Bitcoin (BTC) and Ethereum (ETH) Market Update October 13, 2022
The total crypto market cap is down by $51billion for the period since Monday and now stands at $883 billion. The top ten currencies are all in red with Solana (SOL) and Cardano (ADA) being the worst performers with 8.9 and 7.4 percent of losses respectively. At the time of writing Bitcoin (BTC) is trading at $18,348. Ethereum (ETH) is at $1,212.
Bitcoin closed the trading day on Sunday, October 9 flat at $19,440. The coin has been in a downtrend since it hit the $20,460 mark and the mid-term diagonal resistance line on October 6. However, it still managed to end the previous seven-day period with a 2 percent increase.
On Monday, the BTC/USDT pair fell down to $19,140 and erased 1.5 percent of its market capitalization. It was slowly moving towards the major support area in the $18,000 – $18,500 range as traders were anxiously waiting for the next CPI inflation data announcement on October 13.
The Tuesday session was no different and BTC hit $18,886 early in the day before closing flat eventually.
The mid-week trading on Wednesday came with a short green candle to $19,140 as the price action was now extremely tight, moving in a Descending triangle pattern on the daily timeframe.
What we are seeing midday on Thursday, October 13 is a significant selloff prior to the US markets open and the bad inflation data from the United States. Bitcoin is trading at $18,365 while 24-hour trading volumes are in a steady downtrend since the end of September.
The Ethereum Project token ETH peaked at $1,384 on October 6 and since then lost 2.5 percent to end the previous week at $1,322 but with a small green candle after jumping back up from the long-term diagonal support line on the weekly timeframe chart.
The ether opened the new seven-day period with a 2.3 percent drop on Monday, hitting the lower boundary of the improvised bear flag pattern on the daily chart at $1,291. Just like was the case with BTC, the leading altcoin was now trading in an extremely small price range, building up for a big move – up or down.
On Tuesday, October 11 bears pushed the price further down to $1,271. Looking at the Relative Strength Indicator (RSI) we have been slowly re-entering the oversold area on both the 1D and 1W charts. Trading volumes continued to be in a stable downtrend.
The third day of the workweek came with a green candle to $1,294 as bulls were testing from below the mentioned lower end of the Bear Flag.
As of the time of writing this market update on Thursday, the ETH/USDT pair is trading 6 percent down, at $1,214. The high volatility was expected before the major fundamental data announcement in the United States. $1,246 is the current range low formed around the old range’s high that needs to be defended.