On the 15th of October, the cryptocurrency market enjoyed a bullish boost that took the price of almost every cryptocurrency over the moon. While most of the October 15th gains have been lost, the price of major cryptocurrencies are still above their most recent lows. The bull run was initiated after Fidelity Digital Asset launched a platform to offer institutional investors a secure environment for penetrating the industry.
How Did The Announcement Affect The Price Of Cryptocurrencies
Bitcoin (BTC) Price Analysis
The price of Bitcoin was bullish on the 15th. On the 16th, however, it started consolidating its loses below the resistance at $6,831.99. The price was supposed to continue moving upward after this but it didn’t. The bulls must stay above the significant support at $6.085.04 and $5,900 if it is to avoid more decline.
Bitcoin (BTC) Price Today – BTC / USD
Ethereum (ETH) Price Analysis
Ethereum, just like Bitcoin, was bullish on the 15th and started consolidating on the 16th. However, as of the 17th, the bears had pushed the price into a range bound level below the relative strength index and the two moving averages.
The bulls will only be able to scale through if the ETH to USD pair doesn’t fall below the crucial support at $192.50. Breaking this support will make way for more loses below $167.32. If the bulls are able to regain momentum and the price rallies above the overhead resistance, it will move all the way up to the $322.57 level.
Bitcoin Cash (BCH) Price Analysis
The price of BCH is currently within a symmetrical triangle awaiting a breakout or breakdown as it trades below the two EMAs. The bears have more control over the market as the relative strength index is below 50 in the negative territory.
If the price should breakdown, a downward trend will resume. However, the $408.09 low of September 11 will most likely serve as support against lower loses. Bitcoin Cash (BCH) will only be able to go back fully into the bullish territory if it can breakout of the contracting triangle. It’s better for traders to stop at $400.
Bitcoin Cash (BCH) Price Today – BCH / USD
EOS (EOS) Price Analysis
Yesterday, EOS was trading in range between $6.8 and $4.4. At the same time, the moving averages were flat while the relative strength index was neutral. This shows that neither the bulls nor the bears had control of the market. If the price breaks out, an uptrend will start above the overhead resistance which is currently at $6.8. If this happens, EOS will have a boost above the all important high of $9. On the other hand, if the bears fall below the support at $4.49 it will fall lower below $3.8 before a correction will start. Traders should schedule stops at $4.90.
EOS Price Today – EOS / USD
The weekend is already here. How these cryptocurrencies trade today will determine if the weekend will be bullish or bearish. However, things are currently in favor of the bears.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.