Yesterday, the DJI and SPX stock indices continued to rise and renewed their October highs. The manifestation of the conditional correlation that has recently been observed between stock indices and the cryptocurrency flagship has become more pronounced. In the morning, the bitcoin price received support around the level of 10500.00 USD, and in the afternoon it tested the upper border of the orange triangle, which had been forming over three weeks.
In the evening, the bulls broke through the triangle and until this morning were able to gain a foothold in the ascending channel, above the blue trend line from September's rising lows.
If today, using the support of the trend line, buyers continue to recover, the price will test the target level of 11200.00 USD. The bearish reaction at this key level is extremely important to us.
A reversal to the pullback and decline towards the support of 10500.00 USD will mean a weakening of the bullish trend and a decrease in the likelihood of a continuation of the bullish run. But ten and a half is not yet a critical level of decline. A bearish break of support at 9800.00 USD could put an end to the renewal of the annual high of August 17 (12473.00 USD).
ETH/USD
The Ethereum price yesterday supported the growth of the cryptocurrency flagship and recovered from the lower border of the triangle above its upper border. Until this morning, trading volumes have decreased, and the pair is being held in a narrow short-term consolidation.
If the bulls manage to continue their recovery and break through the resistance of 360.00 USD, then we can expect further growth towards the 380.00 USD mark.
If the bulls cannot overcome the level of 360.00 USD, then you need to monitor the reaction of bears in the area of ??the lower border of the triangle. A breakout to the support area of ??320.00 USD will be an alarming signal for the ether price to fall below the psychological level of 300.00 USD.
XRP/USD
Yesterday, in the area of ??the POC line, buyers found support and managed to break through the resistance of 0.250 USD. At the end of the day, the volume of purchases decreased and the pair consolidated in a narrow sideways range.
On the daily time frame, Stoch RSI indicator lines entered the overbought zone. Further growth is less likely than a rollback to the Point Of Control line (0.244 USD). In the best case, the price can hold in a sideways range in the area of ??average prices.
- The given material for orientation objectives!
- I shall forgive for my English - I use the translator!)
I wish you successful trading!
