- Bitcoin price is up almost 5% in October, with momentum indicators pointing to possible test of the $30,000 psychological level.
- Ethereum price pulls back with bulls likely regrouping to breach the $1,733 hurdle.
- Ripple price has one key barrier to overcome, the mean threshold at $0.5337, lest things fall apart
Bitcoin (BTC) and Ethereum (ETH) prices have commenced the month of October with a bang, recording almost 5% in price surges on the safe day. This has earned the month a moniker, Uptober, with onlookers recording that it has historically proven to be the month to trade. Meanwhile, Ripple (XRP) price continues to confront a critical barrier.
Also Read: BTC price hits ‘Uptober’ up 5% – Five things to know in Bitcoin this week
Bitcoin starts October with a bang
Bitcoin (BTC) price is up almost 5% in the last day and almost 10% since September 27. It marks a good start for October, a month which some say has historically been good for trading. However, investors should exercise caution lest they are trapped in a possible disguised bull trap.
Meanwhile, the odds still favor the upside, with the Relative Strength Index (RSI) showing rising momentum as it confronts the 70 level. Its stance is corroborated by the Awesome Oscillator (AO), which continues to show green histograms with growing volumes. With this outlook, Bitcoin price could soon breach the $28,608 barricade even as the fair value gap (FVG) (yellow order block) continues to act as a magnet for BTC to fill the inefficiency.
In highly bullish cases, the gains could see Bitcoin price tag the $30,000 psychological level to clear the path for more gains, likely above the range high at $31,804.
BTC/USDT 1-day chart
On the other hand, a rejection from the $28,608 level could send Bitcoin price south, potentially losing the support offered by the 100-day Exponential Moving Average (EMA) at $27,342. Further south, the king of crypto could fold back below the support confluence between the 200- and 50-day EMAs at the foot of the October 1 candlestick at around $26,972. The bullish outlook will only be invalidated upon a decisive daily candlestick close below the $26,000 psychological level.
Also Read: Bitcoin Cash, Chainlink, Maker DAO, THORChain: Four altcoins whose rallies could continue in October
Ethereum price folds
Ethereum (ETH) price is correcting, recording an extended red candlestick bar that is cutting down on all the ground covered in the October 1 surge. It comes after a rejection from the 200-day EMA at $1,733 and a flip of the 100-day EMA from a support floor to a resistance level at $1,717.
That said, the break above the August highs marked the conquest of a key hurdle in the budding recovery and could be a sign of more bullish activity to come.
ETH/USDT 1-day chart
The AO histogram bars remain high in the positive territory, showing bulls still lead the market. As such, there could still be some hope for the Proof-of-Stake (PoS) token and the current pullback may just mark a period where bulls are taking a breather. A solid move above the 200-day EMA at $1,733 would support this outlook.
If sidelined investors enter the arena, Ethereum price could confirm the uptrend with a successful move above the 200-day EMA at $1,733. In a highly bullish case, the uptrend could breach the $1,861 resistance level, clearing the path for more gains.
Also Read: Ethereum futures ETFs that will be given SEC accelerated approval to launch on Monday, experts say
Ripple price ignores Uptober vibes
Ripple (XRP) price remains in a sulk, rejected from the mean threshold of the supply zone at $0.5337. This barricade presents as a formidable one, keeping XRP stunted since August 31.
After many failed attempts, momentum seems to be fading and Ripple price could fall, going as low as the $0.4884 support level or in the dire case, retest the $0.4622 range low. Such a move would constitute a 10% slump.
XRP/USDT 1-day chart
On the other hand, if late XRP bulls or sidelined investors come in, Ripple price could pull north. For confirmation, the price must breach the $0.5337 barrier. Further north, it could exit the order block above the $0.5536, flipping it into a bullish breaker.
In highly ambitious cases, the gains could see Ripple price escape above the $0.6098 ceiling, clearing the path for a continuation.
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