The S&P 500 and the Nasdaq Composite both hit their lowest point of the year last week. The S&P 500 fell by 1.5%, and the Nasdaq Composite fell by 3.1%.
Several market watchers think that the price of Bitcoin may be close to its lowest point. Alan, a trader on Twitter, noticed that the stochastic indicator on Bitcoin’s monthly chart had reached the same levels as in 2014 and 2018. For investment log onto https://bit-profit.app/. This shows that the economy as a whole may soon reach a bottom.
- BTC/USDT
On October 14, Bitcoin’s price was higher than its 50-day simple moving average (SMA), which was $19,689. But as the prices went up, short sellers sold a lot more. For 20 days, the price was lower than the exponential moving average (EMA). The new value of the EMA is $19,387.
If the price falls after hitting one of the above resistance points, it’s more likely to go below $18,843. If this happens, the pair’s price could drop to the support zone between $18,125 and $17,622.
If the bulls want the price to go back above the downtrend line, they’ll have to beat the bears. The price of the BTC/USDT pair could reach $20,500 if they do well. By breaking through this wall, a $22,800-raising relief rally could begin.
Over the past few days, MATIC/USDT has been trying to go up to break above the downward trend line. Even though bears did a good job protecting the above resistance on October 13, the price still went up. This would mean that bulls buy when the price goes down in hopes that it will back up.
If the price goes up above the downtrend line, the short-term trend could start to favor the bulls. After that, the MATIC/USDT pair might try to go back up to $0.94. Again, this level could be a significant obstacle, but if bulls can get past it, the pair could go up to $1.05.
If the price goes back down from the downtrend line, on the other hand, the bulls might give up, and the pair could fall to $0.69. The price will have to go below this level before the bears can start a more profound drop to $0.62 and then $0.52.
From $4.07 on October 10 to $8.20 on October 14, the price went up a lot. This number has gone up by 101% in just five days. Right now, this shows that bulls are in charge.
Because the price went up so quickly in the last few days, the RSI went into a zone where it was significantly overbought. This could have made short-term traders want to take their money and leave the market. This caused a drop that could go down to $6.61, the 38.2% Fibonacci retracement level.
Bulls will try to keep the price going by pushing the HT/USDT pair above $8.20 if the price can get back above this support level. If they do well, the price could go up to $10 for the pair.
Quant (QNT) broke through the resistance at $162 and has kept going up, which shows that the bulls still have demand. The 20-day exponential moving average ($149) is going up, showing buyers have the upper hand. However, the fact that the RSI is in the overbought region shows that there may be a minor correction or consolidation in the near future. Buyers expected to keep the price from going down until it breaks through the 162-dollar level.
If the price finds support at this level and goes up from there, the QNT/USDT pair could reach $200 and try to keep going up until it reaches its goal of $230.
This bullish outlook might not be helpful in the short term if the price goes the opposite and breaks below the 20-day exponential moving average (EMA). The pair could then drop to $120, the simple moving average for the past 50 days.
OKB (OKB) has been trading above its moving averages for a few days, and the relative strength index (RSI) has moved into the “positive” zone. This is good news for people who want to buy.
The OKB/USDT pair is having a lot of trouble at the overhead resistance level of $17.50, but there is still reason to be hopeful because the bulls haven’t given the bears any ground yet. This means the bulls think the pair will rise above the current resistance level. If this happens, the pair could go up to $20 and then to $23.22. The price of $16.39 is the first level of support on the way down. If the price falls and breaks below this level, the pair could move closer to the moving average and then get close to $15.
