The second week of October saw major pairs record bearish trends. Prices for the top cryptocurrencies as well as all crypto recorded big nose dives. This was attributed to mass sell-offs of investments held in cryptocurrencies. However, a 10% increase in price of all major cryptos apart from Tether was witnessed today- 15th October. The sudden rise in price this morning was attributed to a sell-off of the dollar-linked tether digital coin — the only cryptocurrency which is down today.
Price for the pair began on a high of $6730 before spiraling on a downward trajectory over the next three days. A worrying low was witnessed on Thursday 11th October due to mass sales in crypto which amounted to a 7.6% loss in price. The increased supply orchestrated a sharp fall in price which breached the support level set at $6400.
On that same day, the 30-day moving average crossed over the 9-day moving average indicating a bearish trend. From then on, prices have been on a triangular divergence, rebounding upwards to a new high of $7788 on Monday, October 15.
The pair has been struggling with unstable and low prices since September. This pattern has been replicated in October. The second week of October kicked off on a high of $234 and consequently went on a bearish trajectory. It dropped over the next three days due to mass dispositions in securities held in crypto tokens by investors.
The week saw the pair register a 21% loss in price value after taking a sharp nose dive to a low of $184, breaching the psychological support level of $216. However. The resistance level of $200 (on 1 day charts) was broken on 11th October when prices went up to a month-high of $242.