U.S. economic factors and international relations may impact cryptocurrency trends.
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Cryptocurrencies have witnessed numerous positive developments that promise long-term benefits. However, continuity in short-term upward trends is not guaranteed, especially given the disruptions in global routines. Bitcoin $111,616’s price is struggling to maintain the $108,000 mark, and today we will take a closer look at Efloud’s charts.
ContentsCryptocurrency ChartsExpectations for the Coming Hours Cryptocurrency Charts
An anonymous cryptocurrency analyst, Efloud, renowned for accurately identifying crucial price zones, shared a comprehensive evaluation a few hours ago. On October 11, during a downturn, the analyst shared the total market capitalization chart of cryptocurrencies, where the area around $3.4 trillion was expected to be maintained as support. Regaining the $3.74 trillion level, according to Efloud, would bring the $3.95 trillion resistance back into focus.
“Following the support recovery in Total Market Cap, it reached the $3.95 T region and faced rejection.”
This situation implies a retest of the support might be possible. The chart below showcases Total2, where we also witnessed rejection from the resistance zone. For risk-takers, these rejections offered opportunities for short selling, aligning with the outcomes observed in the past few hours.
The support level for Bitcoin’s market dominance has settled at 59.2.
As for the ETHBTC pair, it has failed to reach the 0.0382 level, which is currently a letdown for altcoin enthusiasts. Should the decline persist, 0.0325 might be tested.
Expectations for the Coming Hours
Due to the U.S. government shutdown, neither non-farm payrolls nor unemployment figures will be released this week. The Federal Reserve will have to base its decision on existing data before its meeting at the end of the month. Trump, having met with Putin, announced that meetings between delegations will occur next week, noting a decrease in tensions from the Russian side.
If something major regarding China is to be announced, Trump is likely to present it tomorrow. Particularly after the closing of the U.S. markets, we might see announcements of triple-digit tariffs or other trade restrictions to pressure China, which has yet to retreat. Tomorrow, the American Express earnings report will be released. Recently, the earnings reports of the last quarter have sustained the U.S. markets to some extent, but today we observed a decline, which also affected the crypto market.
Unless unexpected events arise during the week of October 24, U.S. inflation figures are expected to be released. Current expectations for core inflation are steady, but the headline inflation is anticipated to rise to 3.1%. Concerns over anticipated inflation figures might be felt over the weekend, as markets often enjoy pricing in speculation.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
