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BTC, ETH and XRP Price Analysis for October 8

Price Predictions
Fri, 10/08/2021 - 15:35
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Denys Serhiichuk
Can the top coins keep the ongoing rise going?
BTC, ETH and XRP Price Analysis for October 8
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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Bulls keep controlling the situation on the cryptocurrency market. However, there are some exceptions to the rule. Mainly, Binance Coin (BNB) and Polkadot (DOT) are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, buyers could not overcome the resistance at the $55,288 level, and the price of Bitcoin rolled back to the support of $53,400. Selling pressure has so far been limited to orange support, but if the bears intensify the onslaught, the price may retrace to the psychological level of $50,000.

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

On the other hand, if buyers overcome the resistance of the 78.6% Fibonacci level today, then the growth can continue to a new October high in the region of $58,000.

Bitcoin is trading at $54,063 at press time.

ETH/USD

Yesterday morning, buyers took advantage of the weak support at $3,500 and started testing the strength of the resistance at $3,600. As a result, the Etereum (ETH) price marked a new maximum around the level of $3,654, but it has not yet been possible to gain a foothold above the level of $3,600.

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

If sellers increase the volume, then the pullback may reach the support at $3,400.

Related
BTC, ADA, and BNB Price Analysis for October 5

It is possible that the locomotive of the crypto market may continue to grow to a new monthly maximum. Then the price of Ethereum (ETH) could move up to the resistance in the region of $3,830.

Ethereum is trading at $3,645 at press time.

XRP/USD

Yesterday, sales volumes were below average, and the XRP/USD pair consolidated sideways, taking advantage of the support around $1.05.

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

Buyers showed little interest in the asset and, because of this, the XRP price significantly narrowed the range of consolidation. If today the positive sentiment on the market forces the price to leave the narrowing corridor, the pair may consolidate above the POC indicator line ($1.115).

XRP is trading at $1.07688 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.