Bitcoin for the first time since the early September crash is showing signs of its comeback.
Yesterday’s gain of 3.95% supported a breakout from the ending diagonal pattern. Currently, the
price is above the dynamic resistance of the ending diagonal pattern and is above the 100MA.
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We are still looking at the penetration of the $10 760, which will lead Bitcoin towards 200MA at an
important support and resistance of $11 120 – $11 200. If rejected, BTC most likely will be back in the diagonal and fall to find support at $10 500.
Yesterday, after testing the dynamic support, Ethereum increased by 5.26%. In a parallel channel
that is on an upswing, Ethereum keeps moving forward. The first alternative currency was on the
verge of crossing the channel's upper band when it was denied by the MA100 at 384.45, which caused
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ETH to fall to a crucial support level at $372.20 and the EMA20. The next resistance is at $388.79, and
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if Ethereum maintains its position above that, it may go toward the MA200 at $395.48 and the static support of 372.20.
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Given that it has hit the upper edge of a declining channel, gold is in a risky area for buyers. Although it
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was denied at the $1966 barrier, the precious metal increased today by 0.37% as Asian markets, notably
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Shanghai Composite, rose by 0.50%. If the economies of the US and Europe start to improve, gold
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will continue to decline and fall to between $1922 and $1920. The approaching economic data from the EU and Fed meeting on Thursday will be a key indicator for the gold market.
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