BTC price tests $21K as markets rally ahead of next week's FOMC
Bitcoin has woken up from its slumber and has been taking down multiple LTF resistance levels since yesterday. Having recently surpassed \(20,500, the market leader is currently trading at just under \)21,000. Meanwhile, DXY has been trending lower, down 1.3% for the day with the next support at 106. Equities have also been doing well with a 1.8% gain for the day and targeting 4,000 for the next week.
Overall, the market conditions look encouraging for bulls, but it is early to call anything definitively.
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BTC Technical Analysis
Bitcoin Technical Analysis
Bitcoin price has rallied harder than equities, gaining 4.7% for the day. Bulls may still be wary of this rally — unsure whether it’s the start of another bull run or another exit rally. The Nov. 2 FOMC will likely shed more light on the future dynamics. As far as price action is concerned, BTC has to overcome the range between \(21,000 and \)21,500 before bulls can start looking at higher resistance levels. If we fall once again to sub $20,000, bears may start jumping back into action, after having been liquidated en masse by the latest move.
ETH Technical Analysis
The price of ETH broke out of its symmetrical triangle — as highlighted in our previous updates — and reached its target of \(1,530. Currently, it's trading at \)1,550. It already fulfilled the imbalance of buyers and sellers between \(1,400 and \)1,490 and its next target could be $1,700 which is a pivot point and major support from the May 2021 crash.
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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.