Tuesday, October 19, 2021

BTC, ETH and XRP price analysis

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Over the past days, cryptocurrencies have experienced a whole series of ups and downs, but now, prices have more or less calmed down. However, even yesterday the main cryptocurrencies could be observed in conservative behavior. Most likely, SMA200 barrier has become too complex to overcome, and all attempts to break it have not been successful so far.

4-hour chart of the pair BTC / USD

Yesterday, Bitcoin failed the first attempt to convince investors that it rose again on a bull path. BTC / USD could not close above SMA200 for 4-hour timeframe, in connection with which it ricocheted back to the starting position.

This rollback did not become a major defeat for the coin, but doubts began to emerge in the investor environment since all that bitcoin needs now is to close above the SMA200, which will give all cryptoΒ market the strongest push for growth.

Today a bearish day is forecasted. On this side, the first support for the coin will make a mark of $ 6,565. Below it, passes EMA50, indicating the following support – at $ 6,425, and this position is today’s limit. If the affairs of bitcoin are bad and it breaks the lower limit, it will most likely find the next support already at the bottom of the technical channel, which, at the moment, controls the movement of the price of the coin – $ 6,350.

If the events develop in a positive way, then bitcoin will need only one – to break SMA200 and close above this position. Now, this barrier is at the level of $ 6,715, and the end result should be a closure of at least $ 6,861 – this is the main goal for today’s bulls. However, for now, it is worthwhile to observe how the situation will develop since one attempt to break through bitcoin has already failed.

The MACD indicator in bitcoin shows some “exhaustion”, and a net negative trend. This, however, is normal, and in the near future, the indicator is better not to make sharp movements in either side, which will necessarily affect the pair BTC / USD.

As for the index of directional traffic, here purchases continue to remain at the helm, and with each new drawdown, sales go to the market, and each time in an even larger amount.

4-hour chart of the pair ETH / USD

Ethereum follows, in general, the same pattern as bitcoin, although in the case of this coin, the moving averages are at a greater distance, which gives Ethereum a good walk. SMA200 is far ahead of the current ETH / USD position, and the pair has not yet been able to test this barrier for strength, as bitcoin did. From the bottom, the first point of support will be SMA100, and the price is around $ 468, then – EMA50 and the price is about $ 460. Also, the next support point will be drawn after the current price is closed.

Above, Ethereum also has several rather clear goals. The first barrier for the coin is located at the price mark of $ 486. To confirm its penetration, Ethereum will have to close higher at least $ 486.78. If the coin manages to gain a foothold on this line, then it will already attempt to break through the SMA200, after which it will need to consolidate the result, closing above $ 516, which will just talk about the successful conquest of the height.

The MACD indicator also shows depletion, as in bitcoin, so the whole situation is, in general, identical to the one we have already seen. Ethereum will have a small slope below zero on this indicator.

The index of directional movement, however, shows an absolutely opposite situation for bitcoin. In the case of Ethereum, the number of sales has fallen sharply over the last few hours, the same situation has occurred with purchases. The technical pattern says that while no one understands what happens with the cryptocurrency, and such a scenario raises a lot of doubts.

4-hour chart of the pair XRP / USD

Now turn to Ripple. In its technical aspects, at the moment, it is very similar to Ethereum. Moving averages are slightly removed, but SMA100 will support at a level of $ 0.486. If the token does not survive at this point, the next support will be EMA50 at $ 0.48. In the event of an extreme bearish trend, Ripple will roll back to $ 0.4666.

On the other hand, if the coin starts to grow, then it is waiting for resistance at $ 0.505, and then, it can jump to $ 0.52. The main goal for bulls in the market of this coin should be the price of $ 0.5459, where SMA200 passes.

The MACD indicator is identical to the other two cryptocurrencies.

The index of directional movement is similar to what we see in Ethereum, although in this case, the level of purchases leaves more hope for a favorable scenario. Sales are still very foggy and have not increased their activity for several past drawdowns.

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