Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC $66,000 support remains strong

Source Fxstreet

Bitcoin finds support at around $66,000, with recovery on the cards.
Ethereum price finds support at the ascending trendline; a close below indicates a possible decline ahead.
Ripple price finds support around the $0.488 level; a firm close below would suggest a continuation of its downtrend.

Bitcoin (BTC) found support around its crucial level of $66,000, suggesting a potential recovery. However, Ethereum (ETH) and Ripple (XRP) show signs of weakness, and a close below their key support levels would continue their ongoing decline.

Bitcoin shows potential for a rally after finding support around $66,000

Bitcoin price found support at around $66,000 level on Friday and rose 1.66% in the next two days. As of Monday, it trades slightly down at around $67,700.

If the $66,000 level continues to hold as support, it could rally to reclaim its October 21 high of $69,519. A successful break and close above $70,000 could extend the rally to retest its next key barrier, which is already the all-time high of $73,777 in mid-March.

The Relative Strength Index (RSI) indicator on the daily chart reads 63, above its neutral level of 50, indicating the bullish momentum is gaining traction.

BTC/USDT daily chart

However, if BTC breaks and closes below $66,000 support, it could decline 5.8% to retest its next support at $62,055, its 61.8% Fibonacci retracement level (drawn from July’s high of $70,079 to August’s low of $49,072).

Ethereum finds support around the ascending trendline

Ethereum price finds support at the ascending trendline (drawn from joining multiple low levels with a trendline since early September) after it faced resistance around the 200-day EMA at $2,778 on October 21 and declined 11.87% in the next five days. As of Monday, it trades slightly down at around $2,490.

If ETH breaks and closes below the ascending trendline around $2,419, it could extend the decline by 11% to retest its September 6 low of $2,150.

The RSI indicator on the daily chart reads 46, below its neutral level of 50, indicating increasing bearish momentum.

ETH/USDT daily chart

However, if ETH continues to find support around the ascending trendline and closes above Friday’s high of $2,560, it could rally to retest its 200-day EMA at $2.778.

Ripple price is poised for a downtrend if it closes below $0.488

Ripple price faced resistance from its 200-day EMA at the $0.550 level on October 21 and declined 8.3% until Friday. It retested its August 6 low of $0.488 and bounced slightly higher until Sunday. At the time of writing on Monday, it trades slightly lower, around $0.514.

If XRP continues its decline and closes below $0.488, it could extend the decline by 12% to retest its August 5 low of $0.431.

The RSI indicator on the daily chart is at 39, below its neutral level of 50, suggesting that bearish momentum is gaining traction.

XRP/USDT daily chart

If the $0.488 level holds as support, XRP will rise to retest its 200-day EMA at $0.550.

Bitcoin, altcoins, stablecoins FAQs

What is Bitcoin?

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

What are altcoins?

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

What are stablecoins?

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

What is Bitcoin Dominance?

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Sep 28, Mon

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth trading Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

Author Irene Q.

Sep 29, Tue

Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

Sep 30, Wed

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

10 hours ago

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Related Instrument