The US stock markets are approaching record highs in the hope that Democrats and Republicans will break the current dead end and enter into an agreement to release a new round of stimulus for US citizens and small businesses they run.
While these monetary and fiscal stimulus measures have shown that they increase returns on the stock market in the short term, they also add to the enormous debt burden facing the United States. the chickens come home. Bo.
In the future, this debt will become unmanageable and may lead to an economic and currency crisis. Many investors expect this and hedge the risk by downloading gold and bitcoin (BTC).
These factors point to an optimistic view of Bitcoin in the long run. In the short term, however, volatility is likely to remain high until the end of the US presidential election.
Let’s take a look at the maps of the top 10 cryptocurrencies to see if traders are short-term or bearish.
Bitcoin / US dollars
Bitcoin (BTC) fell from $ 11,482.44 on October 10, but bulls kept the price above immediate support at $ 11,178. This shows strength as the bulls did not expect a deeper fall to buy.
The bulls pushed the price above the top resistance to $ 11,500. If the BTC / USD pair continues to rally, a rally of $ 12,050 will be on the map.
The moving averages completed the bullish cross and the RSI climbed above 67, indicating that the bulls are in control of the market.
If momentum increases and the bulls drive the price above $ 12,050, the pair can test $ 12,460 again. A breach of this level could lead to a resumption of the trend towards $ 14,000.
Contrary to this assumption, if the pair falls from the current level and falls below $ 11,178, it may indicate active sales of bears at higher levels. A break below the moving average will shift the advantage in favor of the bears.
ETH / USD
Ether (ETH) broke above the 50-day simple moving average ($ 370) on October 10, but failed to hold on to the higher levels. The largest alternative currency formed an internal daylight on October 11, but on the positive side it closed (in UTC) above the 50-day simple moving average.
The upside uncertainty has been resolved today, and the bulls are currently trying to push the price above the total resistance of $ 395. If the bulls manage to do so, the ETH / USD pair could rise to $ 488,134.
The 20-day exponential moving average ($ 360) began to rise and the RSI is above 61. This indicates that the bulls have an edge.
This positive outlook becomes invalid if the pair falls from $ 395 and falls below the 20-day moving average. This movement can lead to several days of movement in a limited area.
XRP / US Dollar
XRP is struggling to break the upper resistance to $ 0.26. If the price falls below the 20-day moving average ($ 0.247), the alternative currency may fall to $ 0.24. This move suggests that the distance-bound move is likely to continue for several days.
However, if the XRP / USD breaks and closes (UTC) above $ 0.26, it will complete an inverted head and shoulders pattern targeting $ 0.300288.
The 20-day bullish EMA and RSI in positive territory indicate that the bulls have an edge.
This optimistic view of a potential reversal will not be valid if the pair returns from the current level and falls below $ 0.24.
BCH / USD
On October 10 and 11, the bulls Bitcoin Cash (BCH) pushed above the $ 242 resistance, but the long weeks on the candlesticks indicate that buyers can not maintain higher levels. As a result, the price came back in the range of $ 200-242.
However, the sharp bounce from the 20-day moving average ($ 230) today and the long tail of the light show strong low-level purchases. A gradual 20-day rally in EMA and RSI on positive territory also indicates an advantage for the bulls.
If the BCH / USD breaks and closes (UTC) above the overhead resistance, it can start the run north towards $ 280.
This bullish view will be rejected if the pair returns from the current level and falls below the 20-day moving average.