BTC/USD is trading at $6,593 and continues to move within the borders of the established flat. The coin is being traded inside the Ichimoku Kinko Hyo Cloud, which indicates the presence of a lateral trend. The bulls showed the willingness to stand up for their positions, but the lack of further growth and sticking of the price again at $6,580, suggests that they are not ready to push the quotes up yet. This indicates the possibility of continuing price fluctuations within the boundaries of flat $6,840- $6,370, for several more days. And although at the moment the price does not demonstrate readiness for growth, this behavior still fits into the plans, as a correction movement.
As part of the forecast for October 6, we can expect further price movement within the steady flat. We can see the impulse for growth both from the current positions and after deeper testing of the flat’s lower limit, up to $6,370. The development of the upward movement is still in priority, and the protracted consolidation is preparing a good springboard for the momentum of price growth. The initial goal, in this case, will be to update the highs at $6,840 and then rise to $7,300.
We can not ignore the possibility of the opposite scenario. There is no reason to assume a natural price reduction and the search for a new bottom at the moment. But we still need to keep in mind that the cancellation of the growth will be an unsuccessful testing of the support area and, as a result, its breakdown. In this case, we can expect a fall to the level of $6,145 and an update of the lows.
ETH/USD is trading at $224.10 and continues to move sideways. The coin is trading below the Ichimoku Kinko Hyo Cloud, which indicates a downward trend. Over the past day, the market refused to show some movement and the price did not go anywhere from the area of $220.50. Market participants continue to accumulate positions and the coin continues to be traded in the flat.
As part of the forecast for October 6, the priority is to wait for the development of the upward movement, with the original goal to consolidate above $238.50. If this happens, we can wait for further growth with a goal of $255.00. Active actions by buyers are possible either from current levels or after the retest of the support zone in the range of $215.50- $202.30.
Cancellation of this will be a drop in the price on good volumes and consolidation below $202.30. In this case, we can wait for the downward movement, with the goal at $167.00.
XRP/USD is trading at $0.51450 and continues the lateral movement inside the borders of the established flat. The coin is trading below the Ichimoku Kinko Hyo Cloud, which indicates a downward trend. The whole situation remains mostly unchanged. The price gradually descended to the bottom of the flat, but the support area has not yet been tested. Therefore, still remains the opportunity to see the price to go lower.
As part of the forecast for October 6, we can expect the continuation of lateral movement in the framework of the settled flat and the development of the next rising wave to the upper limits of the $0.62800- $0.59650 corridor. The beginning of the movement may occur from current levels, or after the price goes a little lower, to the support zone.
Cancellation of the development of an upward corrective wave will be a fall to the support level of $0.43650. In this case, we will need to closely monitor the price behaviour at this level, since updating this minimum and fixing the price below will speak about the development of a downward movement, and a bounce will only mean an expansion of the flat zone.
XMR/USD is trading at $114.210 and continues the lateral movement in the ascending channel. The price of the coin is below the boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a downward trend. Over the last trading day, the coin traded without any significant changes and the price continues to stand at the lower boundary of the upward daily channel. Now we are seeing an increase in bearish volumes, this may lead to the formation of a false breakdown when sellers attempt to divert the price down.
As part of the forecast for October 6, we can expect further attempts of the price to go below the lower limit of the upward daily channel and break through the level of $112.800. As long as these boundaries are not broken through on the respective volumes, the development of the continuation of the upward movement in priority, therefore, after the retest of the support zone, we can expect a price increase with an intermediate goal to update the local maximum at $122.000, and then gain a foothold above $127.500.
Cancellation of the growth will be a breakdown of the lower boundary of the upward daily channel and fixing it below the minimum of $107.800. In this case, we should expect a further reduction of quotations in order to update the local minimum at the level of $104.200.