BTC and ETH changed course as both assets search for underlying support, suggesting that bears are attempting to trap over-leveraged bulls. Bitcoin and Ether have witnessed aggressive profit-booking after hitting their respective new all-time high.
BTC
Bitcoin made a new all-time high at $67,000 but the bulls could not withstand the breakout as bears pulled the price back below the breakout level at $64,854. This suggests that sellers are trying to trap the aggressive bulls. The bears tried to start a recovery on the 22nd but the long wick on the day’s candlestick shows that traders are selling on minor rallies.
ETH
Ether broke and closed above the overhead resistance at $4,027.88. That was followed by another sharp up-move on Oct. 21, which pushed the price to $4,375, just above the previous all-time high at $4,372.72. However, the long wick and the negative close on the 21st indicates that traders may have sold aggressively near the all-time high.
BNB
The Binance Coin turned down from $505.90, which shows that bears are protecting the overhead resistance at $518.90. The altcoin could not drop to the 20-day EMA of $455, which is expected to act as a strong support. If the price bounces off the 20-day EMA, BNB could make one more attempt to clear the overhead hurdle at $518.90.
ADA
ADA broke above the 20-day EMA of$2.18 on the 21st but the bulls could not push the price above the resistance line of the symmetrical triangle pattern. This shows that bears are strongly defending this level. The sellers are currently trying to sink the price below the support line of the triangle.
