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29th October: Bitcoin Up 2%, Ethereum Holds On To Above $389

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by Konstantin Anissimov · 2 min read
29th October: Bitcoin Up 2%, Ethereum Holds On To Above $389
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Konstantin Anissimov, Executive Director at CEX.IO, shares his insights about the Bitcoin (BTC) and Ethereum (ETH) price movements on October 29th.

BTC/USD

On Thursday, 29th October, BTC/USD was rising steadily, with the price rate bouncing off the recently formed intraday support area between $12,930 and $13,150. Opening at $13,274.5, the price went mildly down after six hours of low-volatility sideways fluctuation, reaching $12,995 at the day’s low. But the buying volume increased there and sent BTC/USD to a high of $13,618 as of 17:00 UTC.

This rising move is well in line with the technical intraday situation in Bitcoin the week of 26th October. There is a good chance that the price will reach $13,800 on Friday; after that the traders may try to accomplish the key psychological goal for this year of reaching $14,000. However, after that happens most likely the price will fall down considerably since there will be a substantial contraction of buying volume, while buyers will be locking in their profits.

ETH/USD

For Ethereum, the Thursday of 28th October was less optimistic than it was for Bitcoin, as Ether continues to struggle above and below the 0.618 Fibonacci level at $389. With the ETH/USD cross rate opening the day right under this level at $388.9 the pair was falling below and rising above it during the day. For the first six hours of the day, the pair managed to stay above the level but then eventually slid down as low as $382.3 between 12:00 and 13:00 UTC. However, that hourly candlestick finished in a handing man, making grounds for an intraday upside reversal. The reversal came through but only until a local resistance level at $392.3, with the hourly candlestick finishing in a shooting start and signaling a possible second downside move of the day.

The situation remains very challenging for Ethereum. Fundamentally, much depends on the Ethereum 2.0 beacon chain implementation, and the technical situation suggests that a modest recovery to $413 will be the best-case scenario in the near term. But a continuation of downside dynamics is a more probable course of events for ETH/USD in the near future, since even apparently positive price action in Bitcoin barely helps Ethereum stay level. A further correction of ETH/USD to the $378 support level toward the end of the week of 26th October is a strong possibility.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, Guest Posts
Kseniia Klichova
Author: Konstantin Anissimov

Executive Director at CEX.IO. His area of responsibility includes customer relationships with institutional and VIP-clients, overseeing the creation of the company’s development strategy, new products, markets and partnerships. As a member of the board of directors, Konstantin is also responsible for corporate governance.

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