Briefly –
- Bitcoin price depicts bullish signs as the coin traverses a declining wedge.
- Ethereum’s price shows an optimistic attitude as ETH creates a descending channel.
- Ripple price consolidates, hoping to form a higher low to launch an upsurge.
Bitcoin experiences a momentary downtrend as it forms a declining wedge shape. Similar to the dominant asset, ETH also has its price creating a bullish formation. Meanwhile, Ripple appears to bounce off its support floor without technical developments.
BTC Awaits Price Breakout
Bitcoin has maintained a downward attitude since the sudden plunge on 7 September. However, the asset experienced congestion as it lowers. The token has set up nearly three lower lows and four lower highs since the day. Connecting the swing zones with trend lines forms a plunging wedge pattern.
With this technical development, BTC opens the road towards $51,925, a 12% upsurge. That comes from measuring the distance from the initial upswing and the low swing, then adding the result to the breakout level.
Market players can presume Bitcoin to bounce from the 50% FIB retracement at $41,126. With that, it can climb towards the top trend-line located near $44,192. The coin has a concealed bullish divergence that supports the upside thesis.
ETH Aims a Bullish Breakout
Ethereum has formed two lower lows and three different lower highs since 31 August. Connecting its swing points leads to a descending channel. As Ethereum bounced off the channel’s midline, retesting the top trend-line at the moment, it shows breakout hopes.
Magnified buying strength for Ethereum to form a decisive 12hr candle close beyond $3,202 will result in a breakout, translating to a new rally. With such developments, Ethereum might rise towards $3,619, a 13% upswing. If buying momentum continues to surge, the leading altcoin may extend its upsurges towards the resistance at $3,952.
XRP at Inflection Zone
Ripple has its price hovering beyond the support floor at $0.924, with hopes to rally high. However, as BTC records momentary weakness, XRP might see its price dropping towards $0.816.
Meanwhile, a decisive daily candle close beyond $1.052 will see XRP clearing massive obstacles and form a level that might propel the asset high. Nevertheless, XRP has to conquer the blockade near $1.192 and $1.326 for a higher high.
Such a move might attract many sidelined buyers, pushing the asset high to $1.67. That would result in an 81% surge from the asset’s current value. However, if XRP fails to maintain its actions beyond $0.924, it will drop to $0.816. A significant-close under this support area will cancel the bullish case.
