Bitcoin, Ethereum and XRP Price Prediction: Relief Rally Begins
- Bitcoin charge is buying and selling inner a descending wedge.
- Ethereum charge is buying and selling inner a descending parallel channel.
- XRP charge is buying and selling inner a symmetrical triangle.
Bitcoin (BTC) price is about to break out of a falling wedge. Expect a surge to $22,500 if successful Ethereum (ETH) is trading at the top of a corrective pattern. An eventual eruption is expected. Although the price of XRP is trading within a neutral pattern, the previous trend suggests that an eventual breakout is expected.
Bitcoin Price Prediction- BTC Ready to Break Out
BTC’s price has fallen below a falling wedge since peaking at $25,211 on Aug. 25. The falling wedge is considered a bullish pattern, which means a breakout is expected. So far, the price of BTC has bottomed out at $18,125 on September 21.
The bottom appears to have triggered a break of the $18,800 horizontal support area. However, bitcoin price found support soon after and reclaimed the support area, making the previous breakout just a deviation (green circle). This is a sign that often precedes movements in the other direction. Additionally, Bitcoin price created a bullish hammer candlestick (green symbol) on Oct 13, further is supporting the chances of a breakout.
Finally, the bullish divergence trend line is still intact on the daily RSI and the indicator is poised to move above 50. If there is a bitcoin price breakout, the next area of resistance would be $22,500.
Therefore, there are numerous signs that the most likely BTC price prediction is an upward move towards $22,500.
- BTC price turned wide and then recovered to the $18,800 horizontal support
- Generated a bullish candlestick on October 13th.
- Bitcoin price is trading inside a falling
- The daily RSI has created a bullish divergence.
Ethereum Price Prediction: ETH Reclaims Crucial Support
ETH price has been falling below a descending parallel channel since Aug 14. Like the falling wedge, the falling parallel channel usually produces breakouts. While declining in it, the price of ETH dropped to a low of $1,190 on October 1st.
Although it initially looked like this led to a break below the $1280 horizontal support area, Ethereum price reclaimed the area shortly after and generated a long lower wick (green icon). Subsequently, the price of ETH moved above the middle of the channel. This is a sign that an eventual breakout is expected. Also, the daily RSI is about to break out of its downtrend line (green line), confirming the possibility of an upward move. Similar to the Bitcoin price, there are several signs that the Ethereum price is falling:
- ETH price is trading at the top of a descending parallel
- Ethereum price has created a hammer
- The daily RSI is near to
XRP Price Prediction: Neutral Pattern, But Likely Breakout
Unlike BTC and ETH, XRP price is trading inside a symmetrical triangle, which is considered a neutral pattern. However, since the pattern occurs after an upward move and a breakout of an ascending parallel channel, a breakout would be the most likely scenario. Also the growing hidden bullish divergence on the RSI (green line) is another sign that an explode is expected. If that happens, the closest resistance area is $0.64.
This is both a Fib and horizontal resistance area. A drop below the wave C low of $0.44 (red line) would negate this possibility and suggest that XRP price is correcting instead. While the price prediction is less bullish than BTC and ETH, the hidden bullish divergence and earlier channel breakout supports the continuation of the bullish movement.