Weekly Crypto Market Analysis with Geco.one 11.10.2021

The BTC price has increased since the 29th of September this year by over 16 thousand dollars, which is almost 40 per cent. Such a significant appreciation led to the overcoming of several important resistance zones of $ 44,900, $ 48,300 and $ 53,000, as a result of which bitcoin reached the highest price level since the 12th of May this year.

Considering that breaking one resistance paves the way for further appreciation towards the next, a break above $ 53,000 increased the potential of a two-week increase to almost $ 60,000. It is there that there is another horizontal resistance, which we could expect to be tested in the near future.

It is also worth noting that this will be the last barrier on the way to a new all-time record, which makes breaking a new ATH even before the end of 2021 seems more and more likely.

The current situation on the Ethereum quotes is also very interesting, as the price has recently increased by almost 32 per cent. This appreciation led to the overcoming of technical resistance of $ 3,160 and only stopped around $ 3,640. It was there that last Friday and Sunday appeared considerable supply reactions that could herald a potential downward correction.

However, at the beginning of the new week, optimism has returned to the cryptocurrency market. On Monday before noon, the ETH rate increases by over 5%, thus negating all of Sunday’s decline. If this trend continues and the cryptocurrency quotes break above $ 3,640, then we could expect a continuation of increases, for which the actual ranges seem to be around $ 4,000, or even $ 4,200.

The current situation on the Binance coin (BNB) quotes is also looking more and more optimistic. The price of this cryptocurrency has dropped over the last few days to the area of ​​the recently defeated support of $ 390 and measuring 50% Fibonacci corrections from the earlier upward impulse. Although this support has not been thoroughly tested, there was a strong demand reaction on Monday morning. Permanent rejection of this zone could open the way to renewed increases, for which the real ranges seem to be around $ 505, $ 605, or even $ 680.

It is also worth noting that a break above $ 440 would confirm the formation of an inverted head and shoulders pattern, which would also be a solid pro-growth signal.

The quotes of EOS are also very similar, the price of which has increased by over 37 per cent in recent days. Such a significant appreciation meant that EOS overcame the technical resistance of 4.30 / 4.40 USD.

As a result of the declines lasting from Sunday, this zone was tested from above (as support). It is worth noting that this level currently coincides with 50% Fibonacci corrections from the recent upward move. The emergence of a more significant demand response there could open the way to further increases, for which the actual ranges seem to be around 5.70 or even 7 USD.

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