Konstantin Anissimov, executive director at CEX.IO
On Thursday, 22nd October, Bitcoin slowed down its rising pace, having added $243 by 17:00 UTC. BTC/USD was mainly trending sideways during the day. The pair began the day at $12,835 and edged slightly down below the level of the open in the first five hours of the day, forming a local support level at $12,728. With modest volatility, the pair continued upwards in a wavy pattern, climbing to the day’s peak at $13,095, as of 18:00 UTC.
Thursday’s slowdown in Bitcoin’s ascension indicates that the traders have locked in some of their profits generated during Wednesday’s spiky session. Also, there was a visible contraction in overall trading volumes in BTC/USD, compared to those a day earlier.
Looking into the end of this week, we are eligible to see Bitcoin keeping its place above $12,900 since there is no capital resistance for Bitcoin until $13,949. The only local resistance formed during Wednesday’s bull ride stands at $13,219. It may create a slight accumulation of selling volume at the price level and serve as a target level for day traders to claim their profits at. But it will have no significance for the price action on the daily timeframe.
Ethereum was demonstrating a healthy-looking continuation of Wednesday’s bullish price action, making a lot more progress than Bitcoin on Thursday, 22nd October. ETH/USD opened Thursday’s session at $390.50 and instantly began trending up, having jumped above 1.5% in the first two hours of the day. Later on, the volatility reduced until 8:00 UTC, with the price mainly going sideways.
At 8:00 the main upside move began and continued until noon; the spike took Ether to $415.75 at the close of the 12th hour. In the next hour, the price dropped a little in a corrective move. From 13:00 until 18:00 UTC, the pair was edging up and reached a high of $418.50 between 17:00 and 18:00 UTC.
Projecting the price action of the ETH/USD pair for the rest of the week, we may expect a little more bullishness from Ether in an attempt to shorten its lag from Bitcoin. A little cash flow from Bitcoin into Ethereum is also probable since there is clear headroom for Ether to grow further up to the 0.786 Fibonacci level at $432.5, which is the most prominent target level for ETH/USD for the rest of the week of 19th October.
Executive Director at CEX.IO