Bitcoin (BTC), Ethereum (ETH) Price Analysis for October Week Two

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BTC/USD


The BTC/USD pair began the week on one of the month’s highest points of $6730 before embarking on a bearish trajectory for the next three days. Prices were lowest on October 11, falling below the support level of $6400. The fall represented a breach in October’s support level.  Prices on that day hit the $6220 mark, translating to a 7.6% loss.
The fall in price of the BTC/USD pair in the course of the week can be attributed to sell offs in equities held in cryptocurrencies by players in the sector. On Thursday, 11th October, all major cryptos took a dip in value.
In the course of the week, price resistance seemed to be around the $6920 mark while support level lay at around $6220. A triangular divergent pattern was formed by the trend in price.
However, Monday 15th October saw the sharpest skydive in price breaking the resistance level to clock in at $7780.
Throughout the week, the BTC/USD pair has been oscillating between $6200 and $6700, finding resistance at the $6900 mark.

ETH/USD

The BTC/USD pair began the week on one of the month’s highest points of $6730 before embarking on a bearish trajectory for the next three days. Prices were lowest on October 11, falling below the support level of $6400. The fall represented a breach in October’s support level.  Prices on that day hit the $6220 mark, translating to a 7.6% loss.
Since the beginning of September, ETH prices have been low and unstable, a pattern that spilled over into the month of October. Throughout the second week of October, the ETH/USD pair formed a pattern closely similar to BTC/USD, taking a sharp nosedive on October 11 due to mass sales of Crypto tokens held by investors.
The week began on a high of $234 and consequently went downhill over the next three days, hitting a worrying low of $184 on October 11 due to investors disposing off securities as mentioned above. The bearish trend represented a 21% loss in the crypto’s value.
The crypto found support at the $217 mark in the course of the week and resistance at the $240 mark. Resistance was breached on Monday, 15th October to a month-high of $242.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.