Cryptos Tight To Open October

Posted Friday, October 4, 2019 by
Shain Vernier • 1 min read

We are into the 10th trading month of 2019 and cryptos have settled into a week-long consolidation pattern. Prices of the major coins are showing both moderate volatility and participation. At least for the time being, October has opened quietly for cryptocurrencies.

The past seven days on the cash markets have been relatively stable by cryptocurrency standards. Here is a quick look at how the top five coins have fared:

Coin                                           %Gain/Loss     Key Number

Bitcoin BTC                               +0.07%               $8000                       

Bitcoin Cash (BCH)                     +1.59%                $225 

Ethereum ETH                          +1.93%                $175            

Litecoin LTC                              +2.68%                $55  

Ripple XRP                                 +5.9%                  $0.25

On the news front, this week has been a quiet one for cryptos. About the only news worth noting are reports that the U.S. House of Representatives Financial Services Committee is pressuring Mark Zuckerberg to testify on Libra. Anonymous sources are stating that the committee will not sign off on Libra until Zuckerberg makes an appearance on Capitol Hill. January of 2020 is being alluded to as the deadline for his testimony.

Bitcoin Leads Muted October Action In Cryptos

Bitcoin has entered a heavy rotational pattern in the immediate vicinity of $8000. With no rumors or fundamentals to drive participation, volatility has all but dried up.

October Bitcoin Futures (BTC), Daily Chart cryptos
October Bitcoin Futures (BTC), Daily Chart

For October BTC, there are two levels worth watching:

  • Resistance(1): 38% Current Wave Retracement, $8780
  • Support(1): Swing Low, 7710.00

Overview: For the time being, BTC is caught between $8500 and $7500. Barring any charged news items, BTC is likely to hold this range for the near future. If so, cryptos, in general, are in a position to follow suit.

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