BTC, ETH and XRP Price analysis on September 30th
Bitcoin (BTC) rose above € 8,000 in July and has continued above this level since then. Data shows that the 63-day series of closures above the € 8,000 level is a record.
At the moment it seems that globalization schemes have increased the attractiveness of cryptocurrensets as investors seek more investment opportunities to protect their portfolio from fiat currencies.
With less than $ 2.5 million in Bitcoin to be mined, the shortage can quickly take off as institutional investors are sought.
This also shows that the current level has become a strong support after previously acting as a hard core. Bulls have been buying dips for less than € 8K and this psychologically significant level can now serve as a platform for launching the next leg of the uptrend.
After weeks of price volatility and short consolidation periods, can Bitcoin and altcoins build on the strength of the past few days?
BTC / EUR
Bitcoin is currently tied between the uptrend line and the high resistance at € 9,177. Flat rates and a relative strength index just above the center suggest a few days of consolidation.
Bears will increase tough local resistance between the 50-day average for easy walking. If the price drops from any resistance, the bears will try to sink the price below the high line.
If successful, the BTC / EUR pair could fall into a significant support of € 8,380. Sales can grow if this critical support falls.
However, during the next dip, if the pair returns to the top line, the bulls will make a single effort to push the price above the higher resistance and restart the uptrend. The initial target for the top side is € 10,266 and over € 10,618.
ETH / USD
Ether (ETH) has risen above in the past few days and bulls are now trying to force the price above the 20-day moving average (€308). This movement suggests that sales pressure is reduced.
If the ETH / EUR pair breaks and closes above the 20-day EMA, a quick rally to the 50-day SMA (€328) is possible.
The Bears will try to protect the area between the 50-day SMA and €336 and if the price drops in this resistance, the two could remain in custody for a few days.
However, a move out of € 336 will signal a possible resumption of the uptrend with a target of € 415.97.
This bullish view will be invalid if the pair declines from the current levels and the bears are falling at a price below the significant support of € 262.80.
XRP / USD
Bulls are trying to keep XRP above the EMA for 20 days (€ 0.205). If they are able to accomplish this task, a move to € 0.22 is possible. The Bears will try to defend this resistance with a 50-day SMA (€ 0.22) placed just above it.
If the price drops from € 0.22, the XRP / EUR pair can remain tied for a few more days. If the time spent in a merger is long, there is a force that will eventually emerge.
An extra 50-day SMA break could lead to a meeting up to € 0.26 and if this is missed, the two could go up to € 0.28. The trend could only get worse if the bears set a price below the minimum price of € 0.19.