The price of Bitcoin is attempting to break out of a falling wedge. If BTC is successful, it is likely to rise to $22,500. ETH is now trading at the top of a corrective trend. A breakthrough is likely to occur at some point.
Bitcoin And Ethereum Getting Set To Break Out
The price of Bitcoin has been dropping below a descending wedge after hitting $25,211 on August 25th. This descending wedge signifies a bullish pattern which shows a breakout may occur soon.
BTC/USD Price Chart. Source: TradingView
Furthermore, on October 13th, the Bitcoin price formed a bullish hammer candlestick suggesting the probability of a breakout.
Finally, the positive divergence curve in the daily RSI remains unchanged, and the signal is on its way above 50. If the price of Bitcoin breaks out, the nearest resistance level is $22,500.
Since August 14th, the price of ETH has been falling beneath a downward parallel channel. Like the descending wedge, the downward parallel channel typically leads to a breakout.
On October 13th, the ETH price hit a low of $1,190. Although it seemed that ETH dropped below its horizontal support at $1,280, the token quickly reclaimed the region after falling below it.
Following that, the price of Ethereum rose above the channel’s midpoint. This indicates that an uptrend is imminent. Just like the price of BTC, some indicators also show that Ethereum is getting set for a breakout.
First, the token is trading at the top of a downward parallel channel. Also, the price of Ethereum has created a hammer candlestick.
XRP Moving In A Neutral Pattern
Meanwhile, the price of XRP is moving contrary to ETH and BTC. The coin is moving in a symmetrical triangle. This means XRP is moving in a neutral pattern.
Meanwhile, this pattern occurred after XRP had an uptrend movement and broke out of an upward. Hence, a breakout will be the likely scenario.
If this occurs, the nearest resistance is at $0.64. This is both a Fib and a lateral resistance area. A decline underneath the wave C bottom of $0.44 would rule this out and show that the XRP value is adjusting rather than increasing.
The price of Bitcoin is attempting to break out of a falling wedge. If successful, it is likely to rise to $22,500. Ethereum (ETH) is trading at the top of a corrective trend. A breakthrough is predicted at some point.
While the price prediction is less optimistic than that of Bitcoin and Ethereum, the underlying bullish divergence and past rebound from the channel imply that the upward trend will continue.
By press time, BTC and Ethereum was trading at $19,579.78 and $1,327.10 respectively. XRP was trading at $0.470659 down by 0.89% in the past 24 hours.