- Bitcoin price pushes towards new five-month highs, tests prior May 12th sell-off levels.
- Ethereum price shows a massive bullish engulfing daily candlestick developing on the Monday trade session.
- XRP price positioning for the most bullish conditions it's seen since March.
Bitcoin price is now trading at the same levels that preceded the -50% corrective move from May 12th to June 22nd. Ethereum price is currently forming one of the most sought-after bullish candlestick patterns, the bullish engulfing candlesticks pattern, while also attempting to complete an Ideal Bullish Ichimoku Breakout entry. XRP price, finally, is in a position to catch up to its peers' performance and experience its first major bullish breakout since March.
Bitcoin price less than 15% away from its all-time highs
Bitcoin price continues its rally that began with the significant bullish breakout above the Cloud on October 4th. Since the beginning of October, Bitcoin has gained 30%. In addition to the significant rally, it has nullified all recent hidden bearish divergences, confirming a sustained move. New all-time highs are very likely if the momentum continues.
BTC/USD Daily Ichimoku Chart
There may be a pause in the really around October 20th when the next Kumo Twist rears its ugly head. If Bitcoin continues to push higher with the same momentum near the October 20th date, then Bitcoin price could experience a swift corrective move and a return to the Tenkan-Sen or Kijun-Sen – roughly a -15% to -33% drop. But that pullback will likely be a regular and fast corrective move. Near-term support is the Tenkan-Sen at $52,000.
