Price analysis 10/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The lack of a decisive catalyst and the strength in the United States Dollar Index (DXY) has kept the recovery of risky assets under check. Bitcoin (BTC) remains stuck inside a tight range, searching for that elusive breakout. The longer the time Bitcoin spends inside the range, the greater will be the eventual breakout from it.
The short-term uncertainty in cryptocurrencies does not seem to have altered the long-term view of institutional investors. BNY Mellon CEO Robin Vince said that a survey commissioned by the bank showed that 91% of institutional investors were keen to invest in some type of tokenized assets in the next few years.
Although some believe that institutions have been slow to move into crypto, Coinbase senior adviser John D’Agostino thinks otherwise. While speaking in an interview with SALT, D’Agostino said that “institutional inertia is a very real thing” but in the case of digital assets, institutional adoption has been “moving very, very fast.”
What are the important support levels the bulls need to defend to avoid a collapse in Bitcoin and select altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
The bears successfully defended the 50-day simple moving average (SMA) ($19,659) on Oct. 17 and 18. The failure to clear this hurdle may have tempted the aggressive bulls to book profits and the bears to initiate short positions, which pulled the price back below the 20-day exponential moving average (EMA) ($19,384) on Oct. 18.
The sellers will once again try to challenge the immediate support at $18,843. If this level breaks down, the selling could pick up and the BTC/USDT pair could drop to the critical support zone between $18,125 and $17,622. The bears are expected to defend this
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