Bitcoin fights for $19,000 as Q3 earnings season arrives
Bitcoin has been held up by \(19,000 support for far too long despite its lagging performance compared to equities. However, we may see some volatility again in traditional markets as earnings season approaches. Bull will be hoping some of that volatility propels Bitcoin out of this range — either into the \)21,000s or below $18,000.
Meanwhile, SPX was unable to complete its double bottom formation and got rejected off of the trend line at 3,775. DXY on the other hand was able to complete its double bottom pattern and had a breakthrough from 112.49 to 113 which led to some correction in the crypto market.
Top altcoin gainers and losers
BTC Technical Analysis
Bitcoin has been trading in a descending triangle for the last 12 hours. This is a bearish pattern that almost always breaks down. Since every bounce makes a lower high it showcases buyer exhaustion and weakening of the support level on every retest. In the immediate term, we may see Bitcoin price losing $19,000, and will be interesting to see if bulls fight for a strong reclaim.
ETH Technical Analysis
ETH price is currently waiting on Bitcoin to pick a direction as it’s been unable to make any moves on its own since post-merge. However, we can see a symmetrical triangle being formed on the daily timeframe which can break out in any direction, with the upside being as high as \(1,505 and the downside as low as \)1,105.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.