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.