Eth, Bitcoin And ICX Reclaim Previous Highs

ETH ANALYSIS: OCTOBER, 2021

Market Structure:

ETH is the second largest cryptocurrency by market capitalization after Bitcoin. Here’s the market structure of ETH.

ETH is trading at $3848. The market structure of ETH is extremely bullish due to the break of structure on the daily chart. ETH has broken two lower-high structure points at $3178 and $3628 respectively. In addition to this, the coin has also given a breakout of the supply zone that ranged from $3700 to $3775. The next immediate resistance is placed at $3957. On the breakout of this level, ETH can head for a new all-time high provided that Bitcoin supports the rally.

On the hourly chart, the coin is rising along a narrow channel, which suggests a breakout or a breakdown of it. The immediate demand zone for the short-term ranges from $3810 to $3825. On the other hand, the immediate supply zone ranges from $3890 to $3907. The coin must break either zone to give a good movement.

Eth analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region despite cooling down from the overbought region. It stands at 55.26 and has the potential to go higher.

The MACD is below the signal line due to minor retracement from the upper levels.

Eth analysis
Source: tradingview

Conclusion:

On the breakout and close above $3907, $4000 and $4100 are the targets on the upside.

On the breakdown and close below $3810, $3732 and $3678 are the targets on the downside.

BITCOIN ANALYSIS: OCTOBER, 2021

Market Structure:

Bitcoin is the largest cryptocurrency in the world designed to fight against fiat currencies and centralization. Here’s the market structure of Bitcoin.

Bitcoin is trading at $61728. The market structure of Bitcoin is extremely bullish as the coin has given a breakout on the weekly chart. The coin must give a successful closing above $60000 in order to witness a strong surge in the coming weeks. The coin’s breakout is supported by above average volumes and a rising 20-day exponential moving average. The breakout was followed by a low-volume retest. Bitcoin is expected to give a standard continuation if it sustains the demand zone which extends from $60900 to $61225.

On the hourly chart, Bitcoin is making higher-highs and higher-lows due to excessive demand from order blocks. The order blocks can be identified between $56600 and $56935. Another order block ranges from $60000 to $60100. However, the immediate demand zone ranges from $60925 to $61150. The coin must sustain above the lower end of the channel in order to witness new all-time highs.

Eth analysis Bitcoin
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for the coin in the short-term. The hourly RSI is above the neutral region despite cooling down from the overbought region. It stands at 61.94 and has the potential to go higher.

The MACD is below the signal line due to minor retracement from the upper levels.

Eth analysis Bitcoin
Source: tradingview

Conclusion:

On the breakout and close above $61835, $62560 and $63000 are the targets on the upside.

On the breakdown and close below $60900, $60000 and $58580 are the targets on the downside.

ICX ANALYSIS: OCTOBER, 2021

Market Structure:

ICX is a cryptocurrency developed by Korean developers to operate on the Icon blockchain network. Here’s the market structure of ICX.

ICX is trading at $2.007. The market structure of ICX is highly bullish as the coin has broken multiple structures on the daily chart. In addition to this, ICX rallied almost 100% in a week before retracing a bit. The coin has retraced to the 50% Fibonacci level at $1.965. It is quite likely that the coin will reverse from here or it will test the 61.8% Fibonacci level. The volumes on the retracement were below average, highlighting the lack of intense sellers.

On the hourly chart, the coin is consolidating between the 38.2% retracement level and the 50% retracement level, the former serving as a resistance while the latter serves as a support. The coin must break either side to witness a strong move on the next Fibonacci area of interest.

ICX analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 42.25 and has the potential to go lower.

The MACD is below the signal line due to the 50% retracement from the upper levels.

ICX analysis
Source: tradingview

Conclusion:

On the breakout and close above $2.040, $2.085 and $2.134 are the targets on the upside.

On the breakdown and close below $1.99, $1.95 and $1.9 are the targets on the downside.

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