- Bitcoin rejected from a key level and is losing support from indicators.
- Ethereum price shows increased momentum during the decline.
- Ripple price may experience a bearish death cross in the coming hours.
The crypto market shows early evidence of the start of a new downswing. Key levels have been defined.
Bitcoin price headed for pain
Bitcoin price currently trades at $19,414. The 21-day Simple Moving Average (SMA) has been lost as support, as the peer-to-peer digital currency fell in free-fall fashion on Tuesday, October 18. The move south was catalyzed by a previous triangle apex, which has persistently acted as support since the beginning of September.
If the bulls do not provide support at the 8-day Exponential Moving Average stationed at $19,222, a sweep of the summer lows at $17,880 could occur. If the bulls do not capitulate near this level, investors can expect a $16,000 BTC price to finally show up on the market as well.
Invalidation for traders willing to participate in the bearish trade setup is a breach above the rejected triangle apex at $20,300. Said price action could be the catalyst to send Bitcoin price back to $25,400, resulting in a 30% increase from the current BTC price.
BTC/USDT 1-Hour Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price shows a bearish influx
Ethereum price has been rejected from the mid-$1,300 to start the third trading week of October. A subtle uptick in volume is displayed on intra-hour time frames, while the Relative Strength Index shows an increase in bearish momentum. Combining these indicators’ narratives could suggest the decentralized smart contract token is in phase one of a new move south.
Ethereum price now trades at $1,316 as the bears have breached the 21-day SMA. If the bulls do not show up at the 8-day EMA near $1,280, a sweep of the October lows at $1,205 will come as no surprise.
The bearish invalidation level is a breach above the October high at $1,383. If the bulls can accomplish this bullish event, a continuation rally into September high at $1,718 stands a fair chance of occurring. The ETH price would subsequently rise 36% from the current market value.
ETH/USDT 1-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Ripple price looks subdued
XRP price currently auctions at $0.47. The 8-day EMA and 21-day SMA are positioned differently when compared to Bitcoin and Ethereum. On Monday, October 17, the bulls were rejected from both indicators simultaneously near $0.485.
The digital remittance token could be at a critical point for investors as the rejected moving averages are likely to produce a bearish death cross signal in the coming hours. Such a move could wreak havoc on the XRP price. Liquidity levels near $0.40 and potentially $0.37 would be in jeopardy for up to a 19% decline from the current market value.
Invalidation for the bearish downtrend is a breach above $0.50. If the bullish move occurs, a buyers frenzy targeting September highs at $0.56 could occur, resulting in a 19% increase from the current XRP price.
XRP/USD 1-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team