Bitcoin was once again unsuccessful in breaking above $20,400 and also took a hit when Federal Reserve Bank of Atlanta CEO Raphael Bostic said that the FED’s fight against inflation is still in its early days.
As a result, Bitcoin is currently facing a lot of selling pressure even though S&P 500 is holding quite well. If we fall below $19,800 BTC could swiftly move toward lower lows because the leverage ratio is at an all-time high right now. High open interest in the last few days also indicates that the majority of positions are long — reflective of retail sentiment.
Top altcoin gainers and losers
BTC Technical Analysis
We can see a clear double top formation from both failed attempts at breaking through \(20,400. The current move to the downside towards the neckline of this formation seems promising due to increased volume. If we break through to the downside, we can expect \)19,300 to be our next stop.
Bull can expect a bounce from $19,300, however, the momentum over the next few weeks will rely largely on macroeconomic news such as the CPI release on October 13.
ETH Technical Analysis
Ethereum had a breakout out of this symmetrical triangle with a target of \(1,490, however, with the current market situation, this appears to be a bull trap like before. The pivot point of Ethereum is extremely clear. Any bounce from \)1,327 can lead to a re-attempt and losing \(1,327 could lead to a pullback down to \)1,280.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
For more daily updates and news, follow us on Twitter.
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.