Bitcoin, Ethereum and Dogecoin have been trading in horizontal patterns for a few weeks. XRP, on the other hand, cools the rally it made after the news from the case in the region of $ 0.45. Which levels are critical for the weekend? Let’s take a look at the current technical analysis by Tony Montpeirous and Melanie Schaffer.
Tony Montpeirous: Bitcoin price showing bounce-worthy signals
Bitcoin price is currently trading at $19,173. It dropped to $18,650 just a day ago after being rejected from the 8-day EMA. The bulls are currently preparing to test the 21-day SMA at $19,400. If the momentum holds up near the first target, $20,000 will be the next target.
However, the bullish view will be disrupted by the break of $18,650. The bears will then try to move towards the 13th October low of $18,300. Such a move would mean a 5% drop from the current Bitcoin price.
On the other hand, analyst Melanie Schaffer identified $19,915 and $21,313 as resistance zones. $17,580 and $16,000 will act as support.
“Ethereum has more room to climb”
Ethereum price re-introduced to the $1,250 price level on October 21, 2022. The countertrend move showed a subtle bullish divergence on the RSI side. The price of ETH has now climbed above the moving averages of the RSI and added additional resistance before this drop. Combining the indicators reveals liquidity levels between $1,360 and $1,385 as possible targets.
The countertrend invalidation level is below $1,189, the October 13 low. An attempt to retest the bottoms will spell bad news for Ethereum. A possible breach of $1,189 threatens ETH price with $880. Such a move would mean a 30% drop.
Unlike analyst Flip, Melanie Schaffer thinks that the ETH price is far in the 3 digits. Some of the current technical analysts wrote:
Ethereum has resistance above $1,421 and $1,717 and support below $1,245 and $1,081.
Like Bitcoin, Dogecoin is in recession
Dogecoin has been trading sideways between $0.055 and $0.068 since August 26. It has seen an overall declining volume lately. This shows that interest in crypto has not waned. Decreased volume is usually followed by an increase in volume. Melanie Schaffer looked at the technical chart below and marked $0.065 and $0.075 as the next resistances. $0.057 and below $0.5 will be critical supports.
XRP is oversold
XRP price is currently trading above $0.45. Analyst Tony Montpeirous has marked current levels as bounce zone. However, the larger trend points to lower targets for the coming weeks.
The bears produced a large bearish engulfing candle on Sept. 22, which broke the largest green candle in the previous trend. Also, the RSI is rising step by step in the oversold zone. An invalidation of the downtrend means a break above $0.52. If the bulls manage to recapture the $0.52 barrier, an additional rally targeting September highs at $0.56 would be reasonable. Such a move would result in a 20% increase from the current XRP price.
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