- Bitcoin Price Falls Amid Recent US CPI Release
- Ethereum price falls to $1215 and it is likely to continue falling.
- Ripple pulls back after a sharp drop. Technicians have room to sink lower.
The crypto market experienced an early morning sell-off. The market is now recovering after the sharp drop but has the potential to drop further.
Bitcoin Price Downloads
Bitcoin price has lost support from the $19,000 barrier as a strong influx of bearish power has poured into the market. On Thursday, October 13, the peer-to-peer digital currency fell 5% in less than an hour following the release of higher-than-expected US September CPI data.
The price of Bitcoin is currently auctioned at $18,915. A surge in volume has been spotted amid the decline, while the Relative Strength Index is now in oversold territory for the first time since September 8. If market conditions persist, a sweep of the summer lows at $17,621 could occur in the coming hours.
The bearish thesis invalidation is a gap above the recently crossed moving averages at $19,280. If the bulls can break through this cap, a rally to $20,400 could occur, resulting in a 10% increase in the current price of Bitcoin.
BTC/USDT 3-hour chart
In the video below, our analysts take a deep dive into Bitcoin’s price action, looking at the key levels of interest in the market. -FX street team
Ethereum price will sweep the lows
Ethereum price is stuck in an unfortunate scenario as the bears recently broke the September lows. Following the release of US CPI data, the decentralized smart contract token fell Eiffel-penny-style to the previous month’s low.
Ethereum price auctions at $1,222. Like Bitcoin, the RSI is now in extremely oversold territory, suggesting that any pullback is likely to be short-lived. The 21-day simple and 8-day exponential moving averages have also produced a death cross near $1,322, which stands as a firm resistance barrier.
This thesis proposes that ETH price will eventually drop below the summer lows at $881, but the move south may take weeks to play out. Ultimately, strong support lies at $750. If the bulls fail to hold support at this level, an ETH price of $400 could become the norm sometime in 2023.
ETH/USDT 12-hour chart
In the video below, our analysts take a deep dive into Ethereum’s price action, looking at the key levels of interest in the market. -FX street team
XRP Price Drops 10%
XRP price witnessed the strongest drop among the top 3 cryptocurrencies as the digital remittance token dropped 10% following the release of the US CPI. The Relative Strength Index fell into historically oversold territory in shorter time frames, and an impressive countertrend rally ensued.
XRP price is currently trading at $0.47 after falling to $0.44. During the decline, the bears broke both the 8-day exponential moving average and the 21-day simple moving average. Based on the volume influx during the landing site at $0.44, this thesis proposes that the price of XRP will retrace the indicators near $0.51. Nonetheless, the price of XRP still has more room to fall, and the current price action should only be seen as a rally against the trend.
This thesis remains bearish with targets at $0.40, as long as the high of $0.56 is not broken. If the bulls break above $0.56, a rally back towards liquidity levels of $0.61 will be on the table again, resulting in a 32% surge from the current XRP price.
XRP/USDT 4-hour chart
In the video below, our analysts take a deep dive into Ripple’s price action, looking at the key levels of interest in the market. -FX street team