TradingCrypto TradingBitcoin (BTC) Analysis, Ethereum (ETH) Analysis: October 21, 2021

Bitcoin (BTC) Analysis, Ethereum (ETH) Analysis: October 21, 2021

Bitcoin (BTC)

Unsurprisingly, bitcoin established a new ATH. It would be enough to reach $ 65,000 (€ 55,849), but the bulls decided to take the price of the asset to $ 67,000 (€ 57,562) immediately. At the time of writing, BTC had a slight correction and is trading at around $ 65,000 (€ 55,849).

Technically, as I expected, bitcoin reached the upper edge of the expanding white channel, after which a natural correction began. On the other hand, there is no reason to believe that the growth of the first cryptocurrency is over. We have just broken the downtrend line and it is very likely that after a small flat we are heading to the previously unknown heights. At this stage, no obstacles are foreseen, except for possible plans for the first cryptocurrency by the whales. Additionally, the SEC continues to provide positive news. Thus, he approved another ETF, this time from Vaneck. It will be released next week.

Ethereum (ETH)

Ethereum rallied and took a significant leap towards ATH. Although ETH has not reached its absolute maximum price, it perked up and showed that it would continue to rise. At the time of this writing, the second-largest digital asset by capitalization is trading at around $ 4,200 (€ 3,608), with just under $ 500 (€ 429) left for its ATH.

If ETH suddenly decides to repeat the path of bitcoin, we should expect this asset to reach the upper edge of the expanding blue channel. In this case, the price of Ethereum will exceed $ 5,000 (€ 4,295).

Bitcoin reached its ATH, broke the downtrend line and now nothing is preventing it from reaching both $ 70,000 ( € 60,140 ) and $ 100,000 ( € 85,914 ) . The only problems may be just uncertainty on the part of sellers or manipulation of the market by whales. Now the market sentiment is bullish, resulting in many first cryptocurrency purchases and many leveraged long positions. This, in turn, is a good manipulation opportunity for whales that at some point can trigger a series of long position closings via stop loss or liquidations, crashing the market.

Matthew Leising
Matthew Leising
I cover market structure for News Alarms, specifically how the bond, derivatives, and cryptocurrency markets work or don't.

Latest news

Forex Expo Dubai 2023 Announces Top Sponsors and Outstanding Speaker Lineup

Dubai, UAE,  25 Sep 2023, FOREX PR WIRE, The newest edition of Forex Expo Dubai 2023 is back, set...

Crypto Expo Dubai 2023 Wraps Up with Resounding Success – A Glimpse into the Future of Cryptocurrency and Blockchain Innovation

Dubai, UAE, Sep 23, 2023, ZEX PR WIRE, Crypto Expo Dubai 2023, the most anticipated cryptocurrency and blockchain event...

Fintech Surge 2023 announces Forus as Gold Sponsor

Pioneering fintech company aims to elevate innovation in Dubai’s financial landscape Dubai, UAE, 23 Sep 2023, ZEX PR WIRE, Fintech...

Dubai to Witness the World’s Largest Web3 Conference: ABC Conclave to Unite Global Web3 Pioneers in Dubai World Trade Centre

Dubai, UAE, 17th September 2023, ZEX PR WIRE, ABC Conclave, is set to gather blockchain enthusiasts, industry leaders, and...

Empowering Web3 Developers: MetaTrust Labs’ Open-Source AI Engine Revolutionizes Security

Singapore, 16th September 2023, ZEX PR WIRE, In a groundbreaking move, MetaTrust Labs, a provider of Web3 AI security...

GasZero, Tencent Cloud International, and PolygonLabs Successfully Host Web3 Gaming Event in Singapore

Singapore, 13th September 2023, ZEX PR WIRE, The collaborative event titled ‘Token2049 Side Event,’ hosted by GasZero, the first blockchain...

Must read

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced...

You might also like
Recommended to you