Ethereum gained 6.4% this week, as it continues its climb within an ascending price channel. After ETH gained support, the price channel was formed and reversed at $2800.
Last week, ETH hit resistance at $3600 and fell to support at $3400. On Wednesday, it bounced back from $3400 as it reached the lower border of the price channel. Yesterday, ETH broke $3600 and pushed higher to resistance at $3790. (Bearish.786 Fib).
If the bulls break $3790 the first strong resistance is at $4000. The next three are $4060 (1.414 Fib Extension blue), $4200 (4282 and $4400).
The first support is at $3670. The next support is at $3670 (.236 Fib and lower boundary of price channel), $3580 (.382 Fib) and $3400 (.382 fib & 50 day MA), $3350, $3350, as well as $3200.
Daily Chart ETH/USD Source: TradingView.
ETH continues its struggle against BTC this week as it continues to trend lower within a descending price channel. Since September’s beginning, ETH has been losing ground against BTC. It fell to 0.078 BTC. It fell for two more months before breaking crucial support at 0.0643 BTC (0.618 Fib) last Wednesday.
This week, ETH dropped as low as 0.06 BTC Tuesday. It found support at the downside 1.414 Fib Extension 0.0615 BTC, and the 200-day MA. ETH has bounced higher since hitting this support but is still struggling to overcome resistance at 0.066 BTC.
The first resistance is at 0.066 BTC. The next resistance is at 0.068 BTC (upper Angle of the Price Channel), 0.0691 BTC and 0.07 BTC (50 day MA) respectively.
The first support is at 0.0632 BTC. The next support is at 0.0625 BTC (200-day MA), 0.0615 BTC(downside 1.618 fib Extension), 0.06 BTC and 0.06 BTC.
Daily Chart ETH/BTC Source: TradingView.
XRP gained a modest 5% this week, but it still remains above its 50-day MA. XRP trades within an ascending price channel, similar to ETH. It formed in October. It managed to surpass the 50-day MA of $1.10 at the beginning of the week and reached $1.25 (Feb 2018 highs).
XRP was unable to overcome resistance at the upper angle and began to roll over from there. It is currently testing support at the lower angle and has not fallen below the 50-day MA.
The 50-day MA is the first support and it’s at $1.10. The $1.05 (20 day MA), $1.00 (220-day MA) and $0.95 (1100-day MA follow.
The first resistance is at $1.15. The next resistance is at $1.15 (Feb 2018 highs), 1.36, $1.40 and $1.60 respectively (bearish.786 Fib).
Daily Chart: XRP/USD Source: TradingView.
XRP has lost significant ground at 1940 SAT this Week as the coin slips to a new 2-month-lower price today, after hitting 1860 SAT (0.786 Fib). Since September began, the coin has been falling steadily in a downward price channel.
After falling below 2000 SAT, the buyers received support at 1940 SAT last week. The support at 1940 SAT looked like it would hold, but today this broke.
The first support is at 1860 SAT (0.786 Fib). The 1800 SAT (July 2020 high), 1735 SAT (0.886 Fib), 1700 SAT are next.
The 1940 SAT (previous support) is the first resistance. The 2000 SAT, 2075 SAT (20 day MA), 2150 SAT (100%), and 22250 SAT (2250 SAT) follow.
Daily Chart XRP/BTC Source: TradingView.
Cardano was unable to recover from a 5% drop this week, which caused it to trade below the 20-day MA. At the end September, support was found at $2. The coin has traded in a range of $2 to $2.35 since then (bearish.382 Fib in October).
ADA also trades below a falling trendline that dates back to September. If ADA breaks above the range’s upper boundary, it could begin to rebound to the all-time highs.
The first resistance is at $2.20 (20 day MA). The next resistance is at $2.35 (bearish.382 Fib), 2.40 (50 day MA), and 2.50 (bearish.5 Fib).
The second support is at $2.00 (100-day MA and.618 fib). The $1.88 (downside Fib Extension), $1.80 and $1.72 respectively (200-day MA) follow.
Daily Chart ADA/USD Source: TradingView.
BTC is also being hampered by ADA, which sets a new 2-month low at 3620 SAT. The coin dropped below a descending price channel but found support at 4000 SAT last week.
ADA fell below 4000 SAT Monday, as it was below the 200-day MA to support 3760 SAT (3.786 Fib). Today, ADA dropped to 3620 SAT.
If the bears push below 3620 SAT, then 3500 SAT will be their first support. The bears will then push below 3410 SAT (downside 1.272 fib Extension), 3200 SAT and 2065 SAT (2065 Fib & August support).
The first resistance is at 3760 SAT. The next are 4000 SAT (200 day MA), 4295 SAT and 4500 SAT respectively (100 day MA) and 4670 SAT.
ADA/BTC Daily Chart. TradingView.
The DOT has risen by 18% in the last week, as the coin moves back above $40. DOT reached support at $26.22 towards the end September, and has since rebounded. It climbed higher during the first week in October, reaching resistance at $37.50 (September resistance).
On Wednesday, DOT soared above $40 and reached $42.50. Since then, it has fallen slightly to trade at $40.
The first support is at $39.20 (.236 fib). The next support is at $37.50, $34.70 (.236 Fib & 50 day MA), $32.40, and $30.
The first resistance is at $41.35 for bearish.786 fib. The next resistance is at $42.50 (bearish.886 Fib), $45.30, $46.70 (1.272Fi bExtension), $48.50 and $50.
Daily Chart DOT/USD Source: TradingView.
ADA is currently trying recover from the September highs against BTC. The coin gained support at the 200-day MA of 6000 SAT earlier this week, and then rebounded higher.
The ADA would surpass the 50-day MA on the week and reach 7500 SAT Wednesday. ADA failed to close a daily candle over 7286 SAT (bearish.618 fib). It has since fallen to the 50 day MA.
The first support is at 6500 SAT (20 day MA). Then follow 6000 SAT (220-day MA), 5760 SAT (0.5 Fib) and 5500 SAT (1100-day MA).
7000 SAT is the first to resist. The 7285 SAT (bearish.618 fib), 7500 SAT and 8000 SAT are next. Additional resistance is found at 8310 SAT and 8500 SAT (bearish.786 fib), as well as 9000 SAT (bearish.886 fib).
Daily Chart DOT/BTC. Source: TradingView.
MATIC has risen 20% in the last week, reaching $1.60. MATIC was in a downward price channel for most of September, until support at the 200-day MA was reached at $1.05. It rebounded from there and broke above that price channel at the beginning of October.
MATIC failed to surpass $1.35 as October progressed. MATIC dropped to $1.20 on Wednesday. However, it has since rebounded. MATIC reached $1.60 today, an all-time high.
The first resistance is at $1.60. The next resistance is at $1.60 (bearish.618 Fib), $1.80, September highs, $2.00, 2.05, and 2.15.
The first support is at $1.40. The next support is $1.31 (.382 fib), $1.17(.5 Fib) and $1.05 (1.618 Fib).
Daily Chart MATIC/USD Source: TradingView.
Against BTC MATIC began the week below support at 2277 SAT and fell to as low as 2015 SAT on Tuesday (downside 1.414 fib Extension).
Bulls regrouped and eventually pushed above the 200-day MA today, reaching as high as 2750 SAT.
If the buyers break 2750 SAT the first resistance is at 3000 SAT (bearish.618 fib). The next steps are 3175 SAT (bearish.786 fib), 3000 SAT and 3630 SAT.
The second support is at 2500 SAT (200 day MA). The next support is at 2430 SAT (0.786 Fib), 2277 SAT (0.886 Fib), 2113 SAT (1.866 Fib), and 2015 SAT.
MATIC/BTC Daily Chart. TradingView.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.