Bitcoin, Ethereum, Ripple: Price Analysis, October 10

Bitcoin, Ethereum, Ripple: Price Analysis, October 10

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October 12, 2018 by XNews Editor 4
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After a period of comparatively calm trading activity, this week has seen a number of hostile news for the crypto markets. The International Monetary Fund (IMF) is wary of the development in digital currencies’ prices and fame. In its recent World Economic Outlook report, it has advised that speedy expansion of a new asset class
October

After a period of comparatively calm trading activity, this week has seen a number of hostile news for the crypto markets. The International Monetary Fund (IMF) is wary of the development in digital currencies’ prices and fame. In its recent World Economic Outlook report, it has advised that speedy expansion of a new asset class can craft “new vulnerabilities in the international financial system.”

A group of researchers from Princeton University and Florida International University has advised that China holds adequate Bitcoin hash power to threaten the integrity of the cryptocurrency.

Distinctly, U.K.-based Juniper researcher Windsor Holden has appealed that crypto markets are about to “implode.” In his prediction, Windsor has stated various factors, such as low business volumes and a disappointment of crypto to rally during the Brexit troubles.

Technical strategist at Fundstrat Global Advisors, Robert Sluymer, has questioned investors to wait for the style to change before committing any money to Bitcoin.

The famous digital currency ranked in top 10, Bitcoin is still in no man’s land. Both moving averages are flat and the RSI is also at the borderline. The attempt to break out of the downtrend line on Oct. 8 was saddened by the bears.

Today, the BTC/USD pair has revealed some weakness, but buying at lower levels has again sustained the prices back to the moving averages.

The cryptocurrency will pick up momentum on a breakout and terminate (UTC time frame) beyond the overhead resistance of $6,831.99. After a period of low instability, we expect the volatility to increase following a breakout or breakdown. Hence, if the bulls flourish in breaking out, the rally might go beyond the first target of $7,400 and reach as high as $8,450.

On the hitch, Bitcoin will drop if the bears succeed in breaking beneath the critical support zone of $5,900–$6,075.04. Consequently, dealers should keep the stops on their long positions at $5,900.

Ethereum lasts to trade close to the midpoint of the $200–$250 range. There haven’t been any evident attempts either by the bulls or the bears to break out of the range.

The longer the ETH/USD pair continues in the range, the tougher will be the eventual breakout. It is hard to guess the direction of the next move. Thus, traders should wait for the price to break out and terminate (UTC time frame) above $250 before trying to enter any long positions. On the downside, the pair will retest the troughs if the bears break down of $200.

Ripple is impotent to climb above the 20-day EMA, which is a bad sign. It has a negligible support at 61.8 percent Fibonacci retracement levels of $0.45832, under which, it can fall to $0.4 and lower.

The short-term affecting average has turned flat and the RSI has dropped below 50 levels, displaying that there is selling pressure in the near-term. If not the bulls swiftly push the price above the 20-day EMA, a dip to the 50-day SMA is forthcoming.

The XRP/USD pair will express signs of strength above $0.55 and the uptrend might resume if it withstands above $0.625. Traders should defend their positions with the stops at $0.42.

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