Crypto market analysis: Bitcoin, Ethereum and Ripple

They haven’t been fun days in the crypto market for those who like volatility, it’s been more than 40 days with Bitcoin trying not to lose the $10,000, closing in on a boring side watched while analyzing the price chart.

Analysis of the largest crypto market: Bitcoin

After Bitcoin started to fall from an annual high of $12,460, the overall behavior of the crypto market has been negative, but without generating any very worrying signals.

Despite the fall that BTC has presented, the medium term trend is still up, so the negative behavior of the last almost 2 months can be catalogued as a corrective process of this trend before continuing to rise.

The 8-week EMA and 18-week SMA moving averages are crossed upwards, and have been working as dynamic supports.

From the weekly BTC vs USDT chart the probabilities remain in favor of the bullish side. For this view to change, the support zone around the $10,000 must be crossed.
Analysis of the crypto market and weekly Bitcoin Machine platform vs Tether chart. Source: TradingView.crypto market analysis. Bitcoin vs Tether weekly chart. Source: TradingView: TradingView.

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Short term trend

In the daily Bitcoin price chart we see more clearly, the 2 recent cumulative periods.

The one you’re currently in has been creating it since it fell to $10,000, closing in on the moments in a triangle-shaped compression period.

Although the break in the triangular compression in which it is found can generate volatility, the really important levels that must be broken to confirm one direction or another are the horizontal ones.

The immediate horizontal resistance level is at $11,200, breaking it will open the way to searching for the annual maximum past or even marking a new one. At the moment the odds are in favor of this scenario.

Breaking the support zone around the $10,000 level will be a fairly negative signal as it will be causing a downward shift in the medium term trend.
Technical analysis of the Bitcoin price. Source: Technical Analysis of the Bitcoin Price. Source: TradingView: TradingView.

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Short-term trend of Ethereum

The 2nd largest in the crypto market, Ethereum, has been behaving quite similar to what we observed in the Bitcoin analysis.

Since the beginning of September, ETH has remained in a lateral range with support at $308.47 and resistance at $389. Like Bitcoin, a break of either of these levels will confirm prolonged movement.

For now, the odds are on the side of the bulls, a product of the medium term trend that is still up.
Daily ETH vs USDT Chart. Source: Daily ETH vs USDT chart.
Short term trend of Ripple

And while much of the crypto market is struggling to resume its upward trend, it seems that Ripple has already made up his mind, as an analysis of his daily price chart shows continuous resistance breaks.

Thanks to this behavior, XRP has managed to get rid of the short term downward trend it was in.

It also formed an inverted shoulder head, with a neck line at $0.2540. Currently the price is challenging this resistance level. If he manages to break through it will start a major Ripple’s rally.

The Ripple scenario points out that all the positivity we are seeing in it, is driven by the announcement of the release of the Spark token, which will be distributed to all XRP owners in a 1 to 1 ratio; that is, for every Ripple unit you own, you will get a Spark token, as long as you have them stored in one of the commercial platforms associated with the airdrop. This new project aims to create a bridge between the Ripple network and decentralized finance.

All our publications are informative, so in no case should they be treated as investment advice.