Crypto Markets Dip Ahead Of Higher Highs

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The price of Bitcoin rose 13% in the first three days of October, triggering a bullish market outlook. The price of Ethereum followed in BTC’s footsteps and exited a descending parallel channel, climbing 18%. Ripple price turned the $ 1.01 resistance barrier into a stable support floor.

The price of bitcoin was under great pressure as it squeezed during its descent. BTC broke the falling wedge pattern on October 1 explosively, taking altcoins for a spin.

Bitcoin Price Prepares To Launch

The price of Bitcoin rose 13% from October 1-3. While that climb was impressive, its goal was to raise cash above the September 18 high of $ 48,834. On October 3, BTC reached its destination, which means the barometric cipher is ready for a fix.

The reversal of momentum indicator (MRI) red sell signal adds further credibility to this prospect. This technical training provides for a correction of one to four candlesticks.

Therefore, investors can expect BTC to head to the immediate and stable support platform at around $ 45,000.

A resurgence of buying pressure around this level is the key to reaching higher highs and restarting the bull run. A decisive close above $ 53,000 would indicate a reversal of the movement at $ 29,000 and an attempt to retest the next psychological level at $ 60,000.

12 hour BTC / USD chart

Investors are cautiously bullish as the bullish thesis assumes there will be a resurgence of buyers around $ 45,000. If selling pressure overwhelms the bulls, it is highly likely that the price of Bitcoin will revisit $ 42,900.

A breach below $ 40,000 will invalidate the bullish thesis and potentially trigger a drop to $ 36,276.

Ethereum price is not holding up

The price of Ethereum broke through its descending parallel channel on October 1 as the big crypto experienced a breakthrough. However, ETH is currently facing a blockade after failing to break through the 12-hour demand zone ranging from $ 3,400 to $ 3,545.

Rejecting this level should push Ethereum’s price to $ 3,202 or $ 3,154. Additionally, the bearish outlook on BTC is still helping this corrective wave that is expected on ETH.

In some cases, ETH might retest the $ 3,000 support floor before launching a new impulse wave that crosses said demand zone and hits the psychological level of $ 4,000.

12 hour ETH / USD chart

Regardless of the bearish outlook for the price of Ethereum, if buyers now regroup, pushing ETH past the upper limit of the demand zone at $ 3,545, this will invalidate the bullish thesis and indicate that investors are not make no profit.

This development could then allow ETH bulls to target the psychological level of $ 4,000.

Ripple price buyers and sellers in agreement

After days of struggle, the Ripple (XRP) price broke the $ 1 mark in October after climbing 9.3%. Unlike other altcoins, the price of XRP appears to be facing a lack of volatility, resulting in a sideways move just below the $ 1.05 resistance barrier.

This slow development indicates that buyers more or less agree with sellers. A break in this winding is likely to propel the discount token higher. However, if the XRP price manages to produce a decisive close above $ 1.12, it could mark a 35% ascent to $ 1.53, coinciding with the 70.5% Fibonacci retracement level.

XRP / USD 1 Day Chart

While things are going slowly for the Ripple price, a break out of the $ 1 position will put buyers in trouble. This development could push the price of XRP down to support lows to $ 0.94 or $ 0.87.

However, a decisive close below $ 0.87 will invalidate the bullish thesis and potentially reduce the market value of the discount token.

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