Ending the week before on a bullish note with a 5.48% jump, the trendline breakout anticipation for Bitcoin this week was extremely high. Proving otherwise, the biggest cryptocurrency, Bitcoin struggles to sustain the trend momentum.
With a bullish start for the week, the 2.57% immediately crossed the 50 and 200-day EMA. The uptrend resurfaces above the $27,000 mark to challenge the overhead trendline. This short-term resistance trendline has been a crucial supply inflow spot for the past few months.
Overpowering the recovery rally in Bitcoin price easily, the resistance trendline prevails. The reversal in BTC price from the trendline creates an evening star pattern with a 2.08% fall on Thursday.
In the larger trend, the downtrend continues with lower high formations, and the death cross becomes a sigil of a bear trend in motion. Meanwhile, the MACD and RSI indicators show a rise in bearish sentiment as the uptrend shifts sideways gradually.
With such a sharp decline as the week concludes, Bitcoin may struggle to absorb the supply influx. Therefore, the technical viewpoint remains bearish.
Nevertheless, the upcoming Bitcoin ETF decision in October may unlock a hopium drive during this month’s end. The trendline breakout will be the pivotal entry point for sideline buyers, unleashing the trapped bullish momentum.
Will Ethereum Share Bitcoin’s Story Or Reclaim $2000?
The overall 2023 remains bullish for Ethereum price, with a Year-to-date growth of 33%. The recent correction, however, warns of prolonging the downtrend journey for the biggest altcoin.
Currently moving in a falling channel, the bearish momentum is increasing significantly in the Ethereum price trend. Further, the high volatility puts the ETH price on a razor-sharp edge.
With a 1.78% fall this week and the weekends yet to cross, the ETH price may soon start a negative cycle in the falling channel. Supporting the bearish view, the ETH price action takes higher price rejection from the overhead trendline.
The recent 3.63% fall over days forms two engulfing red candles that may be the spark plug of the coming fall. The 0.59% recovery yesterday brings the ETH price closer to $1600 and brings a breather phase.
If the ETH price manages to avoid a downfall this weekend, the chances of a recovery may arise with a new week, given that Bitcoin sustains above $26K.
The next pivotal entry spot for buyers is at the trendline breakout, which will end the downtrend in the falling channel. Moreover, the breakout rally shows potential to reclaim the $2000 mark by next month.
With XRP Price Struggling, Will Buyers Stay Strong At $0.50?
Despite losing out on the 73% gain of its partial victory against the SEC, Ripple remains bullish in 2023. With 53% Year-to-date growth in 2023, the XRP price remains an overall uptrend.
Failing to achieve the dream of reclaiming the $1 mark, the XRP price falls back to $0.46. The buyers try to propel the prices back above the 200-day EMA to avoid the death cross, but the frequent supply inflow nullifies the attempts.
Currently, the XRP price struggles to rise above the 200-day EMA as it falls 2.78% this Thursday. Putting a dent in the 5.98% jump over the week, the XRP price struggles to avoid the death cross.
Considering the uptrend revives to sustain above $0.50 this weekend, the XRP price is set to rise in the coming week. However, the uptrend may soon hit the $0.54 ceiling before continuing the trend.
Conversely, a bearish turnaround will cement the death cross possibility and drop the XRP price to $0.40.
In conclusion, the volatility we have been experiencing in the crypto market this month is expected to continue this coming week.