Weekly crypto market analysis with Geco.one 04.10.2021

The BTC price has increased by almost $ 8,500 in recent days, nearly 21 per cent. Such a significant appreciation led to overcoming the horizontal resistance of $ 44,900, which naturally allowed further increases.

Looking at the Bitcoin quotes, you will notice that this trend has stopped around the next technical resistance of $ 48,500. Suppose only this zone is rejected in the near future. In that case, we could expect at least a downward correction, for which the actual ranges seem to be around the recently defeated resistance, which is now the closest support, i.e. USD 44,900.

Given that this support coincides with the 50 per cent Fibonacci correction measurement, it seems highly probable that there will be a demand reaction again, which may initiate another upward impulse.

Due to this fact, even though we could expect a decline over the next few days, this tendency may turn out to be only a form of correction, the range of which will amount to 50% of the range of the last growth impulse. After the end of such a sale, BTC could return to the growth path, for which the actual ranges seem to be around $ 53,000, or even $ 60,000.

We could also expect potential drops in the next few days on the Ethereum quotations. The exchange rate of this cryptocurrency has recently broken above the technical resistance of $ 3,160, which means that in the event of a possible downward correction, this zone could be tested from above (as support).

It is noteworthy that this level coincides with the measurement of 50% Fibonacci correction, which increases the chances that potential declines will turn out to be only a form of correction, after which the ETH rate will return to the growth path. Should this happen, the actual range for further appreciation would be around $ 3,950, or even $ 4,300.

The current situation on the BNB quotes is also almost identical to BTC. The price of this cryptocurrency has increased by $ 118 in recent days, almost 37 per cent. Such a significant appreciation led to overcoming the horizontal resistance of $ 385, which naturally opened the way for further increases.

Looking at the BNB quotes, we see that this trend has stopped around the next technical resistance of $ 435. If only this zone is rejected, we could expect a downward correction in the near future. The actual ranges seem to be around the recently defeated resistance, which is now the closest support, i.e. $ 385.

Given that this support coincides with the 50 per cent Fibonacci correction measurement, it seems highly probable that there will be a demand reaction again, which may initiate another upward impulse.

Due to this fact, even though we could expect a decline over the next few days, this tendency may turn out to be only a form of correction, the range of which will amount to 50% of the range of the last growth impulse. After the end of such a sell-off, BNB could return to the growth path, for which the actual reach seems to be around $ 505, or even $ 605 or $ 680.

The current situation on the Cardano (ADA) quotes is also pro-declining. However, the price of this cryptocurrency has recently risen to a technical resistance of $ 2.35 and measures 50% Fibonacci correction from the earlier downward impulse is where the supply reaction appeared. Permanent rejection of this zone may, in turn, open the way for further declines even to the area of $​​ 1.90.

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