Since the start of the week, we have seen the price of Bitcoin increasing to $10950 area which was its highest point yesterday. But since then the price made a decrease of 2.74% and fell to $10685 at its lowest point. Currently, we are seeing the price in an upward trajectory and being traded at $10793 with it looking like the increase is likely to continue.
On the hourly chart, you can see that from last week’s Thursday when the price came down to $10240 level and even spiked further down, we have seen bullish price action with the price coming up by around 7% measured to the yesterday’s high. As it came up to retest the previous lower degree horizontal level that served as support but was broken on the 21st of September it made an ascending triangle. Yesterday’s high could be considered as a fakeout with the price attempting to break its resistance level but a slight move above it pushed the price impulsively to its support level immediately after.
Now as the support level has been retested and it proved to serve as the support we are seeing another bounce but it is still unclear whether or not this bounce is set to push the price for a proper breakout to the upside or is it a minor corrective increase before the further decline. This will shortly be validated by the interaction the ascending triangle’s resistance.
The price of Ripple has decreased as well since yesterday and came down by around 2.55% but manage to make up those losses and is currently being traded around the levels of the yesterday’s downfall starting point. These are the levels of the horizontal support now serving as resistance and was validated again on yesterday’s interaction.
Looking at the hourly chart, you can see that unlike in the case of Bitcoin the price of Ripple hasn’t made a fakeout and instead made a continuation of the ascending triangle formation with the price coming to its support level again today where it found support. As the price is now in an upward trajectory we are shortly going to see if it manages to break the upper horizontal level or not, but from the steepness of the horizontal level, it looks more likely that the increase is to continue.
If however the price gets rejected again at the horizontal level it could potentially set it up for another downturn below its last week’s low at $0.222. But more likely we are going to see a breakout to the upside as this ascending structure is showing bullish sings.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?
- BTC and XRP – Increase Seen But Could Still Be Corrective - October 27, 2020
- LTC and EOS – Showing Strong Bullish Momentum - October 22, 2020
- BTC and XRP – Prices Breakout With Further Appreciation Looking Ahead - October 20, 2020