Bitcoin and Ethereum Price Prediction – BTC Breakout Triangle Pattern, Preparing for Lift Off?

by James · October 23, 2022

On October 24, Bitcoin price showed a bearish correction after being rejected at the $19,700 resistance mark. In contrast, Ethereum rallied, gaining over 2% to $1,347 during the early Asian session.

Major cryptocurrencies traded bullish early on October 24, with a global crypto market cap of $931 billion the previous day with a trading volume of $479 billion. Let’s take a look at the top winners and losers so far today.

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Top Altcoin Winners and Losers

The top performers in the Asian session were Klaytn (KLAY), Polygon (MATIC) and TerraClassicUSD (USTC). Klaytn (KLAY) is up more than 25% to $0.18, while MATIC is up more than 6% to $0.88. At the same time, USTC has risen more than 6% in the last 24 hours.

In the last 24 hours, the price of The Chain (XCN) has fallen by more than 3% to $0.05. The price of Axie Infinity (AXS) has fallen more than 2% to around $8.6.

Bitcoin price

The current Bitcoin price is $19,339, and the 24-hour trading volume is $25 billion. Bitcoin has increased by more than 0.50% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $370 billion.

On Monday, BTC/USD broke the symmetrical triangle pattern at $19,250, and now it is likely that same level will act as important support. Closing candles above this level has the potential to drive an uptrend to the $19,650 level, and a bullish crossover above this could take BTC towards $19,950.

**Bitcoin Price Chart – Source: Tradingview**

Typically, the symmetrical triangle’s bullish breakout results in a continuation of the uptrend; therefore, bulls can dominate the market. MACD and RSI are also staying in a buy zone, signaling a bullish trend. Let’s consider being bullish above $19,200 support today.

On the downside, a break below the $19,200 level could open up additional space for selling at $18,950 or $18,650.

Ethereum price

The current price of Ethereum is $1,344, with a 24-hour trading volume of $11 billion. In the last 24 hours, Ethereum has pumped over 2%. While CoinMarketCap now ranks ETH at number 2, with a market cap of $164 billion.

On the technical front, the ETH/USD pair has broken through an ascending triangle pattern on the higher side. After being rejected at $1,365, Ethereum is back in a downtrend and is likely to find immediate support near $1,340, the double bottom area.

The 50-day moving average is now likely to provide further support near the psychological trading level of $1,300.

**Ethereum Price Chart – Source: Tradingview**

On the upside, key resistance levels for Ethereum remain at $1,360 and $1,384. The bullish bias remains strong above $1,340 today.

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