The cryptocurrency market added $92 billion to its market cap during the last seven days and now stands at $1,027 billion. The top 10 coins were all in green for the same time period with Dogecoin (DOGE) and Binance Coin (BNB) being the biggest gainers with 99.3 and 20.9 percent increase respectively. Bitcoin (BTC) is currently trading at $20,714 while Ethereum (ETH) is at 1,619.
BTC/USD
Bitcoin closed the trading week of October 17-23 at $19,580 with a 1.8 percent of price increase. It hit the short-term range high, but also managed to break above the 21-day EMA on the daily timeframe chart with a solid green candle.
On Monday, October 24, the BTC/USDT pair corrected its price down to $19,340 but found stability at the mentioned fast exponential moving average line. It is also worth mentioning that the narrowing trading range and the subsequent move to the upside resulted in a break out of the Descending triangle pattern thus avoiding a severe bearish scenario.
The Tuesday session was a good one for the bulls. The biggest cryptocurrency jumped 3.7 percent to reach the $20,400 mark near the last high before closing at $20,080 in the evening.
The mid-week trading day on Wednesday came with a second consecutive day in green. BTC hit $20,800 adding another 3.3 percent to its valuation. It broke the mid-term range and came out of the most actively traded zone as per the Volume Profile (VP) indicator.
On Thursday, October 27, the BTC/USDT pair fell 2.4 percent down to touch $20,300. Bulls were hoping for a quick re-capture of the important horizontal support near $20,500 and a subsequent run to $21,500.
The price temporarily dropped below $20,000 on Friday morning, but reversed its direction in the evening part of the session and eventually closed with a 1.5 percent increase at $20,550.
The weekend of October 29-30 started with a push to $21,000 on Saturday and a second consecutive day in green.
The Relative Strength Indicator (RSI), however, started to show signs of exhaustion in the overbought area while the 24-hour trading volumes registered a decline.
On Sunday, we saw BTC correcting its price down to $20,640 in a potential consolidation before the next leg up.
As of the time of writing this market update on Monday, the coin is trading slightly higher – at $20,718.
For buyers, it will be of critical importance to defend the zone above $20,300 – $20,500 in order to support the next leg up
On October 31 2008 Satoshi Nakamoto first published the Bitcoin Whitepaper starting the new golden age for the digital economy.
