Key Takeaways:
- The downtrend in the cryptocurrency market continued on Oct 11.
- Both BTC and ETH prices broke below key support levels before recovering.
NEW DELHI (CoinChapter.com) — The overall cryptocurrency market continued to fall, with the total market cap falling below $920 billion, a fall of 2.15% in 24 hours.
Bitcoin (BTC) prices dropped below $19,000 for the second time in under two weeks before they crawled back above the price level. Meanwhile, Ethereum (ETH) prices followed suit, with the prime altcoin falling below $1,300.
However, BTC and ETH prices are trying to recover from the day’s losses.
1. BTC/USD Price Chart
Bitcoin price moved back above $19,000 later in the day as bulls moved in to defend the price level aggressively. The long bottom tail on Oct 11’s daily candle indicates the bull’s efforts. However, bears continue to push down prices.
If BTC price continue to fall, the OG crypto will likely seek support near $18,600, a price level that has supported BTC price action since Jun this year. A move below immediate support could result in BTC prices falling to support near $17,580, a drop of nearly 8% from current levels.
Meanwhile, BTC’s RSI remains neutral, with a value of 43.56 on the daily charts. However, the RSI trendline is sloping downward, indicating the increasing bearish momentum for Bitcoin prices. If the RSI becomes oversold, traders might start buying, helping push prices upward.
If BTC prices start an uptrend, the token would first need to conquer resistance from its 20-day EMA (red wave) and upper trendline of the descending parallel channel near $19,590. A break out of the descending channel might help BTC prices challenge resistance near $21,000 before retreating.
2. ETH/BTC Price Chart
ETH price, like Bitcoin, fell early in the day as prices plummeted below $1,300. However, same as BTC, Ether prices recovered later in the day. However, the prime altcoin prices still struggle to break above $1,300.
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ETH prices have been trending downwards since Oct 5. However, bulls remain active, buying the dips, as the long lower wick on the day’s candle indicates. If the bulls continue to push, ETH prices will likely challenge 20-day EMA (red wave) resistance near $1,350.
Additionally, moving above immediate resistance would help ETH prices target the 50-day EMA (purple wave) resistance near $1,440 before corrections pare gains.
Conversely, a marketwide downtrend could result in ETH price testing support near $1,230, which has supported Ether prices since Jul. A marketwide sell-off could see ETH prices falling to $1,170, a drop of nearly 10% from current levels.
Meanwhile, ETH’s relative strength index remains neutral, clocking at 39.83 on the daily timeframe.
3. ANC/USD Daily Price Chart
ANC price jumped more than 32% between intraday high ($0.1058) and low ($0.0802) levels. However, long wicks at both ends of Oct 11’s daily candle indicate the tussle between the bulls and bears.
ANC price’s rally on Tuesday was cut short by the token’s 50-day EMA (purple wave), which has acted as dynamic resistance for the token since mid-Sept. For a sustained rally, bulls need to push ANC price above immediate resistance near $0.107.
Moving above immediate resistance might provide ANC prices the momentum needed to challenge resistance near $0.13 before corrections pare gains.
However, if bears gain control over the token’s price action, ANC price could fall to support near $0.085, which has been a key support level since Sept 1. A fall below the immediate support could hurt investor confidence, resulting in a sell-off that could push ANC price to $0.071.
Meanwhile, the RSI for ANC is currently neutral, clocking at 49.42 on the daily timeframe. The RSI trendline remains relatively flat.
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