27/10/2022
Bitcoin price is struggling to stay above the $19.000 to USD support level. BTC is still at risk of falling below the $18.500 support level in the near term. Again, most major cryptocurrencies are struggling with new highs in the near term.
U.S. stocks opened volatile on Wednesday as investors weighed producer price data that showed a modest rise in inflation last month. The S&P 500 rose 0,24%, while the Dow Jones Industrial Average gained 0,25%. The technology Nasdaq Composite Index rose 0,33%.
The Producer Price Index (PPI), a measure of wholesale prices, rose XNUMX% in April, after falling 0.2% in the previous month, as inflation continued. Economists had previously expected the overall figure to rise by XNUMX%. The release of the PPI comes ahead of Thursday's much-anticipated release of the government's Consumer Price Index (CPI) report.
Wall Street is also watching the minutes of the Federal Reserve's latest monetary policy meeting, which will be released on Wednesday. Investors will reflect on the authorities' discussion of continued tightening and its economic impact.
Bitcoin price
O Bitcoin price fell below the $19.000 support area, testing the $18.850 area yesterday. BTC is trying to consolidate losses that are now below the $19.300 level and the 100-hour simple moving average. On the bright side, immediate resistance is around $19.250. A significant move above the uptrend line could push the price towards resistance at $19.500, and above that price area could test resistance at $20.000 in the near term.
On the downside, bulls will need to get bitcoin to overcome the $19.200 resistance level if it does not continue to fall. Immediate support is around $18.850. The next major support level is around the $18.500 area, below which the shorts can take BTC down to the $17.800 support area.
Ether price
O Ether is struggling to stay above $1.280 after falling below $1.300. ETH has closed below the 100-hour simple moving average. It is now trading close to $1.295. On the bright side, bulls need to keep the price above the $1.300 resistance level. The next major resistance level is likely to be around $1.350, above which the price could revert to $1.385.
On the downside, if Ether does not continue to fall, bulls will need to keep Ether above the $1.300 resistance level. Initial support is around $1.260, below which the price could fall to $1.200 or even $1.185.
Ripple Price
O Ripple Price (XRP) continues to trend higher and XRP needs to stay above $0,47 to maintain the bullish structure. XRP price is now approaching $0.49 and faces resistance in that area. On the upside, immediate resistance is around $0,4950. The next major resistance level is likely to be around $0,52, and a rally above this area could see prices testing resistance at $0,56.
