Bitcoin, Ethereum, Ripple, Bitcoin Cash: Price Analysis, October 15
Tether , stable coin is considered as one of the major reason for the shoot in crypto value that propelled total market capitalization above $221 billion on Monday (UTC time), but it was not a new epiphany of Tether that was the hindrance for upward market October growth.
There was news spreading about Tether (USDT) being unlisted from several exchanges. This caused investors to dump USDT, which lost its peg to the dollar and fell to as low as 85 cents, before improving part of its previous losses.
It will be fascinating to witness whether digital currencies hold on to higher prices or give up fresh gains in the next few days. Let’s watch the serious levels that will show a trend change.
Bitcoin escalated to $7,550 intraday, but the bulls are contending to hold the gains. This indicates liquidation by dealers who are perplexed at higher levels.
If the bulls touch (UTC time frame) above $6,850 levels, it will signify a positive sign and will nullify the bearish plunging triangle pattern. $7,413–$7,600 might act as minor resistance, above which, the rally can outspread to $8,400.
If the bears turn around and dip below the support zone of $6,075.04– $5,900, the BTC/USD pair will become tremendously negative and can descent to the $5,450 and $5,000 levels.
Ethereum is glued internally between the $192.5–$249.93 ranges. Today’s rally approached the overhead resistance but could not break out.
A breakout and close (UTC time frame) above $250 can entice buying, shifting prices to the next resistance zone of $300–$322.57. If the bulls scale this zone, a new uptrend is likely to occur.
The ETH/USD pair will recommence downtrend if it dips below $167.32. We do not encounter a buy setup at present levels.
Ripple is endeavoring to pull back after captivating support at the 78.6 percent retracement level in the latest rally.
Today, the pullback confronted resistance at the 20-day EMA, which has opted inclination towards the downslope. Presently, the price is near to the $0.4255 level.
The XRP/USD pair will become undesirable if it dips below the $0.37 level. Such an activity might review the complete rally, plunging prices back to $0.26913. Traders should hold for a dependable buy setup to form before introducing any trade.
Bitcoin Cash held the provision line of the symmetrical triangle since the past four days and hurled itself higher today, approaching close to the resistance line, where sellers appeared.
However a symmetrical triangle is a persistence pattern, sometimes it acts as a reversal pattern. A breakout and close (UTC time frame) above the symmetrical triangle will indicate an alteration in the trend that can result in a rally to $660 and $880. So, dealers who possess their long positions can keep their stops at $400.
Any dismantle in the triangle and a shift below $400 will reflect a negative progress that can drag the BCH/USD pair to $300 or even less than that.