (upper BB) + $240.9 (50 MA) + $242, followed by $266 before rising to $280.5 resistance level. Immediate support that BCH is facing = $217.5 + $209.7 (lower BB). If bears push BCH below these levels, it will test $200 support before declining to $140 level.
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