- Bitcoin price is up 10% and is now above the previous range.
- Ethereum price is up 20% this week and could gain another 20%.
- Ripple price has the potential to continue rising.
The crypto market rally may have rocked retailers. The technicals are currently pointing to further increase in the coming days.
Bitcoin price pumps
Bitcoin price is currently trading at $20,596 as bulls mounted an impressive 10% rally in the last week of October. Average on Tuesday, 25 October. The bulls are showing strength as the profit-taking consolidation above the October trading range continues. A Fibonacci retracement tool surrounding the most vital part of the rally shows the current auction price as just a 23.6% retracement. If the market is accurate, the BTC bull price should fall earlier to the 38.2% Fibonacci level at $20,318 and immediately surge higher. The next upside target would be the liquidity zones near $21,400 and the psychological $22,000 level. The bullish outlook could be nullified if the bears cause a breakout of the previous range, believed to be $19,800. Thus, a further decline toward the liquidity zone of $19,200 could result in a 7% increase in the current market value.
Ethereum price blows past bears.
Ethereum price surprised the market as the bulls staged a 20% rally in less than a week. Ethereum, the decentralized intelligent contract token, is auctioning well above the previous range as volume dwindles during profit-taking. Ethereum’s price is currently trading at $1550. The 2% Fibonacci level at the $1487 price level could be a great place for secondary bulls to enter the market. The following upside targets are between $1,770 and $1,840, which would mean an additional 15-20% increase in market value. The bullish thesis could be invalidated if the bears can scale $1400. Ethereum’s price could return to the previous trading range any drop near the lows around $1270. Such a move would result in an 18% decrease in the current market value.
XRP price back to $0.50
XRP price is currently auctioning off at $0.47 as the bulls managed to break the 8-day exponential moving average and are now testing it as support. For the week, the digital remittance token is up 5%. The technicals suggest that XRP may stage a rally closer to the $0.50 zone before facing more downward pressure.
The next hurdle for the bulls to clear will be the 21-days simple moving average, which currently stands at $0.48. The Relative Strength Index confuses the idea of Ripple’s uptrend potential as the indicator is hovering in the supportive bullish zone above both the moving averages. The bullish thesis targeting $0.50 could be invalidated if the bears break out of the penetrating candlestick through the 8-day exponential moving average at $0.456. If the bears manage to scale this level, another decline could occur, targeting the October swing lows at $0.42, which would result in a 10% increase in the current market value