BTC/USD is trading at $6,671 and continues to move in the flat. The coin is trading above Ichimoku Kinko Hyo Cloud, which indicates an uptrend. Buyers are trying to break through the upper boundary of a narrow flat, but they have not been doing well so far. Growth was not enough even to reach the maximum of the previous similar attempt of $6,741. The technical picture is still on the buyers’ side, so they have all the trump cards to upgrade a maximum of $6,840.
As part of the forecast for October 9, we can expect further price movement within the flat $6,743 – $6,470 and a smooth descent to the upper level of its lower limit at $6,550, at which the price found new support. Until we see an effective attempt to go beyond the current consolidation, movement within a narrowing flat should be considered as a priority. The development of an upward movement is expected after breaking through the flat’s upper border, the area of resistance, and the price fixing above $6,840. The goal, in this case, will be growth to $7,100.
Alternative directional downward movement can be considered after the breakdown of the lower border of the flat, the support zone. In this case, we can expect an update of the minimums and a breakthrough of the level of $6,350. The potential target for such a scenario would be $6,145.
ETH/USD is trading at $229.57 and continues to move sideways. The coin is trading above Ichimoku Kinko Hyo Cloud, which indicates an uptrend. The situation is similar to bitcoin. An attempt to break through the flat’s upper limit failed. Perhaps buyers do not have enough news drivers to turn around in full force. I do not rule out that market participants are waiting for the launch of the Constantinople update in the Ethereum network, which was postponed until October 14. It can increase the interest in buying ether and other altcoins.
As part of the forecast for October 9, we can expect further price movement within the flat $240.00 – $212.00 and a decrease in quotations to the upper level, its lower limit is $220.00, at which the price found new support. While the price is in a constantly narrowing range, it is difficult to predict the possible direction. Do not forget that this consolidation occurs within a wider flat and an upward movement to its upper limit of $255.00 is to be expected after breaking through the upper boundary of the current consolidation. It will be possible to speak about the development of the upward movement only after the breakdown by the price of the $255.00 resistance level. The goal, in this instance, will be growth to $307.00.
An alternative wave of price reduction to the lower border of a wider flat of $203.00 can be expected after a breakdown of the lower boundary of the current consolidation. On the global resumption of the bearish trend can be talked after fixing prices below $192.50. In this case, we can expect a fall to the level of $167.00.
XRP/USD is trading at $0.49372 and continues the lateral movement within the flat. The coin is trading below the Ichimoku Kinko Hyo Cloud, which indicates a downward trend. The price stuck to the upper levels of the lower border of the flat. This is an important area and the key support level here is the $0.43630- $0.42230 area. This is a 70% correction of the entire previous rapid growth. If the movement exceeds this maximum permissible value for correction, then it should already be considered from the position of changing the entire direction. In this case, from ascending to descending.
As part of the forecast for October 9, we can expect the continuation of lateral movement within the framework of the established flat. While the boundaries of the flat persist, the development of the next rising wave to its upper boundaries of $0.62800- $0.43630, is considered as a priority. The beginning of the movement may occur from current levels, or after leaving the price slightly lower, to the level of $0.43630.
Cancellation of the development of the ascending correctional wave will be the breakdown of the lower border of the flat $0.43630, after which we can expect a change in the priority price movement for the downward, with the initial goal at $0.35700.
XMR/USD is trading at $115.110 and continues sideways movement within a narrow flat. The price of the coin is below the boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a downward trend. In addition to the newly narrowed boundaries of the current accumulation, there was no change in the behaviour of the price of the coin. All that remains is to wait for the end of consolidation.
As part of the forecast for October 9, we can expect the continuation of the lateral movement in the framework of the current consolidation of $118.000 – $110.150. It is worth considering that the designated flat zones are the closest and offered exclusively in the framework of the current situation. In fact, at the moment we have several flats nested within the framework of another. The H4 level flat has an approximate border of $122.000 – $107.800. And within the global daily movement, these boundaries are even wider. Therefore, during the breakdown of the upper boundary of this narrow accumulation, we can expect an upward wave to the level of $122.000, where, probably, there will be a stop of movement. And only then to $127.500 – the upper boundary of the global correctional flat of the level D1.
Cancellation of the development of an upward wave will be the breakdown of the lower boundary of the current consolidation at $110.150. After that, we can expect the development of a downward wave to the lower flat border level of H4 $107.800. After the breakdown of this area, further development of the movement down to the border of the global correctional flat of D1 $103.500 is likely.