Markets continue to negatively impact Bitcoin price, but a positive sign is that the bulls have not allowed BTC to retest its June low.
BTC
BTC broke below the 20-day exponential moving average of $19,584 and then successfully defended the level between Oct. 8 to 10. The sellers are trying to strengthen their position further by pulling the price below the uptrend line. If they manage to do that, BTC could drop to the $18,125 to $17,622 support zone. Buyers are likely to defend this zone with all their might because if they fail to do that, the pair could start the next leg of the downtrend. The pair could then plummet to $15,000.
ETH
Ether is struggling to rise above the 20-day EMA of $1,351. This suggests that the bears are selling on rallies and will try to sink the price to the strong support at $1,220. The gradually downsloping 20-day EMA and the relative strength index in the negative territory indicate an advantage to bears. If the price slips below $1,220, the selling could intensify and the ETH/USDT pair may drop to the support line of the descending channel pattern.
BNB
BNB has been trading between $258 and $300 for the past several days. The break below the moving averages on Oct. 8 paves the way for a possible decline to the strong support at $258. If the price rebounds off $258, it will suggest that the range-bound action may continue for some more time. The longer the time spent in the range, the stronger will be the eventual breakout from it.
The next trending move will begin on a break above $300 or a drop below $258. It is difficult to predict the direction of the breakout with certainty. Therefore, it is better to wait for the breakout to happen before taking directional bets.
XRP
The bulls tried to push XRP above the overhead resistance of $0.56 but the bears did not budge. The sellers will attempt to pull the price to the 20-day EMA $0.47. If buyers want to maintain the upper hand, they will have to buy the dips to the 20-day EMA. If the price rebounds off this support with strength, the likelihood of a break above $0.56 increases. The pair could then resume its uptrend and rally to $0.66.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk and the reader should conduct their own research when making a decision.
