Crypto markets are hoping for a better result amid several obstacles
- Bitcoin price is planning the recovery after a breakdown from the bear flag setup last week.
- Ethereum price continues to follow BTC’s footsteps, but remains firm, trading between $1,423 and $1,280.
- Ripple price is preparing for a pullback from the $0.462 support level, but is waiting for the big crypto signal.
The Bitcoin price is showing a lack of volatility following the announcement of the Consumer Price Index (CPI) on October 13. The weekend was weak and did not bring any significant movements, but the Asian session seems interested in pushing BTC higher, which could result in Ethereum, Ripple and altcoins rallying.
Bitcoin price to establish directional bias for this week
Bitcoin price broke out of the bear flag on October 10, triggering a 12% downside forecast to $17,088. While the early hours of the Asian session appear to be slightly bullish, a continuation of this trend will require BTC to turn around the 20-day exponential moving average (EMA) at $19,521.
This development will pave the way for the Bitcoin price to retest the $20,036 to $20,737 zone. Monday’s range is likely to form between the current position and that zone.
BTC/USD 1-Day Chart
On the other hand, if the Bitcoin price fails to move past the 20-day EMA at $19,521, it will indicate a lack of buying pressure. On the other hand, a breakdown of the $19,000 psychological level would result in a selloff that could potentially see the June 18 swing low at $17,593.
Ethereum price is waiting for a signal to move
The Ethereum price has been stuck between the $1,440 barrier and the $1,280 support level for almost a month and still shows no signs of a breakout. If the Bitcoin price rises higher to set up Monday’s range, investors can expect ETH to follow suit and return to the psychological level of $1,400.
A reversal of the aforementioned level to a support level is unlikely without support from the Bitcoin price. In the event that it does, the Ethereum price could mark the $1,559 barrier.
ETH/USD 1-Day Chart
Although a bullish outlook for the Ethereum price is likely, it is not possible if the Bitcoin price continues to fall. A breakdown of the $1280 support level would invalidate the bullish thesis for ETH and potentially trigger a sell-off to $1200 and, in severe cases, $1080.
Ripple price at a turning point
Ripple price has produced two higher highs and two higher lows since September 23 and is currently testing the upper bound of $0.331 to $0.464 for support. As long as buyers defend this bullish market structure, a pullback seems likely.
The resulting move could make a higher high and retest the $0.561 to $0.596 resistance range. This rally will represent a 20% gain, but investors will need to keep an eye on the Bitcoin price to confirm the trend.
XRP/USD 1-Day Chart
While things are looking up for the Ripple price, an increase in selling pressure that breaks the XRP price below the October 3 swing low of $0.437 will invalidate the bullish market structure. However, investors can expect a decline in bearish momentum on a retest of the $0.381 to $0.433 demand zone.
