- Bitcoin price is showing signs of profit taking and an average return to trade towards Tenkan-Sen, with a 13% drop towards Kijun-Sen expected.
- Ethereum price is preparing to dip below the Kumo Twist, leading to a rapid decline to $ 3,100.
- XRP, like Ethereum, is trading near its Kumo Twist and could accelerate towards $ 0.92.
Bitcoin price is filling the widened gap between its close and Tenkan-Sen, but the upside slope could indicate a deeper move south, probably. Ethereum price dropped below Tenkan-Sen and is near the weakest part of the Cloud – Kumo Twist. Finally, the Ripple price is the only cryptocurrency out of the three reviewed in this article that can exhibit some opposite price movements and can move up instead of down.
Bitcoin Price Swing Highs Near Kumo Twist Date, Lower Prices Expected
Bitcoin price has been at the forefront of financial market news for the past two months. While most indices around the world are under intense pressure from sellers, the market for the main risks – cryptocurrencies – has risen strongly in value. Bitcoin has been the leader in this move, but hopes to recapture some of those gains.
Ichimoku daily chart BTC / USD
Kumo Twist, which takes place on October 14th.th arrives when Bitcoin has hit new multi-month highs. This means that there is a possibility of a corrective movement. The expected pullback to the Kijun-Sen at $ 48,750 is likely, but could continue lower to test the Senkou Span B at $ 47,000.
Ethereum price will return to $ 3100, but may rise to $ 2400
Ethereum price on the daily chart is very bearish. The rounded top shows signs of breakage right at the Kumo pivot point in the Ichimoku Kinko Hyo system. The expected price action as it moves through the Kumo turn is fast and reliable. The Kumo Twist acts as a kind of accelerator or engine that pushes the price through lightness and strength. The first support zone is Kijun-sen at $ 3100. However, given the current swing pattern, the next major support area is a return to the 50% Fibonacci retracement and 100% Fibonacci extension at $ 2,400.
Ichimoku Daily Chart ETH / USD
If the bulls are able to support the Ethereum price above the Cloud, then the bearish outlook is likely to be invalid. There is only one condition missing for Ethereum’s price to achieve a sustained bullish breakout on its Ichimoku chart: the Chikou Span close above the candles and in “open space”. A daily close above $ 3,350 will execute this bullish breakout setup.
XRP Risks Return To $ 0.92
XRP continues to trade in the disappointing conditions associated with any instrument within the Cloud. As Ripple gets closer to its Kumo Twist, buyers and sellers will be watching with interest the direction of the move. Strong short-term XRP support exists with Kijun-Sen and Senkou Span B sharing the same support level – the combination of these two Ichimoku levels is one of the most powerful support combinations in the Ichimoku system. A break below the latest support at $ 1.04 could test the bearish flag’s lower border at $ 0.92. Below this, nothing prevents Ripple from dropping almost -50% to the $ 0.50 area.
Ichimoku daily chart XRP / USD
A reversal of any bearish sentiment shouldn’t be difficult for XRP. The level at which Ripple price must close to confirm a bullish breakout is closer than the levels required to confirm a bearish breakout. The daily close at $ 1.20 fits the bill for a bullish breakout and resumption of the previous bull market.