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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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Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Biden announces nomination of Janet Yellen to lead Treasury Department

President-elect Joe Biden and his transition team have announced Janet Yellen as the official Secretary of Treasury nominee.

The post Biden announces nomination of Janet Yellen to lead Treasury Department appeared first on The Block.

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Biden announces nomination of Janet Yellen to lead Treasury Department


















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FCA Warns Britons over Cryptocurrency Broker Markets Pilot

Final rules banning crypto CFDs and exchange traded notes will come into effect on January 6, 2021.

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The UK’s Financial Conduct Authority said in a brief statement Monday that local investors should use extreme caution when dealing with unauthorized firms known to have been soliciting customers in the UK jurisdiction.

The regulator specifically pointed out that one of the brokers highlighted in the latest flurry, Markets Pilot, is offering cryptocurrency-related services to British residents without being authorised to do so.

Markets Pilot is posing as an authorised company and claims to be a trading name of Click World Ltd, Cnr Old and Church Street. Additionally, the company is targeting UK investors with a full range of offshore investment services, including cryptocurrencies.

Britons that have been approached by Markets Pilot should contact the FCA, and anyone that has transferred money to the firm should report the incident to Action Fraud, the regulator further states.

Moreover, the City watchdog emphasized that anyone who deals with an unauthorized firm is not protected by the UK lifeboat scheme, and thus cannot complain to the Financial Ombudsman Service.

FCA concerns underpin retail ban

The latest warning comes ahead of scheduled applicability of final rules banning derivatives that allow investors to take a view on the direction of the price of crypto assets. The ban will come into effect on January 6, 2021, and affects CFDs, options and futures, as well as exchange traded notes (ETNs) that relate to unregulated cryptoassets.

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The FCA estimates the prohibition would save investors £53 million ($69 million) a year in losses, but it would not force them to liquidate their existing trades.

The FCA considers these products are ‘ill-suited to retail consumers’ who cannot assess the risks of derivatives or ETNs that reference certain crypto-assets.

The UK government has also proposed to bring the promotion of crypto-assets into the scope of the FCA’s existing oversight, rather than creating a new framework specifically for these products.

Citing concern over investor protection, the authorities said that even companies that sell regulated investments with an underlying cryptocurrency element will need FCA authorization to do so depending on their activities.

Providing the FCA with power to regulate the promotion of certain types of cryptoassets, for the first time, would be the quickest way of doing this and stamping out misleading advertising.

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