Bitcoin (BTC) price is in process Breaking out of a descending wedge. If successful, it is expected to rise to $22,500. Ethereum (ETH) is Business In the upper part of a corrective pattern. A final breakout is expected.
even though XRP price is Business Inside a neutral pattern, the preceding trend indicates that an eventual breakout is expected.
Bitcoin Price Prediction: BTC Ready to Break
BTC price has been declining below a descending wedge since reaching a high of $25,211 on August 25. The descending wedge is considered a bullish pattern, which means a breakout is expected.
So far, the price of BTC has reached a low of $18,125 on September 21. There was a break above the $18,800 horizontal support area.
Nevertheless, bitcoin price regained its footing shortly after and reclaimed the support area, rendering the previous breakout only as a divergence (green circle). This is a signal that is often preceded by movements in the other direction.
Furthermore, bitcoin price formed a bullish hammer candlestick on October 13 (green icon), supporting the possibility of a further breakout.
Finally, Bullish Divergence Trend Line in Daily RSI Still intact, and the indicator is in the process of moving above 50.
If there is a bitcoin price breakout, the nearest resistance area will lie at $22,500.
Therefore, there are several signs suggesting that the BTC price prediction is most likely headed towards $22,500.
- BTC price diverged and then reclaimed the $18,800 horizontal support area.
- It formed a Bullish Hammer candlestick on 13 October.
- Bitcoin price is trading inside a falling wedge.
- The daily RSI is forming a bullish divergence.
Ethereum Price Prediction: ETH Finds Important Support
ETH price has been falling below a descending parallel channel since Aug 14. Similar to a descending wedge, a descending parallel channel usually leads to a breakout.
While declining inside it, ETH price dropped to a low of $1,190 on October 13. Although it initially looked like it had broken below the $1,280 horizontal support area, Ethereum price reclaimed the area shortly after and formed a long lower wick (green icon).
Later, the price of ETH moved above the middle of the channel. This is an indication that an eventual breakout is expected.
Additionally, the daily RSI is in the process of breaking out of its bearish trend line (Green line), which testifies to an upside potential.
Similar to the price of bitcoin, there are several signs that point to an Ethereum price breakout:
- ETH price is trading in the upper part of a descending parallel channel
- Ethereum price has formed a hammer candlestick
- Daily RSI is in the process of breaking down
XRP Price Prediction: Neutral Pattern But Breakout Likely
Unlike BTC and ETH, XRP price is trading inside a symmetrical triangle, which is considered a neutral pattern. However, since the pattern is transpiring after an upward move and a breakout from an ascending parallel channel, this would make a breakout the most likely scenario.
Additionally, rising hidden bullish divergence in the RSI (Green Line) is another indication that a breakout is expected.
If it does, the next nearest resistance area will be at $0.64. This is both a fib and a horizontal resistance area.
A decrease to $0.44 (red line) below wave C would invalidate this possibility and indicate that XRP price is correcting instead.
While the XRP price prediction is less bullish than BTC and ETH, the hidden bullish divergence and the previous breakout from the channel support the continuation of the upward movement.
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