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BTC, ETH and XRP Price Analysis for October 28

Can the top cryptocurrencies come back to the bullish zone after the ongoing drop?

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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 CryptoComes. 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.

The cryptocurrency market may have started the correction period as most of the Top 10 coins are in the red zone. The only exception to the rule is Bitcoin Cash (BCH), whose rate has risen by 3.78% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key information for Bitcoin (BTC), Ethereum (ETH) and XRP:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$245,874,096,576 $13,270.11 $38,015,459,077 -1.16%

Ethereum

ETH

$44,092,704,975 $389.54 $16,210,390,578 -2.92%

XRP

XRP

$11,277,088,493 $0.249129 $2,474,153,417 -1.15%

BTC/USD

Yesterday, another attempt by the bulls to break through the resistance of the 61.8% Fibo level ($13,346) ended with the renewal of the annual high. At night, the growth continued, and in the morning, the price of Bitcoin recorded a record value of around $13,865.

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

Bitcoin (BTC) came close to the two-year high of $13,880, which was set on June 26, 2019. If bulls can continue the rise, then the price will test the $14,000 mark.

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👉 MUST READ Bitcoin (BTC) Price Analysis for October 26related article image

Meanwhile, the pair has already rolled back to the lower border of the upward blue channel. One may assume that the 61.8% Fibonacci level will be able to stop the decline.

Bitcoin is trading at $13,278 at press time.

ETH/USD

Yesterday morning, after a short-term consolidation, the Ethereum (ETH) price continued to recover, and buyers were able to bring the pair back above the psychological level of $400.

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

In the afternoon, buyers dominated the market and, at the end of the day, the price recorded a daily high of around $410. At night, the volumes decreased and the pair rolled back a little, but so far it is holding above the level of $400. If Bitcoin (BTC) continues to grow, then the correlation component will pull the ETH price to a new weekly high in the blue trendline area ($430). If there is no excitement growth, then the price of the main altcoin on small volumes may roll back below the level of average prices.

Ethereum is trading at $388.37 at press time.

XRP/USD

Yesterday, the XRP price recovered to the four-hour EMA55 area. At night, the pair continued to recover, but by this morning did not manage to reach the upper border of the wide sideways corridor of $0.260.

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

If buying volumes remain above average today, the pair will test the resistance of $0.260. With a decrease in volume, the XRP price might roll back to the POC line ($0.242).

XRP is trading at $0.2477 at press time.

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Denys Serhiichuk

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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com