Technical Analysis of an uptrend - Oct 22

Greetings everyone

and welcome to the Technical Analysis of Oct 22, while pandemic is - actually - on an outbreak, news that we waited for long, came to the light and the markets to be on an uptrend. In fact, the market capitalization has reached $393 billion, as bitcoin has gained back partly its market share, a bit over 60%. Market daily volume is over $60 billion.

We have some big news around the crypto space and that is about the PayPal announcement. It will let its users buy, sell, and hold crypts in its wallets. This, also, means that purchases, through the platform, can be made while using cryptos.

We will take a look at the two major cryptocurrencies, as the alt-coins have not yet following the trend of the market - at least not clearly. Now, let's see what charts have to say.

BTC/USD

Bitcoin has broken the resistance level at $11,500 - also the $12,00 and $12,500 - and has tested $13,000 once. The indicators, the momentum, and everything shows an uptrend, but sooner or later we will have a correction, but overall, I think, that this is the moment everyone wanted since the beginning of the year. The exploding of the King.

Maybe it needed something to trigger this, some may say that this is due to the PayPal announcement, maybe not. Either way, keep an eye on the support level at $12,700. I believe that it will hold a possible test. If not, $12,500 is further below as a stronger one. Now, around $12,800, I hope for a consolidation. If this occurs for more than a day, I am positive that we will not have to test the support levels.

ETH/USD

Ethereum, for once, has not following bitcoin - good for bitcoin - but rather has it is on its own smoother uptrend - good for Ethereum. The charts show this controlled rising, while has already tested $400 resistance level, a strong one, which had to hold the pressure - pressure that was more of a fake-out - and it will be tested again, soon, during the day.

Cover Photo by Markus Spiske on Unsplash

Charts from Investing.com

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