On Monday, October 29, bitcoin prices were red on price charts as the bears dominated the bulls. This is following the Sunday hacking of a Canadian exchange firm- Maple Exchange that led to the loss of holdings in Bitcoin among other digital tokens. Prices were at the $6500 mark with the bears predicted to take charge of the market in the short term.
Bitcoin candle turns green
Today, the candlesticks turned green after prices took a slow upward trend. Price is at a monthly lower low of $6341 on four-hour charts with the bearish trend likely to test the $6200 support level in the coming days.
Bitcoin’s performance today is akin to that of all other major cryptos, indicating reduced investor confidence. This can be attributed to periods of prolonged high-stability and low volatility. During such periods, investor sentiments tend to be towards avoiding trades.
Ethereum’s Southside surge
As was with the Bitcoin, Ethereum today also fell. However, its dip was more unprecedented than Bitcoin’s. This is following the October 12 fall below the psychological price level of $200. If the bulls do not increase momentum, a southward surge would see support down to the levels of $187.
A trend on chart patterns indicated attempts to consolidate a price level for all major cryptos. A triangular contracting pattern on technical market analysis charts showed slow progress. However, a decline in price value and decreased market activity shows there are little or no investors willing to risk their funds.
As is with the other cryptocurrencies, Monero (XMR) also continues to take a slow decline albeit with more modesty than Ethereum. It is currently trading at $107.90 and continues to descend through the support level of $100 which has not been breached. Resistance on four-hour charts stands at around the $104 mark. If the bulls increase momentum, the market correction would be precipitated and price pushed to around $103. Having taken sharp declines between October 11 to October 15, this coin is unlikely to fall below its support levels.
Crypto prices are forecasted to continue consolidating as they attempt to either surge upwards or keep descending. The bears are however expected to dominate the market unless the bulls can increase momentum that would see the market correct itself.