Oct 10 - The three tenors: Bitcoin, Ripple and Ethereum

In these animated days, when everybody is looking to next hard fork on bitcoin, for the first time we see a different behaviour of cryptocurrencies, that are not moving together anymore, but in different (and sometimes opposite) directions.
Our focus today is on the three most capitalized cryptocurrencies or, in other words, "THE THREE TENORS"



BITCOIN

SHORT TERM
1 hour chart

Great acceleration of Bitcoin during last hours. Price has moved quickly over 4800$, in the upper part of ascending channel. The importance of this movement is underlined by high volumes (red circle), another signal of strenght that confirms current uptrend.
As you can see RSI went in overbought area, so now a consolidation is needed before the first attempt of breakout on all time high (5000$). In this context we can expect a sideways movement between 4750$ and 4850$: we must look at these two levels to have a new signal.
Looking up a breach of 4850$ could bring price to 5000$; on the other hand, below 4750$ next support is at 4640$.



MEDIUM TERM
1 day chart

Some days ago, my forecast was for Bitcoin at 4670$ (Here analysis of Oct 02), but price didn't stop there, moving up till 4860$.
At the moment situation is still positive and we haven't signals of loss of strenght.
1- long term  trend is still positive
2- MACD has given a buy signal (green arrow)
3- RSI hasn't reached yet overbought area

As I wrote for short term view, a temporary sideways movement over 4670$ is possible, but it seems very probable an attempt at 5000$.



ETHEREUM
1 hour chart

Very interesting situation on Ethereum.
On the chart below I underlined two areas: it's just my idea, or they seems very similar?
1- Sharp price fall
2- MACD gives a buy signal
3- RSI is in oversold area



History does not repeat itself, but sometimes it rhymes...
According to this view, we should consider a short term rebound.



RIPPLE
1 hour chart

Ripple was very volatile on last hours. Yesterday we saw a breakout and some hours later, price felt of more than 10%.
Fortunately tha support at 0.2420$ held and it could be a base for a consolidation movement before a new attempt. Another positive point is given by MACD, that just gave a buy signal.
So if you want to buy it, I suggest a stop loss at 0.24$, a very important level at the moment.




I don't want to bore you, so if you are interested in my opinion on Bitcoin Gold and the speculative phenomenon taking place at the moment, YOU CAN READ IT HERE

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