The increasing tension with China was balanced by the expectation of interest rate cuts in the US stock markets. However, the charts for altcoins are still annoying. For this, the BTC price must turn upward again and feed the risk appetite of investors. China is making statements today blaming the USA for the trade tension, so what do analysts expect?
Bitcoin (BTC)
BTC has been stalling around $110,000 for a few days after experiencing terrible times last week. in altcoins This was enough for sales to stop, but it needs to get out of this range. The analyst with the pseudonym DaanCrypto pointed out two key levels for the possible rise or fall in cryptocurrencies as of October 16.
“BTC: Still just following a choppy sideways move.
Above $115,000 or the $105,000-107,000 range are the levels that attract my attention in the short-medium term. Over the last 2-3 days, I’ve been happy to stay out of this move after a good trading period.
For now, I will be patient until a clearer situation emerges.”
What Will Happen in Cryptocurrencies?
Pentoshi shared a detailed assessment of today and the future. Saying that short-term flexible movements cover the markets for now, the analyst believes that it is difficult to talk about a consistent direction in altcoins. Reminding that the rising opportunity provided by cryptocurrency reserve moves throughout the summer is behind, the analyst said that these have also weakened.
So what happens now?
“In altcoins I think this border needs to be reclaimed for anything meaningful to happen, which goes without saying. We did a lower bound test this week and it was rejected. Maybe we’ll get another chance soon, maybe we won’t. Nobody knows. But for now, this should be the inclination to take risks, no matter how great they are for you. This varies for everyone.
If we get this again, this is of BTC “It will mean that it returns to the range of approximately 115-116 thousand.” – Pentoshi
Mentioning the importance of the $108 and $109 thousand levels below, the analyst focuses on a similar range with DaanCrypto.
“Right now I think it’s best to reduce trading volume in this range and wait for the market’s decision. Especially since the market is currently trading on weaker volume for altcoins. Crypto in general is much weaker than other markets. Waiting for the outcome is a small price to pay in the current market. I don’t know if this will magically change. We should trade with what we have and stay as neutral as possible in our thoughts and be open to everything, so we can trade in both directions “We can do it.” – Pentoshi
