In-depth report: Ethereum merger, ETH price trend analysis
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Positive news about the collapse of China Evergrande and the Fed’s intention to continue with its existing monetary policy has fueled a strong rally in bitcoin and altcoin prices.
The week-long daily lower high pattern suggests bulls will not be able to flip $43,000 as support, which could drag down many altcoins that just bounced back.
Historical data shows that October has been a good month for Bitcoin bulls, and Bitcoin’s break above $47,600 on October 1 could be a harbinger of what’s to come for Bitcoin and altcoins.
Bitcoin and some altcoins are facing a sell-off at higher levels, suggesting that short-term traders may be taking profits after the recent rally.
Altcoins are selling off ahead of the launch of a bitcoin ETF this week, a possible sign that traders are concerned about the historic launch.
The strength in the U.S. dollar may keep Bitcoin and select altcoins under pressure in the short term.
BTC and altcoins broke below their lower support levels, signaling that further downside is the most likely short-term outcome.
Bitcoin and altcoins are attempting a recovery, but the bulls are likely to encounter stiff resistance at higher levels.
Bitcoin and altcoins continue to face selling at higher levels, indicating that the bears are not willing to let go of their advantage.