According to a study by the Cambridge Center for Alternative Finance, the number of people with Bitcoin (BTC) and other digital assets has increased from 35 million in 2018 to over 100 million. This is a positive sign because the rally continued even when there was no hundred-year-old trend in the cryptocurrency markets.

The appeal of cryptocurrencies is likely to grow even more if the US Securities and Exchange Commission approves the Bitcoin ETF, but only Commissioner Hester Pearce supports such a move.

Pearce said recently that the SEC is closely monitoring recent regulatory changes, such as the approval of the Bank of Treasury regulator that allows banks to have “stable currency reserves as a service to bank clients”.

The dynamics of the daily digital currency market

The dynamics of the daily digital currency market. Source: Coin360

Billionaire Paul Tim Draper believes that cryptocurrency adoption will happen because it is “important to the world.” Draper recently reopened his holdings after discovering that he also has several altcoins in his wallet.

Most of the cryptocurrencies have bounced off the first 10 of the last downturns, but does that mean the deflation is over, or is the current measure just a dead cat that bounces back? Let’s check the graphs to find out.

Bitcoin / USD
Bitcoin rose from $ 10,137 on September 23 and broke the 20-day exponential moving average ($ 10,705) on September 24. However, the bulls were unable to maintain the price above the 20 day moving average, indicating that the bears did not. After being thrown into the towel.

The bears are short at the moment in the 20 day moving average, but they will only get the upper hand after the price drops below the trend line.

Flat moving averages and RSI indicators near their midpoint indicate an equilibrium between supply and demand. If the RSI manages to rise above the 55-60 resistance zone, then it’s likely that the bullish momentum will be strengthened.

If the bulls manage to push the price above the 20 day moving average, they may encounter strong resistance again at $ 11,178 and then drop. The distribution of this resistance indicates the potential end of the correction.

This bullish outlook will be invalid if BTC / USD reverses from the current level and dips below the trend and support of $ 9,835.

ETH has recovered sharply from critical support to $ 308,392, and now the bulls will try to push the price above the falling line and upper resistance at $ 395. If they succeed, then the correction is over.

However, bears are unlikely to give up the feature so easily. They will try to stop the rally on the falling line and moving averages. If ETH / USD rejects resistance, the bears will try to push the price below $ 308,392.

The average bearish trend and RSI just below its midpoint indicate that the bears still have a small edge, but if the bulls manage to buy in the coming fall to $ 308,392 again, the pair might be in hand for several days.

The next trend move is likely to start after the bulls push the price above $ 395 or the bears push the pair below $ 308,392.

The bears often used pulls to the 20 day moving average to shorten the downtrend, and may try to do the same for XRP. If the price falls from the 20 day moving average ($ 0.24), the bears will try to resume the pullback.

The sellers will succeed in their efforts if they manage to push the price below the September 24 low of $ 0.219712. If this level is broken, the decline may extend to $ 0.19.

However, if the bulls are able to push the XRP / USD pair above the 20 day moving average, it will likely go to the 50 day simple moving average ($ 0.26). A break of this resistance could lead to a meeting at $ 0.303746.

Traders can take a look at the RSI, because if it rises above the 50-60 resistance zone, the momentum could change in favor of the bulls.

Bitcoin Cash (BCH) jumped from the critical support level of $ 200 on September 23, and the bulls will now attempt to push the price above the 20-day moving average ($ 228).

If they succeed, then that means the sales pressure has eased. The bulls can then push the price towards the 50-day SMA ($ 259) and up to $ 280.

Nevertheless, the moving averages of the downtrend and the RSI in negative territory indicate that the bears have an advantage. This means that the bears will likely try to cut the move towards the 20 day EMA.

Source: CoinTelegraph