Bitcoin Stays Stagnant under $11,625
The BTC/USD pair opened Thursday’s, 15th October, session at $11,443. The price was trading sideways until 8:00 UTC when a local descend to the day’s low at $11,280 began. The price, however, steadied at $11,330 between 10:00 and 12:00 UTC; after that an upside reversal began, which saw the pair near the $11,625 resistance level. But even before reaching it the bullish body of the 20th hourly candle contracted rapidly, producing a shooting start pattern at 21:00 UTC.
This bearish candlestick pattern played out as it should, taking the price lower during the evening hours of the day. However, at the close of Thursday’s session, the pair was at $11,517 – 0.77% above the open.
The day’s price action shows that there is forming a local sideways channel between $11,330 and $11,574. Amid the upside retracement that began last week, this shows that the buyers have locked in their profits and are accumulating new liquidity in this sideways fluctuation for the continuation of the uptrend. The breakthrough above $11,625 is most likely to take place the week of 19th October.
Ethereum Slips below $378
The ETH/USD pair showed much less price action on Thursday, 15 October, than BTC/USD did. The pair opened at $378.3 – a few cents above the $378 daily support – and began the day in a sideways fluctuation. The first notable price action took place at 9:00 UTC through to 12:00 UTC, which saw the pair drop to $373.
At noon, an upside retracement began, which took Ether above the $378 daily support level as high as $381.1 – the day’s high – between 20:00 and 21:00 UTC. However, in the last three hours of the day the pair dipped below the support level, closing the day at $377.8.
Ether’s price action during the day shows that there is still some bullish sentiment behind the smart-contract leading cryptocurrency. But on the back of Bitcoin adding 0.77% Ether looks too vulnerable closing in the negative territory. In case Bitcoin loses some of its recent gains and closes a few daily sessions in the red, it may nullify all of Ether’s upside retracement that it has made since 7th October.
Executive Director at CEX.IO