No steady recovery in sight for the broader crypto market, the bulls hold their own regardless.
With no conclusive catalysts in sight and the USD index going strong, the crypto market altogether has been kept from making a steady recovery in recent times. BTC is still stuck inside a tight range, with no signs of an imminent breakout. Analysts, however, are predicting the longer BTC’s value remains range-bound, the more explosive its breakout will be.
BTC/USD 3 months price chart
In relevant news, the BTC/USD pair is trading below the 50-day SMA ($19,642) as of October 20. Sellers might challenge the immediate support around $18,850 again, and if that level breaks, the BTC/USD pair could fall to the critical support zone between $18,100 and $17,600, signifying another series of lower lows. On the other hand, if the bulls can give BTC a strong enough push to clear the $20,500 level last seen in September, the BTC/USD pair can test the next resistance around $22,800.
Meanwhile with ETH as well bulls are not being able to initiate a firm recovery. The price got caught into a downtrend again on October 18. The RSI is currently in the negative zones, giving bears the upper hand. A dip below $1,260 could suggest a further drop to around $1,190. However, with the price of ETH around $1,300 on October 20, the lower levels might be inviting more buyers, which may give the bulls an advantage.