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BTC and ETC Price Analysis for October 7

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Fri, 7/10/2022 - 15:35
BTC and ETC Price Analysis for October 7
Cover image via www.tradingview.com

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Bears have seized the initiative again as the rates of most of the coins are falling.

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Top 10 coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has gone down by 2.48% over the last day.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) keeps falling after the false breakout of the resistance level at $20,432. At the moment, traders should pay close attention to the $19,00 mark. If buyers lose it, the drop may lead to the test of the support level at $18,270.

Bitcoin is trading at $19,618 at press time.

ETC/USD

Ethereum Classic (ETC) is less of a loser than Bitcoin (BTC) with a drop of 2.45%.

ETC/USD chart by TradingView

From the technical point of view, Ethereum Classic (ETC) is looking bearish as the price is located close to the support level at $26.64.

Related
Cardano (ADA) Price Analysis for October 6

If the candle closes near this mark, it might generate a sharp drop as the altcoin has accumulated enough strength for a further decline.

Ethereum Classic (ETC) is trading at $27.44 at press time.

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