- Bitcoin eyeing a breakout past $27,000, with potential for a surge to $30,000.
- Ethereum faces a possible 10% drop, but a breakout could lead to a 10% climb.
- Ripple’s promising uptrend, aiming for a 30% gain if it breaches the supply zone.
Bitcoin’s Path to $30,000
Bitcoin (BTC) has recently surged above $26,000, and investors are now closely watching as it aims for a breakthrough past $27,000, effectively exiting a multi-week range. The market sentiment is shifting, as indicated by the decreasing risk signal, suggesting a change in attitude among traders. While profit-taking pressure could arise around $27,400 and $28,000, there’s growing optimism that this climb is a crucial step before confronting the psychological barrier at $30,000, a milestone that, if reached, could also influence the price of Ethereum (ETH).
Bitcoin’s Uncertain Outlook
Despite its bullish bias, Bitcoin (BTC) faces an uncertain future, primarily due to the absence of bullish fundamentals to sustain its recent surge. September has historically been a challenging month for BTC, heightening the possibility of a downturn. As Bitcoin confronts the resistance at $26,640, the likelihood of a pullback grows as momentum wanes. Both the falling Relative Strength Index (RSI) and the Stochastic RSI, currently at 94, suggest that BTC is overbought.
In such a scenario, Bitcoin’s price might retreat to the demand zone around the $26,000 psychological level. In a more severe downturn, it could even breach the lower boundary of the demand zone at $24,843, with confirmation achieved by breaking below the last lower high of September 12 at $25,131.
Conversely, if buying momentum strengthens, Bitcoin could surpass the $26,640 resistance and potentially aim for $28,000 or higher, breaking through the $29,020 roadblock on its way to the coveted $30,000 range.
Ethereum’s Potential 10% Drop
Ethereum (ETH) recently found support at $1,552, experiencing a 5% rebound to its current price of $1,619 while challenging resistance at the $1,624 downtrend line. Similar to Bitcoin, Ethereum is displaying signs of weakening momentum, evident in the declining RSI. A potential slump could see the Proof-of-Stake (PoS) token drop by 5% to $1,552 or 10% to the $1,500 psychological level.
Notably, the Stochastic RSI is at 96, historically falling once it reaches this level. Each drop in the Stochastic RSI corresponds with a price decline, further supporting the bearish thesis. Nevertheless, Ethereum could defy this trend by breaking through the $1,624 barrier and targeting the $1,682 resistance level. A decisive breach of the August 31 high at the psychological level of $1,700 could pave the way for a climb to $1,791, marking a 10% ascent.
Ripple’s Promising Uptrend
Ripple (XRP) has recently seen a series of four green bars since September 12, breaking free from the confines of the descending parallel channel. However, confirmation of the uptrend will only materialize when XRP breaches the supply zone at $0.5373.
If buying pressure continues to drive a sustained uptrend, Ripple could extend its rally to the August 16 high at $0.6098 or, in a highly bullish scenario, even reach the $0.6858 roadblock, in close proximity to the ambitious psychological level of $0.7000. Such an achievement would represent a substantial 30% gain above the confirmation level.
Currently, the RSI is trending upward, indicating growing momentum, while the Stochastic RSI has room to rise before reaching its range high of 100, a level it has been rejected from multiple times in the past. However, it’s essential to note that a potential pullback remains a significant risk, as the RSI is still below 50, suggesting that momentum and price strength are relatively low. A retracement back into the descending parallel channel’s foothold at $0.4600 could lead to further declines, possibly targeting the range low of $0.4191 marked by the channel’s midline or, in an extreme scenario, the support floor at $0.3562.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.