Bitcoin (BTC) – Price analysis – Price fall under Triangle Pattern

After a lengthy sideways movement, the Bitcoin price fell by more than 10 percent on June 10. It thus broke through the support described by the Triangle Pattern, which had been in place since February.

The Bitcoin evolution price fell this week

After a sideways movement since mid-May, the price fell on June 10th under the support described by the Triangle Pattern. On the whole, one comes to a rather bullish price assessment. The most important support is currently 6,190.01 Euro, the first interesting resistance is 5,620.55 Euro.
The bearish assessment of last week proved to be true; the price fell sharply after a longer sideways movement. The price fell back to the level of early April. On June 11th a lot was already said about possible reasons and Bitcoin evolution long-term consequences.

According to the daily chart, the triangle pattern has now been breached at lower prices. So shortly after the breakthrough, the support of the triangle pattern still serves as an approximate orientation, so that a recovery could still occur in principle.

The MACD in the four-hour chart (second panel from above) is strongly negative, but rising. The MACD line (blue) is currently rising above the signal (orange). The RSI is at 34 and thus bearish. However, it has been rising since June 11th. The indicators point to a rebound. Overall, one therefore comes to a rather bullish assessment.

Support and Resistance

The first support is at 5.620,55 Euro and is defined by the minimum reached on June 11th. Another support is described by the plateau between 30 March and 11 April at approximately 5,336.00 euros.

The first Resistance is with 6.190,01 euro and thus on the height of the EMA50. If the price should overcome this level, a further Resistance would be to be found on the height of the plateau with 6.525,84 euro.

Entry Points, Stop Losses and Targets
The rather bullish assessment motivates a long position. The two resistances offer themselves as targets. The stop loss should be set at the level of the first support at 5,620.55 Euros.

If the price falls below this stop loss, a short position would be a good choice. A first target would be found at the level of the second support at 5,336.00 euros, a second target approximately at 5,000 euros.

Ripple course goes through the ceiling: How far can the price of XRP still rise?

In the last few days, the Ripple price has risen by over 80 percent. Thus, the XRP price reached the heights of the July plateau again – but there are also important resistances.

Crypto can still do it: A rally drove the Ripple price from 0.27 US dollars to 0.50 US dollars within three days. That is a price jump of over 80 percent. There is already a detailed commentary on the reasons. The main reason is Ripple’s statement that xRapid should start much earlier than expected. The product xRapid, which is intended to facilitate payment transactions between banks, requires Ripple’s own crypto currency XRP.

How does the Bitcoin evolution look from a chart technical point of view? In short: quite good

The Ripple price was able to climb back to the level it had in July like this: A double bottom developed with the minima of August 14 and September 14. The bullish divergence between the Bitcoin evolution price and the MACD or RSI confirmed this development.

The MACD is currently positive and rising. The RSI is in the overbought territory, so a slight consolidation is to be expected. Nevertheless, the assessment is bullish overall. Currently, therefore, a long position with an entry at 0.48 US dollars and a tight stop loss at the level of the plateau in July, thus approximately at 0.45 US dollars, is recommended. One target is the EMA200, currently at 0.50 US dollars, the other is the resistance at 0.56 US dollars. If the price falls below the stop loss, one should not switch too quickly to a short position, but follow how the news situation develops, whether there is negative news about the xRapid announcement. It is also worth waiting for bearish signals from MACD and RSI in order to use the two supports as targets.

Ripple course to the moon? Not as fast as the Bitcoin evolution

Is XRP already ready for the lunar journey? XRP-Permabulls are looking forward to a fabulous 589 US dollars per XRP. Read more about it here: A few months ago we analyzed whether 100 US dollars are likely and even friends of the Bitcoin evolution are critical of this bold forecast.

Apart from that, as already pointed out, the MACD is positive, but the RSI is overbought. The price also hit the EMA200 on September 20th and bounced off it. Currently, the EMA200 is roughly at the level of the often discussed MA20 in the weekly chart:

As in the case of Bitcoin, speaking of a bull market only makes sense after a sustained rise above the MA20. As always, you shouldn’t go into the market with excessive expectations, but instead take prudent chances, aim for targets and don’t forget the stop losses in all euphoria.

BTC Price Analysis – Price Beyond 5,000 Euros!

Yesterday, the share price exceeded 5,000 Euro and thus rose to a new all-time high of currently 5,248.24 EUR (6,185.29 USD) – rising trend.

Summary of the report

The Bitcoin price rose during the week. After the price fell to 4,429.99 EUR (5,220.94 USD) for the first time, the price recovered and on October 20 entered a sprint to currently 5,248.24 EUR (6,185.29 USD USD). There is no real short-term resistance to be seen in this rally, the most important short-term support is EUR 4,429.99 (USD 5,220.94).

I have already expressed it yesterday: It’s history in the making! Bitcoin has not only crossed the 5,000 Euro mark, but is currently well above this magic threshold with 5,248.24 EUR (6,185.29 USD). With the current rapid rise in the share price, there is currently no sign of a hold, so that the question of a resistance hardly arises. Of course, the price is clearly above the exponential moving averages over one or two days.

The analysis of movements on the 60min chart speaks a bullish language. The most important support in this chart representation is given by the weekly minimum and is 4,429.99 EUR (5,220.94 USD). Before however the exponential moving average values must be broken through over one and/or two days, which lie with 5.056,63 EUR (5.959,47 USD) and/or 4.951,05 EUR (5.835,04 USD). A real resistance is currently not discernible; although one has been drawn into the chart, it is currently being breached.

The long-term price trend

Where else could the journey take us? Let’s first look at the 240min chart: From a technical point of view, the rapid rise in prices can be seen in the context of the triangle pattern that determined price movements between October 12th and October 20th. From this chart analytical point of view, the rapid rise yesterday was the breakout from the Triangle Pattern. It goes without saying that the price since its rise is clearly above the exponential moving average over one or two weeks; even the weekly minimum only led to a test of the first-mentioned average.

The MACD (second panel) is naturally positive according to these developments, but currently the MACD line (blue) is below the signal (orange). Whether this is a sign for a calming of the price cannot yet be confirmed.

The RSI (third panel) stands at 78 and is therefore overbought.

The MACD is positive, the MACD line is above the signal. The RSI is at overbought 74. In the medium term the situation is bullish as well. The most important support is defined by the exponential moving average over two weeks, which is currently at 4,564.99 EUR (5,380.05 USD). Before this test, however, the exponential moving average over one week, which is EUR 4,852.30 (USD 5,718.65) together with the support of the Triangle pattern, must fall. Here, too, it is difficult to determine a resistance; the price is still too strongly in an upward trend.

Especially with regard to the resistance, a kind of upper end of the flagpole that can still happen until October 23rd, we will now close with a look at the 1D chart:

You can clearly see that the price is well above the previous all-time high. Since the minimum in mid-July, the price has been in an upward channel, the resistance of which is currently not only being tested but also breached.

The MACD is positive according to these positive developments and the MACD line is above the signal. The RSI is oversold with 79.

Overall, the long-term forecast is also bullish from a technical point of view. The most important support is described by the 23.6% fib retracement level at 3,425.50 EUR (4,037.11 USD) – this currently coincides with the support of the uptrend channel. Here we can perhaps make a statement about the resistance: The 161.8% fib retracement level is EUR 6,168.19 (USD 7,291.60). Who knows whether the price will rise this high by 23 October?