Bitcoin and Ether Market Update October 15, 2020
Total crypto market cap is flat value since Monday morning and still stands at $360.6 billion. Top ten coins are showing mixed results for the last 24 hours. Bitcoin Cash (BCH) added 4 percent to its value while Polkadot (DOT) lost 2.9 percent. At the time of writing bitcoin (BTC) is trading at $11,410 on the Bitstamp daily chart, ether (ETH) fell to $379. Ripple’s XRP is hovering around $0.25.
Bitcoin formed its fifth consecutive green candle on the daily chart on Sunday, October 11, and closed the week at $11,368 or right below the horizontal weekly resistance at $11,500. The coin was 6.5 percent up for the seven-day period.
What is more important is that during the last few sessions, BTC was showing some strength in the trading volumes and rising momentum, which helped it maintain its positions above $11,100 and the diagonal resistance line coming down from the last registered high on August 12 (white-dotted line on our chart.
The BTC/USD pair climbed above the mentioned resistance zone on Monday and ended the day at $11,542. We saw some great volatility as the leading cryptocurrency was moving in the $11,730-$11,164 range during intraday. It’s worth noting that the levels around $11,150 will most probably serve as temporary local support if bulls remain strong.
On Tuesday, October 13, BTC made a short pullback to $11,430 and re-entered the weekly resistance zone.
The mid-week session on Wednesday was again quite volatile, but neither bulls nor bears could take over control and the price remained closed to the above levels even though we saw it moving up and down in the $11,552-$11,270 range.
The 24-hour trading volumes jumped up by 30 percent -from $16 billion on Sunday to $21 billion on Monday. They remained stable at around $20 billion in the next two days of trading.
The Ethereum Project token ETH was on its way up ever since it found support at the 100-day EMA at $340 on October 7. The coin closed the previous seven-day period with a 5.6 percent increase after it climbed to $373 on Sunday, October 11.
It started trading on Monday by touching the monthly resistance at $395 during intraday. Bulls were rejected there but still managed to build a solid green candle to $285, adding another 3.2 percent to its value.
On Tuesday, October 13, it corrected its price down to $381, following BTC’s example.
The third session of the workweek brought another small loss for ETH, this time it fell to $378.
The next projected resistance for the ether naturally is the $390-$394 zone monthly resistance. The next major support is the daily S/R level at $360, but we can expect some fight around the 50-day EMA, acting as a dynamic support.
The 24-hour trading volumes climbed up from $9 billion on Sunday to $12 billion on Tuesday then remained stable around $10 billion for the following two days.