Cryptocurrency market sentiment appears to be improving across the board, with global pressure on conventional central bank digital currencies gathering momentum.

In Shenzhen, China, about 2 million people have applied for digital RMB, and 50,000 of them have received “red envelopes” with a total of $ 1.5 million in digital RMB.

By the end of October 18, about 47,573 beneficiaries had spent about $ 1.3 million in rewards, accounting for 88% of their total donations. This indicates that the pilot program was successful and shows that China is far ahead of other advanced economies when it comes to developing a digital currency for its central bank.

To accelerate the launch of the central bank’s digital currency, the Bank of Canada recently created a business opportunity for an economist with comprehensive knowledge of financial technology and digital currencies.

However, US Federal Reserve Chairman Jerome Powell seems out of place due to the progress other countries have made with CBDCs. Powell said, “It is more important for the United States to get things right than to be the first.”

In other news, a Statista poll found that only 7% of Americans used or owned bitcoin (BTC).

This number is much lower than in Nigeria with a penetration rate of 32%, but also higher than in Germany and Japan. This shows that the asset class has a long way to go before it truly becomes a “normal” currency.

For now, it looks like he is working on the downtrend that has dominated the markets in the past month as the price of bitcoins approaches the $ 12,000 level.

Let’s take a look at the top 10 cryptocurrency cards to find out which ones might work well in the short term.

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Bitcoin (BTC) rallied to the resistance line of the ascending channel as it could face selling pressure from bears. However, a bullish 20-day exponential moving average ($ 11,201) and an RSI above 67 indicate that the bulls are leading.

If the bulls can take advantage of this and push the price through the channel, the rally could rise quickly and quickly accumulate to $ 12,048.05. A breakout at this level could cast doubt on the $ 12,460 annualized profit.

However, the bears are unlikely to surrender without a fight. They will try to stop the rally on the resistance line. If the price falls below the current levels, but remains above $ 11,500, BTC / USD may gradually rise within the channel.

The first sign of weakness will be a break below $ 11,178 and the trend will shift in favor of the bears if they manage to push the price below the channel’s target.

The bears were unable to keep the air below the moving average on October 16 and 17. These purchases have increased and the bears will now try to push the price above the top resistance to $ 395.

The 20-day moving average ($ 368) is slowly starting to emerge and the RSI rises above 57, indicating that the bulls are trying to return.

If the bulls manage to push the price and close it (UTC) above $ 395, the ascending triangle pattern will be complete. This bullish setup is targeting $ 478, just below the 52-week high of $ 488,134.

This positive outlook becomes invalid if the pair reverses from current levels or from $ 395 and falls below the uptrend line. Such a move could keep the pair’s range between $ 308,392 and $ 395 for several more days.

XRP / US dollar
Despite the XRP breaking below the moving average on October 15, the bears failed to take advantage of this and pushed the price down to the lower end of the $ 0.2295 range. This indicates a shortage of sellers at lower levels.

The bulls are currently pushing the price back above the moving average. If they manage to maintain higher levels, there will be another attempt to lift the $ 0.26 barrier.

The breakout and close (UTC) is likely to start above $ 0.26 in a new trend that could hit $ 0.2905 followed by $ 0.303746.

However, flat moving averages and the RSI indicator just above its midpoint indicate an equilibrium between supply and demand. If the XRP / USD pair stays at current levels or $ 0.26, limited action in this area could continue for several more days.

The bulls have had a critical gain of $ 242 over the past two days, and now Bitcoin Cash (BCH) is trying to resume its move.

Source: CoinTelegraph