with the United States Securities and Exchanges Commission for a new spot Bitcoin ETF may have acted as a bullish trigger.against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. This will increase expectations that the regulator may slow down its attack on the cryptocurrency entities due to a string of recent setbacks.As the market sentiment improves, Bitcoin’s long-term holders have been increasing their Bitcoin stockpile. Glassnode data shows thatin long-term storage.
Although the downsloping moving averages indicate advantage to bears, the positive divergence on the RSI suggests that the negative momentum is reducing. The bears will be back in the driver’s seat if they sink the price below $1,531.) turned down from the downtrend line on Oct. 16 but a positive sign is that the bulls did not allow the price to dip below the 20-day EMA . This indicates a change in sentiment from selling on rallies to buying on dips.
Usually, after breaking out of a major resistance, the price turns down and retests the breakout level. In this case, the price may return to test the neckline. If the price turns up from this level, the pair may start a new up-move. A break and close below $23 could shift the advantage back in favor of the bears.) once again slipped to the strong support at $0.24 on Oct. 19 but the bulls held the level successfully.
Toncoin broke below the 61.8% Fibonacci retracement level of $1.98 on Oct. 12 but the bears could not capitalize on this weakness. The bulls purchased the dip and pushed the price back above $1.98 on Oct. 17.The bears are trying to halt the recovery at $2.20 but a positive sign is that the bulls have not allowed the price to slip back below the moving averages. This suggests that the sentiment has turned positive and traders are buying the dips.
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