October 24th Market Analysis from LBank Derivatives
BTC
Yesterday we saw good growth in the digital currency market. Bitcoin(BTC/USD) made an upward move by fake breaking the $19,150-$19,100 range, and a move toward the 19,300 resistance was more likely to break it. Also, the downtrend line inside the channel turned into support, and Bitcoin hit the previous ceiling resistance at $19,650. Considering that this area is also an important resistance, and on the other hand, a positive reaction to the $19,300 range has been observed, there is a possibility that a small range trend will be observed in this range. But still, the short-term tendencies of the market could be bullish as long as the support of Bitcoin is maintained in the $19,100 range.
Resistance level to watch out for: $20k
Support level to watch out for: $18k
ETH
ETH(ETH/USD) posted a 5% gain on the chart yesterday, holding tight support at $1,300. The price of this currency crossed the $1,320 range yesterday with a high trading volume, and the $1,340 resistance was also broken. Now the support range we can consider for Ethereum is $1340 to $1330. If signs of support are observed and reversal patterns are formed, there is a possibility that the price will continue to grow to the targets of $1400 and $1450 for Ethereum. We can also consider an upward trend line for Ethereum. As long as this dynamic support is maintained, Ethereum’s short-term trend will be bullish.
Resistance level to watch out for: $1400
Support level to watch out for: $1250
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