October 26th Market Analysis from LBank Derivatives
BTC
BTC(BTC/USD) breakout the descending triangle and retests above it. The volume is very low in this breakout. MA50 is also acting as a resistance. Still, the price is in a contraction phase. A move above the local resistance of $20,500 with a high volume will confirm a decent bullish rally in the market.
BTC bounced after doing a successful breakout and retest of the long descending triangle. Currently, it is facing local resistance below the $20,500 level. As BTC is trading in a range from $18,500 to $20,500 for 42days. So this is the main resistance level for bulls to break this range and a solid break above $20,500 would be the confirmation of the continuation of bullish momentum in the market.
Resistance level to watch out for: $20.7k
Support level to watch out for: $18.1k
ETH
Today, ETH(ETH/USD) broke through the first local trend line and is trying to consolidate above it.
A set of ETH(ETH/USD) longs from $1400–1450 is now justified and looks safer. The potential for growth is in the area of $2000–2100. We think it will be difficult for the ETH price to break above $2000–2100 the first time.
After all, $2000–2100 is a strong liquidity zone, which in 2021 has repeatedly acted as support, and in 2022 — as resistance from above. There is also a trend line in this range, which is the main resistance of sellers and indicates a downtrend for a year since November 2021.
Resistance level to watch out for: $2000
Support level to watch out for: $1400
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