Technical Analyst and the founder of Crypto Bootcamp Challenge, Tony Montpeirous, has recently posted a cryptocurrency market update on FXSTREET, where he openly discussed forthcoming obstacles for Bitcoin, Ethereum, and Ripple investors.
- In the first week of October, the bulls have broken through the 21-day simple and exponential moving averages. This concept lends credence to the notion that a countertrend rally is likely to take place. Tony Montpeirous stated, “BTC could continue to produce range-bound price action before a definitive influx of volatility pours over to one side of the boat and gives it direction.”
- The price of Ethereum suggests that a much bigger counter-trend rise may already be underway. The stair-step ascent of the smart contract token has resulted in a 24-hour profit of 7% for the bulls. The 21-day SMA acts as resistance just above the current price action, while the 8-day Exponential Moving Average (EMA) was successfully broken during the increase.
- The price of Ripple, or XRP, is currently up 10% on the month as bulls enter the market to maintain support at the higher $0.40 level. XRP’s price behavior has been range-bound after a strong 70% rise in September, which appears to have formed an ascending triangle pattern.
See Related: Beware of the Technical Factors that Can Destroy Bitcoin in the Next 5 Years, Crypto Market Specialist Steve Courtney
