October 3rd BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, BSV and LTC Price Analysis - News-Credit-Mortgage-Coin

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October 3rd BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, BSV and LTC Price Analysis

 



Bulls are buying bitcoin drops and a few altcoins. This shows that investor sentiment remains positive.


Following the news of the CFTC's regulatory pressure on BitMEX, the shallow retracement in Bitcoin (BTC) and the announcement that US President Donald Trump has contracted the corona virus shows that the underlying sentiment is still bullish.


In general, the most damage during such periods of negative news flow comes from the liquidation of leveraged positions. The data show that Bitcoin futures volume and open position have declined since peaking in early September.


This means there are fewer long positions that need to be rushed into liquidation, and could also explain why a sharper breakage was avoided.


While Bitcoin has been heavily dependent on its price range for the past few weeks, data on the chain shows a sharp influx of new entrants. Analysts view this user growth positively because they suggest that new traders see Bitcoin as a store of value.


Investors can look for cryptocurrencies that are quickly returning from the current weakness as this indicates strong purchases in dips. Let's analyze the top 10 cryptocurrencies to identify critical support and resistance levels.


BTC / USD

Bitcoin once again reversed direction from $ 11,000 on October 1, indicating that the bears are aggressively defending the region between the 20-day exponential moving average ($ 10,704) and the 50-day simple moving average ($ 11,017).


The price action of the past few days has formed a symmetrical triangle pattern that shows indecision about the next directional movement between bulls and bears. This uncertainty can be resolved after the price breaks above or below the triangle.


The slowly downward moving averages and the relative strength index in the negative zone show that the bears have a slight advantage.


If the BTC / USD pair breaks below the triangle, it will indicate that the bears are over the bulls. Sellers will then try to break the critical support at $ 9,835, and if successful, there could be a drop in cards to $ 9,000.


However, the long tail on today's candlestick shows that the bulls are piling up in dips towards the uptrend. They will now try to push the price above the triangle's resistance line.


If they are successful, the pair may encounter a small resistance at $ 11,178, but if the bulls can push the price above this level, a rally to $ 12,460 is possible.


It is difficult to precisely predict the direction of the interruption. Therefore, it is better to wait for the break to occur before making large investments.


ETH / USD

The bulls pushed Ethereum (ETH) above the downtrend line on October 1, but they were unable to sustain higher levels. This may have attracted profit taking by short-term traders who pushed the price below the 20-day EMA ($ 358).


The slowly downward moving averages and the relative strength index in the negative zone show that sellers have the upper hand.


However, the two sharp jumps before the $ 308,392 support zone indicate that the bulls are aggressively accumulating closer to that level. Therefore, buyers can reuse existing drops to buy.


Breaking the 20-day EMA will be the first indication that the correction may be over. Conversely, a break below $ 308,392 could signal the beginning of a deeper correction to $ 240.


XRP / USD

If XRP did not rise above the 20-day EMA ($ 0.241), it could lead to profit taking by aggressive bulls and short-circuiting bears. Downward moving averages and the RSI in the negative territory show that sellers are dominating.


If the bears pull the XRP / USD pair below the $ 0.2295 - $ 0.219712 support zone, the downtrend could continue. The next downside support is $ 0.19.


However, the bulls are likely to aggressively defend the support zone and make another attempt to push the price above the 20-day EMA and downtrend line. If they are successful, it could be a harbinger of a possible change in trend.


BCH / USD

Bitcoin Cash (BCH) rebounded just below the downtrend line on October 1 and continued its decline towards the critical support of $ 200.


Repeated testing of a support level over a short period of time tends to weaken it. A break below $ 200 could lead to a panic sell and increase the likelihood of a deeper drop to $ 140.


Contrary to this assumption, if the price rises from current levels or recovers sharply from the $ 200 support, this will indicate that the bulls are accumulating at lower levels.


A break above the downtrend line will be the first sign of strengthening, and a break above $ 242 will increase the rally probability to $ 280.


BNB / USD

Binance Coin (BNB) fell just above the 61.8% Fibonacci retracement level of $ 29.0886 on October 1st. However, the positive sign is that the bulls do not allow the price to stay below the 20-day EMA ($ 26.37).


The rising moving average and the RSI in the positive zone show that the advantage lies in the bulls. If buyers can push the BNB / USD pair above the downtrend line and the overall resistance to $ 29.5646, the uptrend could continue.


Contrary to this assumption, if the bears pull the BNB / USD pair below the moving averages, the probability of a deeper correction will pull the price to $ 22.20.


DOT / USD

The Bulls tried to push Polkadot (DOT) above the 20-day EMA ($ 4.49) on October 1, but failed. This drove the price to the critical support zone between $ 3.90 and $ 3.5321.


The downside 20-day EMA and RSI in the negative zone indicate that the path of lowest resistance is on the downside.

If the bears can sink the DOT / USD pair below the support zone, a drop to $ 2,782 and below is possible.

However, if the pair returns from the support zone, the bulls will make another attempt to push the price above the 20-day EMA and the overall resistance of $ 4,6112. If they are successful, Polkadot will open the doors for the transition to $ 5.5899.


LINK / USD

Chainlink (LINK) dropped below the $ 9,3771 support and a retest of $ 6.90 is possible if the bears can maintain lower levels. Downward moving averages and the near 40 RSI show that the path of least resistance is on the downside.


If the bears break the price below $ 6.90, the downtrend could continue and the next support is $ 5.70.


The bulls will have to break the low high and low formation by pushing the price above $ 11,1990 to signal a possible change in trend.


If they can achieve this, the LINK / USD pair could start a new uptrend above the downtrend line.


CRO / USD

The bears are trying to lower and maintain the Crypto.com Coin (CRO) below the critical support of $ 0.144743. If successful, they will complete the descending triangle pattern, which is a reversal scheme.


The falling 20-day EMA ($ 0.154) and the RSI below 40 indicate that the path of lowest resistance is on the downside. Below $ 0.144743, the CRO / USD pair could fall to $ 0.124129 and then the pattern target of $ 0.10607.


If the pair returns at $ 0.144743 and moves above the moving averages, this bearish outlook will be invalid. The failure of the bearish setup is considered a bullish sign, so retesting of the $ 0.183416 - $ 0.1991101 zone above the 50-day SMA is likely.


BSV / USD

Bitcoin SV (BSV) broke above the downtrend line on September 30 and October 1, but on both days the bulls failed to clear the 50-day SMA ($ 178), suggesting that the bears are defending this resistance.


Failure to overcome the 50-day SMA hurdle may trigger profit taking by short-term traders.


As a result, the BSV / USD rate dropped again below the 20-day EMA. The bears will now once again try to challenge the $ 146.20-135 support zone.


If they can pull the price below this zone, the pair can drop to $ 100. If the pair rises and stays above $ 180 this bearish outlook will be invalidated.


LTC / USD

Litecoin (LTC) rose above the 20-day EMA ($ 46.83) on October 1, but failed to break above the downtrend line. This can lead to profit taking by short-term traders and pull the price below the 20-day EMA.


However, the long tail on today's candlestick indicates that the bulls are buying in the bearish. Buyers will once again try to push the price above the downtrend line.

If they are successful, the LTC / USD rate could rise to the 50-day SMA ($ 52.51), and if this level scales, the rally could go up to $ 64.

If the pair declines and drops below the $ 41.6298 - 39 support zone, this bullish outlook will become invalid. Such a move could start a new downtrend.

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