Crypto Industry News:
In the wake of new Bitcoin highs, cryptocurrency's dominance over altcoins has peaked in two months. The cryptocurrency hit a new, multi-month high yesterday, amounting to almost $ 56,000. BTC's dominance over altcoins also set a new record, even though most of the alternative digital assets remain green on the charts.
At least for now, October remains a very favorable month for bitcoin. Although the price of the cryptocurrency king was just over $ 43,000 at the beginning of the month, it jumped to around $ 48,000 in just the first few days, where it remained for a short time.
After a brief $ 1,000 pullback, the bulls took matters into their own hands again and pushed the BTC price to above $ 50,000 for the first time since early September. This time they managed to successfully break through. It was not the end of the fight to continue the growth. The next wave of purchases contributed to the impressive growth which brought BTC to a daily high of almost $ 56,000. This is the highest bitcoin price level so far since mid-May.
Despite a correction of several thousand dollars, the cryptocurrency market capitalization is still well above $ 1 trillion. Moreover, bitcoin increased its dominance over altcoins to almost 45%, which is the highest result in the last two months.
Technical Market Outlook:
The BTC/USD pair has pulled-back towards the technical support after the new swing high at the level of $55,720 was made. This means the target for the wave 3 in our Elliott wave analysis scenario had been completed and the market might be ready to develop the corrective wave 4. The nearest technical support is seen at the level of $52,902 and $52,330. Please notice the extremely overbought market conditions on the H4 time frame chart support the possibility of the corrective wave 4 to happen soon.
Weekly Pivot Points:
WR3 - $61,007
WR2 - $54,857
WR1 - $52,632
Weekly Pivot - $42,280
WS1 - $43,798
WS2 - $38,065
WS3 - $35,092
Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
