Cryptocurrency
Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days
Ripple’s price has been bearish over the last few weeks as it failed to continue its upward momentum. However, the momentum during the past few days has been quite tumultuous, resulting in a choppy price action that puts the trend into question.
Bitcoin Price Analysis: Technicals
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
The daily chart shows that the price has been making higher highs and lows since rebounding from the $52K support level in September. The 200-day moving average, located around the $64K level, has also been broken to the upside.
Yet, the market has not been successful in rising above the key $69K resistance level and is currently correcting lower. Therefore, a retest of the 200-day moving average would be probable in the coming days. Still, if BTC trades above $60K, the trend could be considered bullish.
The 4-Hour Chart
Looking at the 4-hour chart, the price has broken a rising wedge pattern to the downside while getting rejected from the $69K resistance zone. The RSI has also dropped below 50%, as the 4-hour momentum has shifted bearish.
Yet, even though $64K seems like a probable target, a drop toward it might not materialize, as a recovery and continuation could begin much sooner. If true, this behavior would confirm that a strong rally is starting for Bitcoin, and it would only be a matter of time before a new record high.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Exchange Reserve
As BTC approaches a new all-time high, market participants are wondering whether the large investors are taking profits or still accumulating. Based on this data, the latter seems true.
This chart demonstrates the exchange reserve metric, which measures the amount of BTC held in exchange wallets. It is widely regarded as a proxy for supply because the coins kept in exchanges can be quickly sold, pushing the price lower.
As the chart suggests, the BTC exchange reserve has taken a nosedive recently, continuing its long-term decline. This clearly indicates an accumulation period, which could soon lead to supply shock and price surge, especially if the demand increases.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Ripple (XRP) Price Prediction for This Week
XRP’s price action continues to show indecision.
Key Support levels: $0.48, $0.52
Key Resistance levels: $0.60, $0.68
1. Key Support Under Pressure
So far in October, XRP was unable to make new highs. This has kept the price close to the key support at 52 cents which is currently being disputed. If sellers are successful here, then the cryptocurrency could fall to 48 cents next.
2. Buyers Struggle to Maintain Control
Even if buyers show weakness, they still manage to hold XRP above 50 cents. Nevertheless, time is running against them as sellers continue to put pressure. Eventually, the key support may fall if the buy volume does not return.
3. Volume in Decline
XRP’s volume has been declining since March, with clear lower highs. Until this trend reverses, buyers are fighting an uphill battle. If nothing changes, a drop to lower support levels is likely. Watch 48 cents as the next key level.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days
Ripple’s price has been bearish over the last few weeks as it failed to continue its upward momentum. However, the momentum during the past few days has been quite tumultuous, resulting in a choppy price action that puts the trend into question.
Bitcoin Price Analysis: Technicals
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
The daily chart shows that the price has been making higher highs and lows since rebounding from the $52K support level in September. The 200-day moving average, located around the $64K level, has also been broken to the upside.
Yet, the market has not been successful in rising above the key $69K resistance level and is currently correcting lower. Therefore, a retest of the 200-day moving average would be probable in the coming days. Still, if BTC trades above $60K, the trend could be considered bullish.
The 4-Hour Chart
Looking at the 4-hour chart, the price has broken a rising wedge pattern to the downside while getting rejected from the $69K resistance zone. The RSI has also dropped below 50%, as the 4-hour momentum has shifted bearish.
Yet, even though $64K seems like a probable target, a drop toward it might not materialize, as a recovery and continuation could begin much sooner. If true, this behavior would confirm that a strong rally is starting for Bitcoin, and it would only be a matter of time before a new record high.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Exchange Reserve
As BTC approaches a new all-time high, market participants are wondering whether the large investors are taking profits or still accumulating. Based on this data, the latter seems true.
This chart demonstrates the exchange reserve metric, which measures the amount of BTC held in exchange wallets. It is widely regarded as a proxy for supply because the coins kept in exchanges can be quickly sold, pushing the price lower.
As the chart suggests, the BTC exchange reserve has taken a nosedive recently, continuing its long-term decline. This clearly indicates an accumulation period, which could soon lead to supply shock and price surge, especially if the demand increases.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Is XRP in Danger of Falling Below $0.5? (Ripple Price Analysis)
Ripple’s price has been bearish over the last few weeks as it failed to continue its upward momentum. Looking at the technical charts, more downsides are probable in the short term.
Ripple Price Analysis: Technicals
The USDT Paired Chart
By Edris Derakhshi (TradingRage)
Against USDT, the XRP price has recently crashed below the $0.6 level and the 200-day moving average, which is located around the $0.55 mark.
With the RSI also showing values below 50%, the momentum is clearly bearish. The market is likely to drop toward the $0.5 support level in the upcoming days and even lower toward the $0.43 support zone if the $0.5 level is broken.
The BTC Paired Chart
The XRP/BTC chart shows a similar behavior, as the price has dropped below the 850 SAT support level and the 200-day moving average, located around the same price mark.
Therefore, a further decline toward the 600 SAT area could be expected if the market does not climb above the 200-day moving average soon.
Meanwhile, the RSI is reaching the oversold regions, which could point to a potential bullish reversal or consolidation in the short term.
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LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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