Bitcoin tops $14,000, Ethereum floats above $400
|BTC/USD
The BTC/USD pair began the day of 27th October, Tuesday, at $13,068 and continued calmly edging sideways until 7:00 UTC, when the price began going up slightly, leading up to a spike a few hours later. The spike started at 10:00 UTC, with the price breaking out to $13,480 in less than two hours.
Then the market took a respite until 15:00, when an even headier bullish price action began. Having started at $13,422, the price surged past $14,000 in less than two hours, but the downward retracement was likewise fast, with the hourly candlestick that began at 16:00 UTC making a wild fluctuation between $13,510 and $14,031 and closing at $13,670.
Tuesday’s price action shows the strength of the capital resistance level at $13,949 for BTC/USD. And it will most likely keep the BTC price in the area below it for the rest of October.
ETH/USD
ETH/USD opened on Tuesday, 26th October, at $394.35 and would go sideways until 10:00 UTC. At that time, the spike in Bitcoin began, and Ethereum promptly followed it. At the open of the 13th hourly candle, the pair rose above $406. Then a less prominent ascend followed, taking the pair to the day’s high at $409.7 as of 17:00 UTC.
Ethereum continues its negative dynamics almost inversely to Bitcoin. While Bitcoin rose by 0.98% from 23rd to 27th October, Ethereum fell by 4.61% in the same time period. And Tuesday’s bounce does not instill much hope for Ether in the near term. And even though its uptrend is still intact, the huge discrepancy in price action between Bitcoin and Ether makes Ether’s further recovery a very problematic undertaking.
There is a local resistance level at $416, which will likely create some downward momentum. And for the rest of the week, the price range between $389 and $416 will be the area where most of the price action will take place. However, on the continuing Bitcoin’s bull run Ether’s price could reach the 0.786 Fibonacci level at $432.5.
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