⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

The sentiment remains slightly bullish in the crypto market

Crypto Signals Brief for October 25: A Bullish Breakout Soon?

Posted Tuesday, October 25, 2022 by
Skerdian Meta • 2 min read

Last Week’s Market Wrap

This month cryptocurrencies have been quieter, after the crash early in September as financial markets panicked for a period, but the intervention from the Bank of England and the Bank of Japan helped soothe the volatility. The risk sentiment has improved somewhat this month as markets have quietened and cryptocurrencies continue to trade in a range, with volatility decreasing.

Bitcoin failed to peak above $20,000 although we were seeing some buying pressure toward the end of the week. The uncertainty in the USD and the risk sentiment has helped keep crypto coins in a range, as we await the ECB rate hike decision this week and the FED next week.

Besides the war on cryptos by the mainstream establishment, major names continue adopting Bitcoin, after  BlackRock launched a spot Bitcoin private trust in August. Last week, Google announced it will start accepting cryptocurrencies for its cloud services payment early next year, by plugging into Coinbase. Coinbase Commerce will move its “data-related applications” from Amazon Web Services to Google forms of connection between Google and Coinbase. Bank of New York Mellon launched its own Bitcoin and Ethereum custody service as well, holding clients’ private keys and providing accounting on their crypto portfolios.

This Week’s Market Expectations

This week the crypto market is looking calm again, with the range narrowing, as traders await the European Central Bank and the Federal Reserve meetings this week and next week, which will set the risk sentiment for the weeks to come. Cryptocurrencies might get going after that and if the FED sounds less hawkish, digital coins will probably move higher. They are already looking bullish so far this week, with Ethereum testing the resistance at $1,400.

Crypto Signals Update

Last week we saw some moves, although there were relatively small, so the volatility continues to decline this month. We are long on Bitcoin already and at the moment the pressure seems to the upside, but we will have to wait for the ECB meeting this week and probably the FED meeting next week.

ETHEREUM Testing the Resistance at $1,400

Ethereum has been trading sideways in a range with the top at around $1,4000, while the bottom at$1,200 and a second support zone around $,260. The 200 SMA was providing support for ETH/USD on the H4 chart last week, but this week buyers pushed the price above this moving average and now they are looking at the resistance area around $1,400. A break above it would be a bullish signal.

ETH/USD – Daily chart

BITCOIN Tests $19.000

Bitcoin has been trading sideways, above and below $20,000 for months, although in the last several weeks BTC has failed to push above that major. We saw a test of the $19,000 level while on the upside, an immediate resistance level is near $19,550. The next significant barrier is the $19,700 level and the 100 hourly simple moving average. A successful closing above the $19,700 resistance level might drive the price towards the 50% Fib retracement level of the decline from the $20,443 swing high to the $19,249 low.

BTC/USD – H4 chart

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments