– Bitcoin price could test the $24,000 range, a 10% fall seems likely before upside potential actualizes.
– With Ethereum’s 0.94 correlation with Bitcoin, ETH could follow BTC down 10% to test the $1,500 range.
– Ripple price is due for a big move after bouncing from $0.4600 support and breaking a major trendline.
Bitcoin (BTC) price continues to forge a path north, or at least that is how investors would want it, after bouncing from a crucial support level.With it, Ethereum (ETH) price is tagging along, in a move likely attributed to the
strong correlation of 0.94 between the two cryptocurrencies.Ripple (XRP) price could record a strong move soon after bouncing from a critical support and breaking past a formidable resistance.
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Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.
The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.
If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
Bitcoin price could fall before next move north
Bitcoin (BTC) price is trading with a bullish bias, but much remains in the balance considering there is currently no bullish fundamental to fuel a surge.Also,
September has proven to be a bad month for BTC, thereby increasing the odds for a slump.
As Bitcoin price confronts the resistance presented by the downtrend line at $26,640, the odds of a pullback continue to increase as momentum fades.The falling Relative Strength Index (RSI) shows this, bolstered by the Stochastic RSI, which is at 94.This momentum indicator often moves very quickly from overbought to oversold or vice versa, and judging by its position, BTC is overbought.
Accordingly, Bitcoin price could drop to the demand zone at around the $26,000 psychological level.
In the dire case, the slump could see BTC breach the lower boundary of the demand zone at $24,843.The downtrend would be confirmed by a strong move under the last lower high of September 12 at $25,131.
BTC/USDT 1-day chart
Conversely, increased buying momentum could see Bitcoin price breach the $26,640 resistance level, potentially going as far as the psychological $28,000 or higher, tagging the $29,020 roadblock.A strong move above this supplier congestion zone could clear the path into the $30,000 range.
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Ethereum price could follow BTC 10% south
Ethereum (ETH) price found support at $1,552, bouncing 5% north to the current price of $1,619, and confronting resistance presented by the downtrend line at $1,624.Momentum is also waning for ETH, visible through the falling RSI.Aslump seems likely, and the Proof-of-Stake (PoS) token could drop 5% to $1,552 or 10% to the $1,500 psychological level.
Notice its Stochastic RSI at 96, with an almost perfect track record of falling once it gets to this level.Every fall of the Stochastic RSI is mirrored by the price, therefore adding credence to the bearish thesis.
ETH/USDT 1-day chart
On the other hand,
Ethereum price could shatter the $1,624 barricade and extend into the $1,682 resistance level.A decisive breach of the August 31 high marked by the $1,700 psychological level could clear the path for a possible reclamation of $1,791, a critical multi-month support that flipped into a resistance during the August 17 crash.
This would denote a 10% rise up the ladder.
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Ripple price bounces and shatters, what next?
Ripple (XRP) price boasts four successive green bars since September 12 after escaping from the suppression of the descending parallel channel.While the move is solid, confirmation for the uptrend will only happen after XRP breaks through the supply zone at $0.5373.
A sustained uptrend steered by increasing buying pressure could see Ripple extend to the August 16 high at $0.6098 or in a highly bullish case escalate to the $0.6858 roadblock, close to the ambitious $0.7000 psychological level.This would indicate a 30% climb above the confirmation level.
The RSI is pointing north, supporting this outlook as it means momentum continues to rise.
Similarly, the Stochastic RSI has some ground to cover before reaching its range high of 100, where it has been rejected multiple times before.ETH could correct once the Stochastic RSI tags this level.
XRP/USDT 1-day chart
Meanwhile, the
risk of pullback remains strong considering this RSI is below 50, showing momentum, and therefore, price strength, remains low.A retracement back into the foothold of the descending parallel channel at $0.4600 could see XRP value continue dropping, likely to the range low of $0.4191 marked by the channel’s midline, or in the dire case, the support floor at $0.3562.
Also Read:
Ripple (XRP) trading analysis: Bearish sentiment persists, eyes on key support
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