The bulls had pushed the price above $13,214 today but they could not sustain the higher levels.
The bears thwarted an attempt by the bulls to extend the uptrend today when they did not allow the bulls to sustain the price above $13,214.
The bulls are currently attempting to keep the price above the 20-EMA but the bearish divergence on the RSI suggests that the momentum may be weakening.
ETH/USD. Ether broke above the $308-$396 range on Oct. 22, which suggests that the bulls have overpowered the bears.
Although bears have stalled the up-move at $420, they have not been able to pull the price back below $396. This suggests that the bulls are buying on dips to $400. The upsloping 20-day EMA and the RSI above 59 also indicate that bulls have the upper hand.
If the bulls can push the price above $421, the ETH/USD pair could start a rally that may challenge the Sep.
The pair has formed a flag pattern following the breakout above $400. The long tail on the retest of the breakout level suggests that bulls are accumulating at lower levels.
If the pair rebounds off the 20-day EMA or the uptrend line, the bulls will try to drive the price above $0.26.
If the bulls can propel the price above the $0.084584-$0.087753 resistance, the XLM/USD pair will complete a rounding bottom pattern.
The bulls are currently attempting to push the price back inside the triangle.
Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM
Published on Oct 25, 2020
by Cointele | Published on Coinage
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