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BTC, ETH and XRP Price Analysis for October 29

Price Predictions
Fri, 10/29/2021 - 14:23
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Denys Serhiichuk
Can one expect a correction of the top coins?
BTC, ETH and XRP Price Analysis for October 29
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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After a few days of growth, the market has entered a correction as most of the coins are in the red zone now.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, bears failed to push through the support of $58,000, and the price of Bitcoin gradually recovered above the psychological mark of $60,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

In the afternoon, the pair tried to gain a foothold above the four-hour moving average EMA55, but at some point, a strong bearish momentum pierced the support of $58,000 and fixed the daily low at $56,425. The bulls quickly bought all the volume and restored the pair to the area of ​​average prices. After such a hard price surge, the volatility began to fade and, in the morning, the pair consolidated around the $61,500 mark.

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Today, one can expect a continuation of the recovery to the area of $​​64,000. At the end of this week, there is a high probability of a break above the $64,895 level to the zone of the absolute maximum.

Bitcoin is trading at $61,116 at press time.

ETH/USD

Yesterday morning, the pair consolidated for a long time at the level of $4,000, and then buyers increased the volume and the Ethereum (ETH) price recovered to the resistance of $4,200.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the afternoon, bulls broke above this resistance and, this morning, the pair has renewed its all-time high at $4,400.

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Currently, the volume of purchases has slightly decreased and further growth has slowed down. If during the day the bulls can increase the onslaught, the race can continue to the area of $4,500.

Ethereum is trading at $4,336 at press time.

XRP/USD

Yesterday morning, the $1 support withstood the onslaught of sellers and the pair consolidated above this psychological level. During the day, the price of XRP recovered to the area of average prices, but it has not yet been possible to break above the four-hour EMA55.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

If positive sentiments prevail on the crypto market today, the recovery of the XRP/USD pair may continue to the area of $1.25.

XRP is trading at $1.068 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.