If Bitcoin successfully breaks through the barrier of $28096, the price of Bitcoin may rise by 5% to reach $29000.Ethereum prices are facing resistance of $1674, waiting for a buy signal to trigger
If Bitcoin successfully breaks through the barrier of $28096, the price of Bitcoin may rise by 5% to reach $29000.
Ethereum prices are facing resistance of $1674, waiting for a buy signal to trigger.
The price of Ripple Coin has exceeded $0.5604 as XRP remains above the upward trend line.
Bitcoin (BTC) prices showed a certain degree of optimism before the weekend, as did Ethereum (ETH) and Ripple Coin (XRP). This sign indicates that as market volatility rebounds, bull sentiment is increasing, but caution is also needed to avoid potential bull market traps.
Bitcoin prices are expected to rise by 5% towards the supply zone
The price of Bitcoin (BTC) has been showing a rebound trend since hitting $25114 in mid September. Despite experiencing multiple failed attempts, we are currently testing at a resistance level of $28096, while also receiving strong support from below, including a 100 day moving average (EMA) of $27350.
If the price of Bitcoin successfully breaks through and exceeds the barrier of $28096, it may experience a 5% increase to reach the psychological level of $29000. If this resistance range is clearly broken upwards, it will pave the way for reaching the psychological level of $30000, or in highly bullish situations, it may extend to the high range of $31508. This will mean an increase of 13% relative to the current level.
The relative strength index (RSI) shows signs of continuing to rise and remains above 50. In addition, the impressive oscillator (AO) is still in the positive region, increasing the potential for Bitcoin to rise.
Bitcoin/Teda 1-day trend chart
However, on the other hand, if the barrier of $28096 is not breached multiple times, the price of Bitcoin may fall as skeptics reduce losses. This may cause Bitcoin to fall below the support of its 100 day moving average, which is $27349, or even lower, including the 50 day moving average of $27054 and the 200 day moving average of $26990.
In extreme cases, retesting the psychological support level of $26000 seems reasonable. This will not only render the bullish sentiment ineffective, but may also trigger a new downward trend, further testing the support level of $25114.
Ethereum price waiting for buy signal
Ethereum (ETH) prices may be expected to rise by 5%, testing the resistance level of $1674, provided that the cryptocurrency waits for a buy signal to trigger. This signal may occur when the relative strength index (RSI) decisively crosses the signal line (yellow band).
It is worth noting that call option traders may closely monitor whether Ethereum prices can break the direct barrier of $1648. In an extremely bullish situation, Ethereum prices may break through the 50 day, 100 day, and 200 day moving averages at $1664, $1710, and $1729, respectively, before once again challenging the same high point of $1736.
Ethereum/Teda 1-day chart
On the other hand, if Ethereum prices fail to break through the critical level of $1648, there may be a downside risk of entering the demand zone between $1603 and $1569. If the price breaks through and breaks below the median line of this demand area of $1585, it will weaken bullish sentiment and may push the price of Ethereum tokens to the low point of the $1551 range.
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