In a separate attempt to determine the valuation of Bitcoin, several experts from JPMorgan Chase opined that Bitcoin's price is overvalued compared to its intrinsic value and the analysts suggested that BTC could face selling in the short-term.
BTC/USD. Bitcoin bounced off the $11,178 support on Oct. 15 but the bulls could not sustain the price above $11,500.
If the bulls can push the price above the downtrend line, it will be the first sign of strength.
If the ETH/USD pair turns up from the current levels or the uptrend line, the bulls will again try to push the price above the overhead resistance at $395. If they can pull it off, it will complete an ascending triangle pattern that has a target objective of $481.608.
Although the altcoin had formed a bullish inverse head and shoulders pattern, the bulls could not push the price above the neckline at $0.26 and the setup did not complete.
A trending move will start after the bulls push the price above $0.26 or the bears sink the pair below $0.219712.
If the ADA/USD pair rebounds off the 20-day EMA, the bulls will try to push the price above the neckline.
If the bulls fail to push the price above the moving averages, the selling is likely to intensify and the bears will once more try to sink the LTC/USD pair below the uptrend line.
Conversely, if the pair rises above the moving averages, the bulls will try to thrust the price above the $51-$52.36 resistance zone.
If the BSV/USD pair recovers from the current levels or from the $146.20 support, the bulls will make one more attempt to drive the price above $180.63.
Price analysis 10/16: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV
Published on Oct 16, 2020
by Cointele | Published on Coinage
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