Deviation data shows that the spot volume of Bitcoin (BTC) on LMAX Digital, an exchange that mainly caters to institutions, has surpassed the exchanges. This indicates that institutional investors can build their positions where they expect the price to rise in the future.

In addition to the spot purchase, institutional investor participation in the derivatives market increased. Arcane Research data shows a record number of investors receiving bitcoins from the Baked Bitcoin exchange.

Another indicator that may be beneficial to traders is volatility. Data on Bitcoin options show that the implicit volatility of money options has fallen to its lowest level in 16 months. This indicates that traders do not expect a major downward movement in the near future, and therefore they are not prepared to pay a large amount to secure their positions.

While the data indicates that institutional investors are ready for growth, traders should closely monitor price movements and place large bets only after the trend begins.

Let’s look at the maps of the 5 most important cryptocurrencies that may start moving next week.

Bitcoin / USD
Bitcoin (BTC) has remained steady above the 20-day exponential moving average ($ 11,137) in recent days. Buyers bought a dip to support $ 11,165 on October 20, indicating a build-up to lower levels.

If the bulls manage to push the price down the downward line, BTC / USD can test $ 11,719 resistance again. A breach of this level could resume the bullish move with an initial target of $ 12,000, then $ 12,460.

Both the short-term and long-term moving averages slope higher, and the RSI is above 61. This indicates that the bulls are in control.

This positive feeling will be invalid if the pair turns down from the downward line and falls below the 20-day moving average. Such a move could push the price towards the next support of $ 10,500.

The 4-hour chart has formed a descending descending triangular pattern below break and close (UTC) below $ 11165. The target for this bearish setup is $ 10,611.

But if the bulls manage to push the price over the downward line, the bearish pattern will lose steam. Such a move could attract bears covering short positions, which would result in an increase of up to $ 12,000.

The gradual rally of 20-EMA and RSI in positive territory indicates a small advantage for the bulls.

Delivered every day
Market Forecast Newsletter
E-mail address
By subscribing, you agree
Terms of use and privacy policy

XLM / US Dollar
On September 21, Stellar Lumens (XLM) broke below the 200-day simple moving average ($ 0.077), but the Bears failed to capitalize on the move and pushed the price to $ 0.066841. This indicates buying bulls at lower levels.

The XLM / USD pair has formed a bullish channel, and the bulls are trying to push the price above the upper resistance to $ 0.084584. Although the bears defended the upper resistance on October 17, the bulls did not give up.

If the pair stays above the moving average, buyers will make another attempt to raise the price above $ 0.084584. If they succeed, the couple can start a new uptrend, which can rise to $ 0.10.

Gradually bullish moving averages and RSI in positive territory indicate that the bulls have gained the upper hand.

The pair broke the canal, but the Bears failed to overcome the $ 0.084584 hurdle. However, the Bears failed to pull the price below the 38.2% Fibonacci retracement level of $ 0.079239.

This indicates that the bulls will again try to push the price above the upper resistance. If they succeed, the map will rise to $ 0.091042.

Contrary to this assumption, if sellers cut the price below 20-EMA, a drop to $ 0.076546 is possible. A break below this level can lead to a retraction of the channel guide.

The declining triangle ended on October 14, when the currency (CRO) fell and closed (Coordinated Universal Time) without support of 0.144443 dollars. The target for this bearish setup is $ 0.10607.

Daily CRO / USD chart. Source: TradingView
However, the bulls can try to defend the 200-day SMA to $ 0.121. A bounce from this level may retest the $ 0.1444743 outbreak level. In a downward trend, traders are selling a rally against the 20-day moving average ($ 0.144), as the path to least resistance leads to

Source: CoinTelegraph