Bitcoin price analysis is on Friday, October 5th. While Bitcoin is struggling with price fluctuations back and forth, we’ve prepared a brief analysis for you. Despite a small increase of 1.66% in the last 24 hours, it is currently down 0.47% and is currently trading at $ 6,559 at the time of writing.
Bitcoin Price Analysis Friday, October 5 Key indicators
What kind of signs does Bitcoin price analysis give us on Friday, October 5?
⦁ Bitcoin endured the 6600 limit yesterday, but still survived a small decline.
⦁ The market is able to move forward to the previous trading levels and show a backward trend to move forward.
⦁ Forward moving support levels are $ 6557, $ 6453, $ 6383, $ 6259, $ 6189, $ 6032, $ 5858
⦁ Resistance levels moving forward to $ 6639, $ 6665, $ 6715, $ 6775, $ 6824, $ 6862, $ 6945, $ 7027
Bitcoin Cash (BCH)
The number one crypto money Bitcoin has a market value of 114 billion dollars. Bitcoin, which has a life span of 65 months, is currently trading at 66% lower than its all-time price. In the last 30 days, it displayed a price increase of around 2.50%.
Consider the bitcoin prices, potential support and resistance points.
5 October Bitcoin Price Analysis Chart
During this week, we observed a movement down the support level. This movement continued in the long run until it reached the expected level of support. The 618 Fibonacci Retracement level (drawn in black) appears to be $ 6453. The market managed to stand at this level of support.
The price movement is now, at a lower limit, in the short-term 382 Fibonacci Retracement range (drawn with green) of $ 6557 and the long-term Fibonacci Retracement level (drawn in black) in the higher limit range of $ 6639.
What Can Be in a Few Days?
If the upward momentum continues and pushes the market higher than the trading range, we can expect to see a resistance of just $ 6715 and $ 6775 at 1.272 and 1.414 Fibonacci Extension, respectively.
If the upward momentum in prices is higher, then in the long run, we can expect a .382 Fibonacci Retracement (drawn in black) at $ 6824 and a 1.272 Fibonacci Extension level (drawn in blue) at $ 6945.
Alternatively, if the market re-enters an uptrend and pushes prices below the low limit range of $ 6557, then we can see support at 618 Fibonacci Retracement at a price of $ 6453. This support can be followed by more significant support at a lower level of 7889 Fibonacci Retracement at $ 6189.
With these support levels, it is possible to say that Bitcoin will catch an upward acceleration.
Ethereum 5 October price movements
The weakness of the momentum seen in the Ethereum particular prevents the weakness of the moving average levels. According to this, the ETH / USD parity yesterday showed a relatively soft recovery, not exceeding the critical $ 225 resistance.
When we look at the chart, we see that the $ 220 level is an important support for the ETH / USD. An Ether who is able to hold on to $ 220 until noon can attack the afternoon moves again to pass the level of $ 225, which is set at 100 and 200 HO.
If this level cannot be passed during the day, we can see that Ethereum can enter the weekend with a negative view. In the event that the ETH / USD parity falls below $ 220, it is likely that it will hang to $ 215.
Ripple Price Analysis
A few hours ago, Ripple (XRP) increased its value by achieving a $ 0.5500 support. The XRP also managed to break the resistance of $ 0.5800 and $ 0.6000 and went above these levels. The XRP reached a price of $ 0.6194 and saw a 100-hour simple moving average. However, the price then entered a correction process and the XRP price fell to $ 0.58.
XRP has increased from $ 0.51 to $ 0.61 over the past few weeks. The movement of the XRP in the last few hours has led to a reduction of 50 percent of the Fibonacci recovery level to the sixth of this increase. The level of Fib improvement at the level of $ 0.51 to $ 0.61 was tested at a level of 61 percent. It is also possible to say that there is a positive trend line as well as a $ 0.555 support.
If the XRP manages to break the $ 0.5850 and $ 0.5900 levels, it may start to experience more increases. The XRP’s goals after these two stages are $ 0.6000 and $ 0.6150.
Ripple Price Analysis XRP Chart
It is also possible to see the XRP price cut to $ 0.5550 in the short term. However, it may be said that the drop below the $ 0.5450 level is at least unlikely at the moment. For XRP:
Great support level: $ 50500
Great resistance level: $ 0,5900