Bitcoin and Ethereum Price Prediction – BTC Breakout Triangle Pattern, Preparing for Lift Off?
On October 24, Bitcoin price showed a bearish correction after being rejected at the $19,700 resistance mark. In contrast, Ethereum rallied, gaining over 2% to $1,347 during the early Asian session.
Major cryptocurrencies traded bullish early on October 24, with a global crypto market cap of $931 billion the previous day with a trading volume of $479 billion. Let’s take a look at the top winners and losers so far today.
Top Altcoin Winners and Losers
The top performers in the Asian session were Klaytn (KLAY), Polygon (MATIC) and TerraClassicUSD (USTC). Klaytn (KLAY) is up more than 25% to $0.18, while MATIC is up more than 6% to $0.88. At the same time, USTC has risen more than 6% in the last 24 hours.
In the last 24 hours, the price of The Chain (XCN) has fallen by more than 3% to $0.05. The price of Axie Infinity (AXS) has fallen more than 2% to around $8.6.
Bitcoin price
The current Bitcoin price is $19,339, and the 24-hour trading volume is $25 billion. Bitcoin has increased by more than 0.50% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $370 billion.
On Monday, BTC/USD broke the symmetrical triangle pattern at $19,250, and now it is likely that same level will act as important support. Closing candles above this level has the potential to drive an uptrend to the $19,650 level, and a bullish crossover above this could take BTC towards $19,950.
Typically, the symmetrical triangle’s bullish breakout results in a continuation of the uptrend; therefore, bulls can dominate the market. MACD and RSI are also staying in a buy zone, signaling a bullish trend. Let’s consider being bullish above $19,200 support today.
On the downside, a break below the $19,200 level could open up additional space for selling at $18,950 or $18,650.
Ethereum price
The current price of Ethereum is $1,344, with a 24-hour trading volume of $11 billion. In the last 24 hours, Ethereum has pumped over 2%. While CoinMarketCap now ranks ETH at number 2, with a market cap of $164 billion.
On the technical front, the ETH/USD pair has broken through an ascending triangle pattern on the higher side. After being rejected at $1,365, Ethereum is back in a downtrend and is likely to find immediate support near $1,340, the double bottom area.
The 50-day moving average is now likely to provide further support near the psychological trading level of $1,300.
On the upside, key resistance levels for Ethereum remain at $1,360 and $1,384. The bullish bias remains strong above $1,340 today.
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