THELOGICALINDIAN - After sitting about 257 billion the cryptocurrency bazaar absent 35 billion in beneath than 30 account on September 24 Since again abounding agenda assets accept begin new abutment but bears accept started to barb abroad at these areas Most cryptocurrencies are testing their account abutment trendline that started acquisition beef in May as the bazaar approaches a acute axis point
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While Holding Foundational Support, Crypto Markets Face a Fork in the Road
On October 20, agenda bill markets are meandering at levels not apparent back bounce and abounding traders are ambiguous area the alley will lead. The bazaar cap of all 2,000 cryptocurrencies is aerial about $220 billion and all-around barter aggregate is about $50 billion. BTC has wavered amid $7,900-8,090 in the aftermost 24 hours and prices are bottomward 4.7% for the week. The all-embracing BTC bazaar appraisal is $144 billion out of the $220 billion, apery 66% ascendancy over added coins.
Ethereum (ETH) is bottomward 5.4% this Sunday and anniversary ETH is swapping for $173. Behind ETH is ripple (XRP) as anniversary bread is trading for $0.29 but prices are up 4% over the aftermost seven days. The stablecoin binding (USDT) is sitting in fourth position today as lots of traders are application the bread to hedge. Binding is capturing the majority of all-around trades beyond about every agenda asset in the abridgement and USDT is trading $3.8 billion added in aggregate than BTC today.
Bitcoin Cash (BCH) Market Action
The fifth better bazaar assets is captivated by bitcoin banknote (BCH) with a absolute appraisal of about $3.8 billion at columnist time. Each BCH is swapping for $215 per bread at the moment and there’s a blow over a billion in all-around barter aggregate today. BCH is bottomward 0.44% this Sunday, and over the aftermost seven canicule the asset has absent 4.7%. Additionally, BCH is currently the seventh best traded bread beneath EOS and aloft TRX. Tether (USDT) is the top brace traded with BCH, capturing 55% of the day’s trades and BTC has about 20% of trades.
This is followed by ETH (11.6%), USD (10%), and KRW (1%). During the aftermost few weeks, honestcoin (USDH) has entered the top 10 pairs with BCH and currently sits in seventh position. The depression demography abode beyond the broader crypto markets accept acquired BCH to accelerate in amount but its has steered bright of a key abutment akin amid $195-205.
Whale Movements and Rekt Long Positions
Traders accept apparent some cogent amount movements back the end of September and during this time ample holders accept been affective massive sums of cryptocurrencies. According to Whale Alert, a Twitter bot that advance bill like BTC, ETH, XRP, USDT, EOS, BNB, and XLM, millions of dollars (occasionally a billion) in distinct affairs accept been confused by whales.
On October 17, a transaction for 9,999 BTC was apparent and millions of tethers are affective amid huge wallets and the top exchanges on a regular basis. In accession to the astronomic movements, addition tracker alleged Whalecalls shows that a agglomeration of traders arena continued positions on Okcoin are actuality asleep routinely. Similar activity can be apparent on leveraged markets on Bitfinex and Bitmex as well.
Futures Markets Might Be Smacking BTC Prices Around
People accept been bedeviled for absolutely some time aggravating to amount out why BTC prices move a assertive way. The aftermost two weeks of bearish activity accept been odd to some traders but added speculators accept the animation is stemming from futures markets. When Bakkt aboriginal launched and the amount of BTC alone decidedly on September 24, the chief bazaar analyst at Etoro, Mati Greenspan, said: “The agitator for today’s plunge, in my mind, seems to be the underwhelming barrage of Bakkt. [This is a prime example] of buy the rumor, advertise the news.”
“Bitcoin’s contempo amount bead is a aftereffect of abstruse and axiological factors, including a breakdown of the alliance range, Bakkt’s acclimatized barrage of futures, and a abrupt arrangement assortment amount drop,” explained Joe DiPasquale, CEO of Bitbull Capital, afterwards the antecedent amount drop. On October 13, Zak Selbert, arch controlling of Indexica, explained that the activity is due to BTC’s ability in acceptable basic markets.
“Now that bitcoin is a big kid, annihilation can accomplish it move, aloof like annihilation can accomplish gold or a G-10 bill move,” Selbert said. “Bitcoin is allotment of the banking mural in a actual intertwined and complete way.”
Fear and Head-Fakes
During the aftermost two weeks or longer, the accepted affect throughout the cryptoconomy has been absolutely bearish. At the time of writing, the Crypto Fear and Greed Index (CFGI) indicates that investors are assuming a akin of “fear.” However, in August the CFGI account was an 11, which acicular to “extreme fear” in attention to the crypto community’s affections and sentiments. Today’s abstracts stands at 37, which is far bigger than the summer.
The CFGI basis alone to a low of 24 on September 27, advertence that alike admitting bazaar trends accept been dreary, the accepted affect is improving. While watching BTC/USD movements on October 17, abstruse analyst John Bollinger declared that there was a achievability of a “head-fake.” Essentially, a head-fake is back an asset’s amount makes a beat in the about-face administration out of boilerplate but commonly back prices blow abutment foundations.
All Eyes Are Watching Crypto Charts, Indicators and Any Signs of Forecast Signals
At the time of publication, best agenda asset prices are abnormality aimlessly aloof aloft the abutment levels captivated months ago. Traders accept their eyes bald while carefully watching affective averages, liquidity, all-around barter volumes, and above abutment or attrition levels. It’s safe to say that alike the best clear-sighted analysts do not apperceive which way crypto markets will beat from here. However, adept traders accept actual able-bodied that bazaar prices are at a cardinal position and face a angle in the road.
Where do you see the cryptocurrency markets branch from here? Let us apperceive what you anticipate about this accountable in the comments area below.
Disclaimer: Price accessories and bazaar updates are advised for advisory purposes alone and should not be advised as trading advice. Neither Bitcoin.com nor the columnist is amenable for any losses or gains, as the ultimate accommodation to conduct a barter is fabricated by the reader. Always bethink that alone those in ascendancy of the clandestine keys are in ascendancy of the “money.” Cryptocurrency prices referenced in this commodity were recorded at 11:30 a.m. EDT.
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