Analyst Akash Girimath says that Bitcoin is experiencing a momentary drop as it forms a falling wedge formation. Similar to the BTC price, the Ethereum price also creates a bullish pattern. However, Ripple (XRP) is getting a reaction from a support zone without any technical formations. Bitcoin and major altcoins, which are preparing to close September with a decrease of about 10%, may see these levels in October, according to the analyst.

Bitcoin price may be waiting to break, according to the analyst!

Bitcoin price has been in a bearish trend since September 7, but due to the bearish trend, BTC is getting tighter. In total, BTC has set roughly four LH and three LL levels since Sept. Combining these swing points using trendlines confirms a falling wedge pattern. This technical formation predicts a 12% rise to $51,925, obtained by measuring the distance between the initial high and low swing and adding that to the breakout point.

Investors can assume that BTC will bounce off the 50% Fibonacci retracement level at $41.126 and cut the upper trendline at $44.192. This move creates an HL relative to the low volatility on July 21, while the RSI forms an LL on these dates. Such a development adds a tailwind to the bullish scenario from a falling wedge perspective, indicating the formation of a hidden bullish divergence. However, a breakout, while optimistic from a theoretical perspective, will not be the only requirement. The $44,893 and $46,856 resistance levels will block the uptrend before reaching the $49,766 target.

Now, although the direction for Bitcoin appears to be bullish, the failure of BTC to recover from $41.126 will indicate that buyers are not ready. In such a case, investors can wait for BTC to return to the high probability reversal zone, which ranges from $38,287 to $34,264, before restarting the rally.

Can Ethereum price start a bullish volatility?

Ethereum price has set three prominent LH and two LL levels since August 31. Connecting these oscillation points shows the formation of a descending parallel channel. While ETH is bouncing off the middle line of the channel, it is currently retesting the upper trendline in hopes of a breakout. A potential increase in buying pressure pushing ETH to form a definitive 12 hour candlestick above $3,202 could confirm a breakout and the start of a new bull rally. In such a case, ETH could climb the $3,619 hurdle after a 13% rise. If buying pressure continues to build, Ethereum price could continue higher and reach the $3,952 resistance level.

On the other hand, if Ethereum price breaks the $2,889 support barrier, it will lead to a 9% sell-off into the demand zone ranging from $2,442 to $2,605. If the decline receives a positive reaction from this region, an uptrend could begin. However, if the sellers force ETH to make a definitive close below $2,442, the bullish thesis will be invalidated.

XRP price trades at breakout point

Cryptocoin. com Ripple (XRP) price is trading above the $0.924 support base, hoping for a bounce. However, Bitcoin is showing momentary weakness and could drop the XRP price to $0.816. But in any case, a decisive daily candlestick above $1,052 will clear a major hurdle and lay the groundwork that could initiate an uptrend. Despite this rise, XRP price needs to break through two more blockages of $1,192 and $1,326 to form an HH. This move could potentially trigger an influx of buyers staying on the sidelines, starting a buying spree and pushing the XRP price to $1.67. Akash Girimath’s analysis represents an 81% profit rate on the rise from the current price to $1,672.

Finally, if XRP price fails to hold above $0.924, it could drop to $0.816. A break and close below this support will invalidate the bullish thesis and could force XRP price lower.

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Michael Lewis


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