Kraken Daily Market Report for October 22 2020

Kraken Daily Market Report for October 22 2020

Key Support Levels: $11.50, $11, $10.50.
Key Resistance Levels: $12.33, $13, $13.50.

LINK bounced higher from the support at $8.77 at the start of October. From there, it started to form an ascending price channel. The coin recently bounced higher from the lower boundary of this price channel as it reversed from the $9.80 support on Wednesday.

Yesterday, LINK pushed as high as $12.33, where it met resistance at a bearish .5 Fib Retracement combined with the channel’s upper boundary. LINK is now trading at $12 as it faces the $12.33 resistance.

If the buyers can break the resistance at $12.33 and push above the channel’s upper boundary, the first level of resistance lies at $13. Above this, resistance is expected at $13.50 (bearish .618 Fib), $14, $14.72, and $15.20 (bearish .786 Fib).

On the other side, the first level of support lies at $11.50. Beneath this, additional support lies at $11, $10.50, $10, and $9.80 (lower boundary of price channel).

There is some bearish divergence that could potentially be forming between RSI and the price. It will be important to watch this divergence to see if it plays out over the next few days as it could potentially send LINK toward the lower boundary of the price channel again.

Key Support Levels: 0.0009 BTC, 0.000868 BTC, 0.00082 BTC..
Key Resistance Levels: 0.00094 BTC, 0.001 BTC, 0.00108 BTC.

Against Bitcoin, LINK is currently trading at the 0.0094 BTC resistance level. The buyers attempted to break above 0.001 BTC earlier in the month but failed miserably. A bearish .382 Fib Retracement level provides the resistance here, and it caused LINK to roll over until support was found at 0.00082 BTC a few days ago.

Since reaching this support, LINK has rebounded higher and is now facing resistance at 0.00094 BTC before it can make another attempt at 0.001 BTC.

Looking ahead, once the buyers break 0.00094 BTC, the first level of resistance lies at 0.001 BTC (bearish .382 Fib). This is followed by resistance at 0.00108 BTC (bearish .5 Fib), 0.00112 BTC, and 0.00116 BTC (bearish .618 Fib).

On the other side, the first level of support lies at 0.0009 BTC. This is followed by added support at 0.000868 BTC, the rising trend line, 0.0008 BTC, and 0.00075 BTC (downside 1.414 Fib extension – purple).

The Stocahstic RSI recently produced a bullish crossover signal that allowed LINk to rebound higher.

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Cryptocurrency charts by TradingView.

Source: news.coingenius.ai

Author: Published 15 hours ago on October 23, 2020

By Republished by Plato


CRYPTO SPECIAL REPORT: Zilliqa: Making a competitive play to capture the ASEAN Open Finance Market - FSInsight

CRYPTO SPECIAL REPORT: Zilliqa: Making a competitive play to capture the ASEAN Open Finance Market – FSInsight

Source: fsinsight.com


Bitcoin Creates Strong Tailwind as Traders Rotate Capital into Altcoins

Bitcoin Creates Strong Tailwind as Traders Rotate Capital into Altcoins

  • Bitcoin’s price has begun consolidating following its immense surge seen throughout the past 48 hours
  • Yesterday afternoon, it rallied as high as $13,200 before it found any strong resistance that forced it lower
  • Unlike the trend seen during fleeting upsurges, Bitcoin did not retrace that far into its recent rally following the rejection at these highs
  • This indicates that bulls are in control of the asset at the moment and may indicate that further upside is imminent
  • One analyst is noting that he is taking some steps to hedge his Bitcoin exposure. He said that he is now rotating into altcoins
  • Bitcoin and the entire crypto market have been caught in the throes of a firm uptrend. While, initially, BTC was the only asset to rally, altcoins are now catching up as they follow Ethereum higher.

    This recent price action has been different than rallies seen in the past, as it is being driven by a combination of immense technical and fundamental health.

    It is important to note that it has also allowed BTC to shatter its previously strong correlation to the stock market.

    One analyst believes that altcoins may start outperforming Bitcoin in the near-term. He notes that they are starting to look increasingly “attractive” following their overnight surges.

    Following Bitcoin’s slight rejection at $13,200, the altcoin market has posted a significant rally.

    Much of this has come about due to Ethereum’s strong break above $400. This sent massive inflows of capital flowing into smaller coins and appears to be reigniting the “altseason” that was lost as a result of the recent multi-week selloff.

    If Ethereum continues matching Bitcoin’s strength, it does seem as though altcoins could rally in tandem.

    While sharing his thoughts on the market, one analyst noted that he is now hedging his Bitcoin exposure and beginning to rotate capital into altcoins.

    “I actually hedged my BTC longs at 12.9, believe it or not. I don’t know, feels like something is shifting. Altcoins are looking much more attractive now. Let’s see what happens, I’m going with the flow.”

    If altcoins do begin exceeding Bitcoin’s moment, there’s a strong chance that those residing within the DeFi sector will see the largest gains, as they have been heavy sold over the past few weeks.

    Source: crytonow.com

    Author: adminhttps://crytonow.com


    Kraken Daily Market Report for October 22 2020


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