Bulls seem content to watch Bitcoin price trade in its multi-month range and altcoins are likely to mirror BTC's price action.
A trending move in an asset class attracts traders, while a dull price action drives investors to the sidelines. Bitcoin has largely been stuck in a range for the past several months, which could be one of the reasons for the drop in spot volumes. Bloomberg reported on Oct. 11 that Coinbase’sWhile the short-term remains uncertain, traders need to be watchful because long consolidations are generally followed by an explosive price action.
A rally above the 20-day EMA will be the first indication of strength. The pair could then climb to the stiff overhead resistance at $28,143. This is an important level to watch out for because a close above it could signal the start of a short-term up-move.) dipped to the critical support at $1,531 on Oct. 12 but a minor positive is that the bulls successfully held this level.The RSI is showing signs of a positive divergence, indicating that the bearish momentum may be weakening.
On the contrary, if the price turns down from the moving averages, it will indicate that every minor rise is being sold into. A break below the $203 support will complete a descending triangle pattern, which could start a downward move to $183.) fell below the uptrend line on Oct. 11, indicating that the bullish pressure is reducing. The drop suggests that the price will continue to oscillate between $0.41 and $0.56 for a while longer.There is support at $0.
Contrary to this assumption, if the price continues lower and skids below $0.24, it will indicate that the bears are in no mood to relent. That could clear the path for a fall to $0.22 and eventually to $0.20.The bears will try to sink the price to the vital support at $0.055. This level is likely to witness strong buying by the bulls. If the price rebounds off this level, the DOGE/USDT pair may consolidate between $0.055 and $0.06 for some time.
Instead, if the TON/USDT pair turns down from the moving averages, it will suggest that the sentiment has turned negative and every relief rally is being sold into. That will increase the risk of a fall to $1.60.) continued its decline in the past few days and reached near the target objective at $3.50 on Oct. 12. This level is likely to act as a solid support.On the way up, the 20-day EMA is the key level to keep an eye on.
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