Bitcoin (BTC) price is in the process of breaking out from a descending wedge. If successful, it would be expected to increase to $22,500. Ethereum (ETH) is trading in the upper portion of a corrective pattern. An eventual breakout is expected.
Bitcoin Price Prediction: BTC Ready to Break Out
BTC price has been falling underneath a descending wedge since reaching a high of $25,211 on Aug. 25. The descending wedge is considered a bullish pattern, meaning that a breakout from it is expected.
So far, the BTC price has reached a low of $18,125 on Sept. 21. The low seemingly caused a breakdown from the $18,800 horizontal support area.
Nevertheless, Bitcoin price regained its footing shortly afterward and reclaimed the support area, rendering the preceding breakout as only a deviation (green circle). This is a sign that often precedes movements in the other direction.
Moreover, the price of Bitcoin created a bullish hammer candlestick on Oct. 13 (green icon), further supporting the possibility of a breakout.
Finally, the bullish divergence trend line in the daily RSI is still intact, and the indicator is in the process of moving above 50.
If a Bitcoin price breakout occurs, the closest resistance area would be at $22,500.
So, there are numerous signs that suggest the most likely BTC price prediction is an upward movement toward $22,500.
- BTC price has deviated and then reclaimed the $18,800 horizontal support area.
- It created a bullish hammer candlestick on Oct. 13.
- Bitcoin price is trading inside a descending wedge.
- The daily RSI has generated a bullish divergence.
Ethereum Price Prediction: ETH Reclaims Crucial Support
ETH price has been falling underneath a descending parallel channel since Aug. 14. Similar to the descending wedge, the descending parallel channel usually leads to breakouts.
While decreasing inside it, the ETH price fell to a low of $1,190 on Oct. 13. While it initially seemed that this had caused a breakdown below the $1,280 horizontal support area, the Ethereum price reclaimed the area shortly afterward and created a long lower wick (green icon).
Afterward, ETH price moved above the middle of the channel. This is a sign that an eventual breakout is expected.
Additionally, the daily RSI is in the process of breaking out from its bearish trend line (green line), validating the possibility of an upward movement.
In a similar fashion to Bitcoin price, there are several signs that point to an Ethereum price breakout:
- ETH price is trading in the upper portion of a descending parallel channel
- Ethereum price has created a hammer candlestick
- The daily RSI is in the process of breaking out
XRP Price Prediction: Neutral Pattern But Breakout Likely
Unlike BTC and ETH, XRP price is trading inside a symmetrical triangle, which is considered a neutral pattern. However, since the pattern is transpiring after an upward movement and breakout from an ascending parallel channel, a breakout from it would be the most likely scenario.
Additionally, the growing hidden bullish divergence in the RSI (green line) is another sign that a breakout is expected.
If one occurs, the next closest resistance area would be at $0.64. This is both a Fib and horizontal resistance area.
A decrease below the wave C low of $0.44 (red line) would invalidate this possibility and indicate that XRP price is correcting instead.
While the price prediction is less bullish than those for BTC and ETH, the hidden bullish divergence and the preceding breakout from the channel support the continuation of the upward movement.
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BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.