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Crypto Price Analysis & Overview October 23rd: Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash

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Bitcoin

Bitcoin saw a very strong 13% price increase over the past seven days which allowed it to break above the $13,000 handle. At the start of October, Bitcoin managed to penetrate above a symmetrical triangle pattern which was the first sign that a bull run was about to form.

After the breakout, it managed to push as high as $11,600 before stalling. Last Friday, Bitcoin was trading at around $11,200 as it rebounded and started to push higher. It quickly reached the $12,000 level and broke above here on Wednesday. The coin continued upward until resistance was met at $13,000 – where it currently trades.

Looking ahead, once the buyers break $13,000, the first level of resistance lies at $13,200. Above this, resistance lies at $13,416 (1.414 Fib Extension), $13,500, $13,600, $13,815, and $14,000.

On the other side, the first level of support lies at $12,550 (.236 Fib Retracement). Beneath this, support lies at $12,400, $12,125 (.382 Fib Retracement), $12,000, and $11,800 (.5 Fib Retracement).

btcusd-oct23
BTC/USD Daily Chart. Source: TradingView

Ethereum

Ethereum witnessed a strong 10.5% price increase this week as it climbed above $400 to reach $418 today. Last Friday, Ethereum rebounded from the 2019 high at $264 and pushed higher into the short term falling trend line.

Ethereum went on to break this trend line on Wednesday as it surged higher to reach $400. Yesterday, the buyers pushed beyond $400 to spike into the resistance at $421.50 (1.414 Fib Extension). Unfortunately, it was unable to close the daily candle above the lower resistance at $416 (bearish .618 Fib Retracement).

Moving forward, if the buyers break the resistance at $421.50, higher resistance lies at $434 (1.618 FIb Extension), $439 (August 2018 Highs), and $445 (bearish .786 Fib Retracement). Beyond $450, added resistance lies at $462 (bearish .886 Fib Retracement), and $476.

On the other side, the first level of support lies at $410. This is followed by support at $400, $389 (.382 Fib), $377 (.5 Fib), and $364 (2019 High).

ethusd-oct23
ETH/USD Daily Chart. Source: TradingView

Against Bitcoin, Ethereum has struggled this week. On Tuesday, the coin dropped beneath a symmetrical triangle pattern as it fell beneath the 100-days EMA. It continued lower during the week until reaching support at 0.0305 BTC on Wednesday.

It managed to rebound from the support at 0.0305 BTC as it reached 0.0321 BTC today (100-days EMA).

Looking ahead, if the bulls push higher, the first level of resistance lies at 0.0327 BTC (bearish .236 Fib). Above this, resistance lies at 0.0337 BTC (March 2019 Support), 0.0341 BTC (bearish .382 Fib), 0.035 BTC, and 0.0353 (bearish .5 Fib).

On the other side, support lies at 0.032 BTC, 0.0311 BTC, 0.031 BTC, and 0.0305 BTC. Added support is found at 0.03 BTC and 0.0295 BTC (200-days EMA).

ethbtc-oct23
ETH/BTC Daily Chart. Source: TradingView

Ripple

Ripple saw a smaller 4.7% price increase this week as it trades at $0.0257. The coin managed to break above a symmetrical triangle pattern during the week but failed to close a daily candle above the $0.261 resistance (bearish .5 Fib Retracement). The buyers must close above this resistance for XRP to start a short term bullish trend.

Moving forward, if the bulls manage to close above $0.261, higher resistance lies at $0.271 (bearish .618 Fib), $0.28, $0.286 (bearish .786 Fib), and $0.295 (bearish .886 Fib).

On the other side, support is first expected at $0.25. This is followed by support at $0.245 (200-days EMA), $0.24, and $0.237 (200-days EMA).

xrpusd-oct23
XRP/USD Daily Chart. Source: TradingView

The situation is quite dire for XRP against Bitcoin. The coin dropped from above 2100 SAT at the start of the week as it headed lower to break beneath 2000 SAT and spike as low as 1915 SAT.

The bulls managed to defend the support at 1960 SAT, where the daily candle closed and allowed it to rebound to the current 1983 SAT level.

Looking ahead, if the bulls climb above 2000 SAT, resistance lies at 2035 SAT, 2130 SAT, 2200 SAT, and 2260 SAT.

On the other side, support lies at 1960 SAT, 1915 SAT, 1865 SAT, and 1800 SAT.

xrpbtc-oct23
XRP/USD Daily Chart. Source: TradingView

Bitcoin Cash

Bitcoin Cash saw a 4% price hike this week as it reached the $278 (bearish .382 Fib) resistance today. The coin pushed higher from $240 during the week which allowed it to create a fresh October high at $278 today.

Looking ahead, if the buyers continued above $278, resistance lies at $285 (1.272 Fib Extension), $294 (1.414 Fib Extension), $300, and $307.

On the other side, support is first expected at $270. Beneath this, support lies at $265, $260, $250, and $240.

bchusd-oct23
BCH/USD Daily Chart. Source: TradingView

Against Bitcoin, BCH dropped from 0.022 BTC to reach the September support at 0.02 BTC during the week. From there, it rebounded higher to trade at the current 0.021 BTC level.

Moving forward, if the buyers push beyond 0.021 BTC, resistance lies at 0.022 BTC and 0.023 BTC. Additional resistance is then expected at 0.0241 BTC (bearish .236 Fib), 0.025 BTC, and 0.026 BTC.

On the other side, the first level of support lies at 0.02 BTC. Beneath this, support is located at 0.0191 BTC (downside 1.272 Fib), 0.019 BTC, and 0.0181 BTC.

bchbtc-oct23
BCH/BTC Daily Chart. Source: TradingView

Litecoin

Litecoin saw a serious 12% price increase over the past week as it reached the resistance at $56 today – provided by a bearish .5 Fib Retracement. The coin had found support last week at the $46.83 level and rebounded from here on Wednesday to reach the current resistance.

If the buyers manage to break the resistance at $56 (bearish .5 Fib), higher resistance is located at $57.86, $59 (bearish .618 Fib), $60.27 (1.272 Fib Extension), $61.91 (1.414 Fib Extension), and $63.

On the other side, the first level of support lies at $55. Beneath this, added support is found at $54, $52, $50, and $49.

ltusd-oct23
LTC/USD Daily Chart. Source: TradingView

Against Bitcoin, Litecoin dropped to a fresh 2020 price low this week as it hit the support at 0.00391 BTC. From there, the bulls fashioned a rebound higher to reach the current resistance at 0.0043 BTC (bearish .236 Fib Retracement).

Looking ahead, if the buyers can break 0.00343 BTC, resistance first lies at 0.004547 BTC (October Highs). This is followed by resistance at 0.00455 BTC, 0.00476 BTC, 0.00488 BTC, and 0.005 BTC.

On the other side, support is first expected at 0.0042 BTC. This is followed by support at 0.0041 BTC, 0.004 BTC, and 0.00391 BTC. Additional support lies at 0.0039 BTC and 0.00363 BTC.

ltcbtc-oct23
LTC/BTC Daily Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-october-23rd-bitcoin-ethereum-ripple-litecoin-and-bitcoin-cash/

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Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

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Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

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Bitcoin price is less than a few hundred dollars away from setting a new all-time high. The closer the top-ranked cryptocurrency gets to its former peak, the more bullish altcoins respond.

One crypto analyst has shared a chart that shows what could happen to altcoins when Bitcoin finally does break its all-time high.

Ripple, Ethereum, Other Major Altcoins Rip As Bitcoin Approaches All-Time High

This week, Bitcoin broke above $19,000 and has very little resistance above it before a new all-time is set. Even today, by the time this is published a new record could be set and history made.

The closer the top crypto asset by market cap gets to the former peak, the more altcoins have begun breaking out and going parabolic the same way Bitcoin has over the last several weeks.

Related Reading | Why Ripple Reclaimed the Third Spot From Crypto Stablecoin Tether

After retesting $10,000, the price per the breakout in altcoins is nearly as stunning.

Ripple over the last couple of weeks has rallied over 200%, more than tripling in value. Ethereum, Litecoin, Cardano, and other popular altcoins from the last crypto bubble have begun to bubble up once again.

The Next Record-Breaking Alt Season And Crypto Bubble Is Here

As sidelined spectators watch as a whole Bitcoin becomes priced out of reach for most investors, they turn their capital toward cheaper altcoins, that in the past have outperformed the number one cryptocurrency.

Bitcoin has over 150% year-to-date returns to show for this crazy year, while in the past two weeks alone Ripple has gained more than that much. Ethereum is up over 350% year-to-date, and the lower down the list by market cap, the gains increase.

Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

Looking at the last market cycle could suggest that this stage in the crypto market cycle is only just starting, and one analyst has supplied an example of what the next BTC dominance nosedived, and incredible wealth was generated as these illiquid assets soared.

bitcoin altcoins season

When Bitcoin approaches and breaks its all-time high, an altcoin buying frenzy takes place | Source: CRYPTOCAP-TOTAL2 on TradingView.com

With the dollar nearing a death spiral, crypto absorbing gold’s capital, and the stock market about to tank, this bull market and bubble could make the last one look like nothing more than a bit of fizzle before the upcoming explosion.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/analysis/btc/heres-what-happens-to-altcoins-when-bitcoin-breaks-all-time-high/

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