Bitcoin (BTC), Ethereum (ETH) - 30th October 2021
Today is Saturday, 30th October, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Off we go!
Saturday. Bitcoin looks like it’s preparing for another crash. It hasn’t yet consolidated above the last local high, which might indicate the possibility of another nosedive, albeit within the expected downtrend ranges. At the time of this writing, BTC is trading at around $61,700.
However, even though the movement of Bitcoin may imply a price drop the short term, in the big picture we can see the formation of a falling wedge, which is likely to be followed by a huge leap up for BTC. However, this scenario can only be confirmed if BTC doesn’t break the support at around $56,000. In the worst-case scenario, we could face a price crash all the way down to $45,000. However, that is still a long way off.
Also, keep in mind that the weekend is here, and more often than not that means volatility on the cryptocurrency market.
Ethereum touched down on the $4,500 level again, but then suddenly took a U-turn and retreated. The close proximity to the previous ATH is one of the defining factors for the current behaviour of ETH, for it acts as key resistance. Overcoming it, the second-largest cryptocurrency will change the global trend to bullish and will be able to climb above $5,000.
However, now that Bitcoin is showing weakness, Ethereum has more chances than ever to update the ATH. Some alternative cryptocurrencies are already starting to shoot, so in the long term, the same is expected for ETH.
The weekend is a pretty unpredictable time for the crypto market. So I advise you not to rely too much on your biases and be prepared for drastic changes. The possibility of whales attempting to shake the money out of both longers and shorters is definitely on the cards. Also, it’s possible that the market will take us for a wild ride and flush the overleveraged on both sides of the fence. Keep that in mind when planning your trading strategies.
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I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.