Ethereum
$408.19 -0.51%
ETH · 3w

Price analysis 10/2: BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, BSV, LTC

The shallow pullback in Bitcoin (BTC) following the news of the CFTC’s regulatory crackdown on BitMEX and the late announcement that U.S. President Donald Trump tested positive for coronavirus shows that the underlying sentiment is still bullish.

Generally, most damage during such periods of negative news flow is caused by the squaring up of leveraged positions. Data shows that Bitcoin futures volume and open interest has been dropping since hitting the peak in early September. 

This means that there were fewer long positions that had to be squared up in a hurry and it also may explain why a sharper crash was avoided.

Daily cryptocurrency market performance. Source: Coin360

Even though Bitcoin has largely been range-bound for the past few weeks, on-chain data shows a sharp inflow of new participants. Analysts view this user growth as positive because it suggests that new traders consider Bitcoin as a store of value.

Traders can look for the cryptocurrencies that bounce back quickly from the current weakness because that shows strong buying on dips. Let’s analyze the top-10 cryptocurrencies to spot the critical support and resistance levels. 

BTC/USD

Bitcoin once again reversed direction from close to $11,000 on Oct. 1, which shows that the bears are aggressively defending the zone between the 20-day exponential moving average ($10,704) and the 50-day simple moving average ($11,017).

BTC/USD daily chart. Source: TradingView

The price action of the past few days has formed a symmetrical triangle pattern, which shows indecision among the bulls and the bears about the next directional move. This uncertainty could resolve after the price breaks above or below the triangle.

The gradually downsloping moving averages and the relative strength index in the negative territory suggest that bears have a slight advantage.

If the BTC/USD pair breaks and closes (UTC time) below the triangle, it will sugges...

Continue on cointelegraph.com
Recent news
ETH -0.51% · twitter.com · 5h

Using ERC-20 Tokens to Curate NFT an Marketplace

$GEM holders and non-gem holders alike can now curate the Cargo marketplace!This was a fun feature to build. The amount of fungible tokens you own ($GEM) gives you voting power in a non-fungible token...
ETH -0.51% · trustnodes.com · 6h

Germany Enters Deflation

All the latests news on Crypto, Blockchain, Bitcoin, Ethereum, Tokens, ICOs, Fintech, and more.
14
ETH -0.51% · cryptopolitan.com · 8h

Harvest Finance keen on remaining centralized

Two weeks after Harvest Finance announced its DeFi crypto asset, it has recorded over $1 billion in its total value locked. This level of value was achieved
ETH -0.51% · en.cryptonomist.ch · 14h

Knight Story: the game review

Today we're going to review a new game, Knight Story, which can be defined as an RPG (Role Playing Game) with an idle part.
ETH -0.51% · cryptocrunchapp.com · 16h

WordPress Content Can Now Be Timestamped On Ethereum

A plugin for the WordPress web publishing platform now enables users to timestamp content on the Ethereum blockchain. The plugin can help with copyright issues, proof of who created a piece of content...