Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS

Traders are watching to see if BTC’s bounce of the 20-day moving average resumes the uptrend. Meanwhile, SOL, AVAX, ALGO and AXS are preparing for a move higher.

Bitcoin (BTC) continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following the successful launch of last week’s Bitcoin exchange-traded funds.

In the past, the launch of the Bitcoin Futures product by the Chicago Mercantile Exchange on Dec. 18, 2017, ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (COIN) on April 4, 2021. This suggests that the old adage “buy the rumor, sell the news” could be at risk of repeating once again.

Crypto market data daily view. Source: Coin360

However, several analysts are unperturbed by the pullback. Crypto market intelligence firm Decentrader said that “there are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher.” They anticipate the Bitcoin bull run to continue with a possible target objective at $72,000 and then $88,000.

Not that every metric is flashing bullish at the moment. Data from Bybt shows that Bitcoin reserves rose to 400,000 Bitcoin on Binance, suggesting that traders may be looking at closing their positions.

Could Bitcoin stage a strong comeback that boosts sentiment in the crypto sector? Let’s analyze the charts of the top-5 cryptocurrencies that could remain in focus in the next few days.

BTC/USDT

Bitcoin has faced a strong rejection in the $64,854 to $67,000 zone. The price could drop to the 20-day exponential moving average ($58,315) which is a key level to watch out for. If the price bounces off this level with strength, it will signal that sentiment remains positive and traders are buying on dips.

BTC/USDT daily chart. Source: TradingView

The bulls will then make one more attempt to push the price above the overhead zone. If they can pull it off, the BTC/USDT pair may resume its uptrend. The pair could then rally to its target objective at $84,533.12.

The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that buyers have the upper hand.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the break above $64,854 may have been a bull trap. The pair could then continue its slide to the 50-day simple moving average ($50,927).

BTC/USDT 4-hour chart. Source: TradingView

The pair is correcting inside a descending channel. The immediate support is at $58,739.17 and if this level cracks, the pair could drop to the support line of the channel. This is an important level for the bulls to defend because a break below it could intensify selling.

The 20-EMA has turned down and the RSI has dipped into the negative territory, indicating that bears have the upper hand. This negative view will invalidate if the price breaks above the channel and the moving averages. Such a move will increase the possibility of a retest of the overhead zone.

SOL/USDT

The long wick on Solana’s (SOL) Oct. 22 candlestick suggests that bears are aggressively defending the overhead resistance at $216. The altcoin formed an inside-day candlestick pattern on Oct. 23, indicating indecision among the bulls and the bears.

SOL/USDT daily chart. Source: TradingView

This uncertainty resolved to the downside today and the price could drop to the breakout level at $177.79. If the price rebounds off this level, it will suggest that sentiment remains bullish and traders are buying on dips.

The bulls will then again try to drive the price above $216. If they succeed, the SOL/USDT pair could rise to $239.83. The marginally rising 20-day EMA ($168) and the RSI in the positive territory indicate advantage to buyers.

This positive view will be negated if the price continues lower and breaks below the 20-day EMA. That could pull the price down to the trendline of the triangle.

SOL/USDT 4-hour chart. Source: TradingView

The bears have pulled the price below the 20-EMA on the 4-hour chart. If sellers sustain the price below the 20-EMA, it will suggest that the bullish momentum has weakened. The pair could then slide to $177.79 where buying may emerge.

The first sign of strength will be a break and close above the downtrend line. Such a move will suggest that traders are buying on dips. That could push the price to $205.78 and if this resistance is crossed, the pair may rally to the all-time high.

AVAX/USDT

Avalanche (AVAX) broke and closed above the descending channel on Oct. 21, suggesting that the correction may be over. The bulls will now try to resume the uptrend.

AVAX/USDT daily chart. Source: TradingView

The long wick on the Oct. 22 and 23 candlestick suggests that demand dries up at higher levels. The AVAX/USDT pair could decline to the moving averages.

A strong rebound off this support will suggest that traders continue to buy on dips. The bulls will then make one more attempt to resume the up-move by pushing the price above $69.18. If they succeed, the pair could rally to $73.41 and then retest the all-time high at $79.80.

Contrary to this assumption, if the price breaks below the moving averages, the pair could drop to the strong support at $51.04. If this level also gives way, the next stop could be the support line of the channel.

AVAX/USDT 4-hour chart. Source: TradingView

The bulls pushed the price above the downtrend line of the descending triangle, invalidating the bearish setup. However, the recovery was short-lived as bears have pulled the price back below the 20-EMA. This suggests selling at higher levels.

The pair could now drop to the 50-SMA. If this support is breached, the bears will try to pull the price back into the triangle. If that happens, it will suggest that the breakout above the triangle was a bull trap.

On the contrary, if the price rises from the current level or rebounds off the downtrend line, it will indicate that bulls are accumulating on dips. The buyers will then try to propel the price above $69.18. A break and close above this resistance will signal that bulls have the upper hand. The pair could then start its journey toward the all-time high.

Related: Shiba Inu surges over 45% in two days to reach an all-time high

ALGO/USDT

Algorand (ALGO) has been trading inside a symmetrical triangle for the past few days. The price has turned down from the resistance line of the triangle today, indicating that bears are unwilling to let bulls have their way.

ALGO/USDT daily chart. Source: TradingView

If the price dips below the moving averages, the ALGO/USDT pair could drop to the support line of the triangle. This is an important level for the bulls to defend because if it cracks, the bears will try to pull the price to $1.51 and then to $1.20.

Alternatively, if the price turns up from the current level or the support line and breaks above the triangle, it will suggest that bulls are in control. The pair could then rally to $2.22 and later retest the all-time high at $2.55.

ALGO/USDT 4-hour chart. Source: TradingView

The price is getting squeezed inside the triangle, indicating that the pair could be getting ready for a strong directional move. The crisscrossing moving averages and the RSI near the midpoint do not project a clear advantage either to the bulls or the bears.

A break above the triangle will suggest that bulls have absorbed the selling by the bears and that could set the pair for the resumption of the up-move. Conversely, a break below the triangle will suggest that supply exceeds demand and that could start a deeper correction.

AXS/USDT

Axie Infinity (AXS) has formed a symmetrical triangle pattern, which indicates indecision among the bulls and the bears. It is difficult to predict the direction of the breakout but usually, the triangle acts as a continuation pattern.

AXS/USDT daily chart. Source: TradingView

If the price rebounds off the support line, the bulls will make one more attempt to push the AXS/USDT pair above the triangle. If they succeed, it will signal a resumption of the uptrend. The pair may then retest the all-time high at $155.27.

The bullish momentum could pick up if buyers clear this overhead hurdle. The pair may then rally toward the pattern target at $186.05.

Conversely, a break and close below the triangle will be the first sign of a deeper correction. The pair may first drop to $103.22 and then to the breakout level at $94.67.

AXS/USDT 4-hour chart. Source: TradingView

The moving averages have flattened out on the 4-hour chart and the RSI has been oscillating between 40 and 62. This suggests a state of equilibrium where traders are buying on dips to $115 and selling near $140.

A break and close below $115 could signal that the uncertainty has resolved to the downside. That could pull the price down to the pattern target at $90. On the contrary, a break above $140 will signal that bulls are back in the game. The pair may rally to $155.27 and then to the pattern target at $165.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Top 5 cryptocurrencies to watch this week: BTC, ETH, SOL, MATIC, FTM

Bitcoin’s shallow pullback increases the prospect of a new all-time high in the short term and altcoins like ETH, SOL, MATIC and FTM could move higher while BTC prepares for its next move.

On Oct. 15, news that a Bitcoin (BTC) exchange-traded fund (ETF) could start trading as early as next week sent Bitcoin price to $62,933 but the rally has cooled off since then.

Some market participants believe that traders who bought the rumor of approval for a Bitcoin ETF product may sell on the news. Crypto trading firm QCP Capital said in an update that the approval of futures-based ETFs is unlikely to provide a long-term boost for Bitcoin prices similar to the one seen in the fourth quarter of 2020.

While high volatility cannot be ruled out in the near term, investors should focus on the major trend and not get caught in minor corrections that are part of the path to new all-time highs.

Crypto market data daily view. Source: Coin360

According to Foxbit founder João Canhada, his daughter has earned a 6,500% profit on the one Bitcoin gift she received when she was born in 2017. Although she couldn’t have traded the coin at such a young age, the returns show that patient investors who are not perturbed by a minor fall can end up with huge returns.

Could Bitcoin’s rally to a new all-time high pull altcoins along with it? Let’s study the charts of the top-5 cryptocurrencies that could outperform in the short term.

BTC/USDT

Bitcoin soared above the $58,000 resistance and the psychological mark at $60,000 on Oct. 15. The bears are attempting to stall the up-move at $62,933 but the positive sign is that bulls have not given up much ground. This suggests that traders are not closing their positions after the recent up-move because they anticipate another leg up.

BTC/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the relative strength index (RSI) is in the overbought zone, indicating that bulls are in control. If the price turns up from the current level and breaks above the $62,933 to $64,854 resistance zone, the BTC/USDT pair may rally to $75,000.

The immediate support to watch on the downside is $58,000. A break and close below this level could prompt short-term traders to book profits, pulling the price down to the 20-day exponential moving average ($54,336).

A bounce off the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to resume the uptrend. On the contrary, a break and close below the 20-day EMA will suggest that the bullish momentum has weakened.

BTC/USDT 4-hour chart. Source: TradingView

The pair has been rising in a steady uptrend on the 4-hour chart. The bears have not been able to sink and sustain the price below the 50-simple moving average since the pair broke above the symmetrical triangle.

If the price rebounds off the 20-EMA, the possibility of a break above $62,933 may increase because it will suggest that traders are not waiting for a deeper correction to buy. This bullish assumption will invalidate if bears sink and sustain the pair below the 50-SMA. Such a move could open the doors for a drop to $54,000 and then to $52,290.

ETH/USDT

Ether’s (ETH) break and close above the neckline on Oct. 14 completed the inverse head and shoulders pattern. The long wick on the Oct. 16 candlestick suggests that bears are attempting to stall the up-move in the $4,000 to $4,027.88 zone.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the current level, the ETH/USDT pair could drop to the breakout level at the neckline. This is an important support for the bulls to defend. If the price rebounds off this level, the bulls will again try to clear the overhead hurdle.

A breakout and close above $4,027.88 could clear the path for a rally to the all-time high at $4,372.72 and next to the pattern target at $4,657. Conversely, a break below the moving averages could sink the price to $3,257. The bears will gain the upper hand if this support is breached.

ETH/USDT 4-hour chart. Source: TradingView

The bears are defending the psychological resistance at $4,000 while bulls are trying to keep the price above the 20-EMA. The RSI has dropped close to the midpoint and the 20-EMA is flattening out, suggesting a possible consolidation in the near term.

A break and close above $4,000 could signal the resumption of the up-move. Conversely, a break below the neckline of the setup will be the first sign that the momentum may be weakening. The pair could then decline to $3,400.

SOL/USDT

Solana (SOL) broke out and closed above the downtrend line on Oct. 15 which is the first sign that bulls are attempting a comeback. The bears tried to pull the price back below the downtrend line on Oct. 16 but failed.

SOL/USDT daily chart. Source: TradingView

If bulls sustain the price above the downtrend line, the SOL/USDT pair could rise to the 61.80% resistance at $177.80. This is an important level for the bears to defend because if bulls clear this hurdle, the pair could rise to the 78.6% retracement level at $194.60 and later retest the all-time high at $216.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that traders are closing their positions on pullbacks. The pair could then drop to the critical support at $116.

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair has been trading between $156.36 and $165.61 since breaking out of the downtrend line. If buyers propel and sustain the price above $165.61, the uptrend may resume.

The first target is the overhead zone between $174.86 and $177.79. Alternatively, a break and close below $156.36 could open the doors for a decline to $147.11. Until then, the pair may continue to consolidate in the tight range.

Related: Why HODL for 48 hours? Because your altcoin wallet will thank you

MATIC/USDT

Polygon (MATIC) has been trading in a large range between $1 and $1.80 for the past few days. The 20-day EMA ($1.32) has started to turn up and the RSI has risen into the positive territory, indicating that bulls are attempting to gain the upper hand.

MATIC/USDT daily chart. Source: TradingView

The MATIC/USDT pair could rise to $1.80 which is likely to act as a tough obstacle. If the price turns down from this resistance, the pair could drop to the 20-day EMA.

A strong rebound off this support will suggest that sentiment has turned positive and traders are buying on dips. That will increase the possibility of a break and close above $1.80.

If that happens, the pair could start a new uptrend to $2.40 and then retest the all-time high at $2.70. Conversely, if the price turns down from the current level and breaks below the moving averages, the pair could slide to $1.20 and then to $1.

MATIC/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the positive zone, suggesting that bulls have the upper hand in the short term. The bulls pushed the price above the overhead resistance zone at $1.45 to $1.50 but selling at higher levels has pulled the price back into the zone.

If the price rebounds off the 20-EMA, the bulls will make one more attempt to resume the up-move. A breakout and close above $1.63 could clear the path for a rally to $1.80. This positive view will invalidate if the price turns down and breaks below $1.45.

FTM/USDT

Fantom’s FTM token is in a strong uptrend. The bulls successfully defended the breakout level at $1.94, indicating that sentiment remains positive and traders are buying on dips.

FTM/USDT daily chart. Source: TradingView

The upsloping moving averages indicate advantage to buyers but the negative divergence on the RSI is warning that the bullish momentum may be weakening. If bulls push the price above $2.45, the uptrend may continue, with the next target objective at $3.20.

On the other hand, if the price turns down from $2.45, the FTM/USDT pair may drop to $1.94 and consolidate between these two levels for a few days. A break and close below the 20-day EMA ($1.85) may signal the start of a deeper correction.

FTM/USDT 4-hour chart. Source: TradingView

The bulls are currently attempting to sustain the price above the descending channel. If they manage to do that, the pair could rise to $2.45. This level may act as stiff resistance but if bulls overcome it, the uptrend may resume.

Alternatively, if the price fails to sustain above the channel, it will suggest that demand dries up at higher levels. The pair may then continue to trade inside the channel. A break and close below the channel could pull the pair down to $1.50.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 10/15: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Hopes of a BTC ETF approval sent Bitcoin charging toward a new all-time high and several altcoins are also breaking out of bullish setups.

Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various documents pointed to the eventual approval of a futures-based BTC ETF by the United States Securities and Exchange Commission. According to these documents, the regulator may be close to green lighting the application to list Valkyrie’s Bitcoin Strategy exchange-traded fund ETF for listing on Nasdaq. 

Analysts pointed out that gold’s price had risen sharply leading up to the launch of the first U.S.-based gold ETF in 2004. Thereafter, the rally continued and gold’s price rose more than 300% since the ETF was approved, before forming a major top. The similarity between gold and Bitcoin being stores of value appear to have generated huge excitement for the launch of a Bitcoin ETF.

Daily cryptocurrency market performance. Source: Coin360

Traders seem to have aggressively accumulated Bitcoin before the announcement of a Bitcoin ETF. The Bitcoin futures open interest in the Chicago Mercantile Exchange hit a new all-time high on Oct. 14, surpassing the previous high of $3.02 billion made on April 14.

Could Bitcoin break above the all-time high and continue its northward journey and will altcoins also join the party? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on Oct. 14, indicating indecision among the bulls and the bears above the $58,000 level. This uncertainty resolved to the upside today and the rally has resumed.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($52,868) is sloping up and the relative strength index (RSI) is in the overbought zone, suggesting that bulls are in control. However, the all-time high at $64,854 may prove to be a difficult hurdle to cross.

If the BTC/USDT pair turns down from this resistance, the first support to watch on the downside is the 20-day EMA. A strong rebound off this support will suggest that sentiment remains positive and traders are buying the dips.

That will increase the possibility of the resumption of the uptrend with the target at $75,000. The first sign of weakness will be a break and close below the 20-day EMA, which could result in a decline to the 50-day simple moving average ($48,514).

ETH/USDT

Ether (ETH) bounced off the 20-day EMA ($3,479) on Oct. 13 and broke above the neckline of the inverse head and shoulders (H&S) pattern on Oct. 14. This completed the bullish setup which has a target objective at $4,657.

ETH/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI has broken above the downtrend line, suggesting that bulls are back in control. The ETH/USDT pair could now rally to $4,027.88 and then retest the all-time high at $4,372.72.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the neckline, it will suggest that bears continue to sell on rallies. The pair could then drop to the moving averages. A break and close below $3,257 will indicate that bulls may be losing their grip.

BNB/USDT

Binance Coin (BNB) broke and closed above the neckline on Oct. 13, completing an inverse H&S pattern. This bullish setup has a pattern target at $554.

BNB/USDT daily chart. Source: TradingView

The bears attempted to pull the price back below the breakout level but the long tail on the day’s candlestick indicates buying at lower levels. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that bulls have the upper hand.

If the price rises from the current level and breaks above $518.90, it will signal the resumption of the uptrend. The bears will have to pull and sustain the BNB/USDT pair below the moving averages to weaken the bullish momentum.

ADA/USDT

The bulls are attempting to push Cardano (ADA) back into the symmetrical triangle pattern but the bears are not relenting. They are defending the support line and the 20-day EMA ($2.21) with vigor.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the current level and breaks below $2.07, the ADA/USDT pair could drop to $2 and next to $1.87. A breach below this important level may pull the pair down to the pattern target of $1.63

Alternatively, if bulls push and sustain the price above the 20-day EMA, the pair could rise to the resistance line of the triangle. A breakout and close above the triangle could clear the path for a rally to $2.47, followed by a move to $2.80.

XRP/USDT

XRP has been holding above the 20-day EMA ($1.08) for the past few days but the bulls have not been able to push the price to the overhead resistance at $1.24. This suggests a shortage of demand at higher levels.

XRP/USDT daily chart. Source: TradingView

If the price turns down and breaks below the 20-day EMA, the XRP/USDT pair could drop to $1. This level could again attract buyers but if they fail to push the price above $1.24, the bearish momentum could pick up and the slide could deepen to $0.85.

Conversely, if the price rises from the current level and breaks above $1.24, it will signal that the selling pressure may be easing. The pair could then rise to $1.41 and if bulls clear this barrier, the next stop could be $1.66.

SOL/USDT

The failure of the bears to sink Solana (SOL) below the 50-day SMA ($147) in the past few days indicates accumulation by the bulls. The buyers are currently attempting to sustain the price above the downtrend line.

SOL/USDT daily chart. Source: TradingView

If they succeed, the SOL/USDT pair could rise to the 61.8% Fibonacci retracement level at $177.80. This level may act as stiff resistance but if bulls overcome this hurdle, the pair may rally to $200 and then retest the all-time high at $216.

The first sign of weakness will be a break and close below the 50-day SMA. That could pull the price down to $116. This is an important level to keep an eye on because a break below it could intensify the selling.

DOT/USDT

Polkadot (DOT) skyrocketed and closed above the $38.77 overhead resistance on Oct. 13, suggesting that the consolidation has resolved in favor of the bulls.

DOT/USDT daily chart. Source: TradingView

The bears tried to pull the price back below $38.77 on Oct. 14 and today but failed. This shows that buyers are aggressively defending the breakout level. If bulls drive the price above $43.22, the DOT/USDT pair could retest the all-time high at $49.78.

If the price turns down from the current level and breaks below $38.77, the pair could drop to the 20-day EMA ($34.84). A strong bounce off this support will suggest that sentiment remains positive and traders are buying on dips.

Alternatively, if bears sink the price below the moving averages, the pair could drop to $25.50. Such a move will suggest that the breakout above $38.77 may have been a bull trap.

Related: CFTC slaps Tether and Bitfinex with a combined $42.5 million fine

DOGE/USDT

The bulls are struggling to sustain Dogecoin (DOGE) above the 20-day EMA ($0.23), which suggests that buying dries up at higher levels. A minor positive is that bulls have not allowed the price to sustain below $0.22.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of the bears if the $0.21 support cracks. That may result in a decline to $0.19.

If the price turns up from the current level, the bulls will try to push the price to the downtrend line. A breakout and close above this level will suggest that the decline could be over. The DOGE/USDT pair may next rise to $0.32 and then to $0.35.

LUNA/USDT

Terra protocol’s LUNA token is finding support at the 50-day SMA ($36.24) for the past three days but the bulls have not been able to drive the price above the 20-day EMA ($38.86). This suggests that demand dries up at higher levels.

LUNA/USDT daily chart. Source: TradingView

The 20-day EMA is sloping down marginally and the RSI is just below the midpoint, indicating a minor advantage to bears. A break and close below the 50-day SMA could pull the price down to $32.50 and if this support cracks, the correction could deepen to $25.

Conversely, if bulls drive the price above the 20-day EMA, the LUNA/USDT pair could pick up momentum and advance to $45.01 where bears may again try to mount a stiff resistance. A retest of the all-time high at $49.54 is likely if bulls overcome this obstacle.

UNI/USDT

Uniswap (UNI) rose above the moving averages on Oct. 13 and reached the neckline of the inverse H&S pattern on Oct. 14. The bears are currently attempting to stall the recovery at the neckline.

UNI/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI has climbed into the positive territory, indicating that bulls have the upper hand. If the price rebounds off the moving averages, the bulls will make one more attempt to propel the UNI/USDT pair above the neckline.

If they succeed, it will complete the inverse H&S setup, starting a possible rally to $31.41 and later to the pattern target at $36.98. This bullish view will invalidate if the price continues lower and breaks below $22. The pair could then drop to the strong support at $18.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Price analysis 10/11: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

Analysts say Bitcoin has started its journey toward a new all-time high and the sideways action from altcoins suggests traders are shifting funds into BTC.

Bitcoin (BTC) resumed its rally on Oct. 11 and climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is having only a temporary effect.

The strong rally in Bitcoin in the past few days has boosted sentiment and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, anticipates Bitcoin to rally to $100,000 by early next year.

Daily cryptocurrency market performance. Source: Coin360

David Gokhshtein, the founder of Gokhshtein Media and PAC Global, was even more bullish as he expects Bitcoin to reach $100,000 before the end of the year. Analyst and trader Rekt Capital believes that Bitcoin will rise much higher than $100,000 in the current cycle.

Could Bitcoin break above the stiff overhead resistance and challenge the all-time high and will altcoins play catch up? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s long wick on the Oct. 10 candlestick shows that bears sold at higher levels but their failure to pull the price below the breakout level at $52,920 seems to have energized the bulls.

BTC/USDT daily chart. Source: TradingView

Aggressive buying on Oct. 11 has pushed the price above the Oct. 10 intraday high at $56,561.31, clearing the path for a possible rally to $60,000. The rising 20-day exponential moving average (EMA) ($50,196) and the relative strength index (RSI) in the overbought zone indicate that bulls are in control.

If bulls thrust the price above $60,000, the BTC/USDT pair could challenge the all-time high at $64,854. The bullish momentum could pick up further if buyers clear this barrier.

The first sign of weakness will be a break and close below the breakout level at $52,920. This will suggest that traders are booking profits at higher levels. The bears will then sense an opportunity and try to pull the price below the 50-day simple moving average (SMA) ($47,727).

ETH/USDT

Ether’s (ETH) turned down sharply on Oct. 10 but the bulls aggressively purchased the drop to the 20-day EMA ($3,369) on Oct. 11. This is a positive sign as it shows that the sentiment remains bullish and traders are buying on dips.

ETH/USDT daily chart. Source: TradingView

If bulls push and close the price above the neckline, the inverse head and shoulders (H&S) pattern will complete. This reversal setup has a pattern target at $4,657 but the bears are likely to have other plans as they will try to mount a strong resistance at $4,027.88 and then at the all-time high at $4,372.72.

This bullish view will be negated if the price turns down from the overhead resistance and plummets below the 50-day SMA ($3,351). The ETH/USDT pair could then drop to psychological support at $3,000.

BNB/USDT

Binance Coin (BNB) broke and closed below the 50-day SMA ($425) on Oct. 8. The bulls tried to push the price back above the 50-day SMA on Oct. 9 but failed, inviting selling by short-term traders.

BNB/USDT daily chart. Source: TradingView

The BNB/USDT pair plunged below the 20-day EMA ($409) on Oct. 10 but the bears could not take advantage of this opportunity. Strong buying at lower levels has pushed the price back above the 20-day EMA on Oct. 11.

If bulls propel the price above the 50-day SMA, the pair could rise to the neckline. A break and close above this level will complete the inverse H&S pattern. The pair may then rally to $518.90 and if this level is crossed, the rally may extend to the pattern target at $554.

Conversely, if the price turns down from the 50-day SMA or the neckline and plunges below the 100-day SMA ($383), the next stop could be $320.

ADA/USDT

Cardano (ADA) is trading inside a symmetrical triangle, which generally acts as a continuation pattern. If bears sink and sustain the price below the support line of the triangle, the correction could resume.

ADA/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($2.24) and the RSI just below the midpoint, do not give a clear advantage either to the bulls or the bears. The bulls will try to arrest the decline at $1.94 but if they fail to do so, the selling could accelerate and the ADA/USDT pair could drop to $1.60.

Alternatively, if the price rebounds off the support line of the triangle and rises above the 20-day EMA, the bulls will try to push the pair above the resistance line of the triangle. If they succeed, the pair could rise to $2.47 and then rally to $2.80.

XRP/USDT

The tight range trading in Ripple (XRP) resolved to the upside on Oct. 9 with a break and close above the 50-day SMA ($1.08). However, the long wick on the Oct. 10 candlestick shows that bears are defending the minor resistance at $1.24.

XRP/USDT daily chart. Source: TradingView

If bulls do not give up much ground from the current level, the possibility of a break above $1.24 increases. The 20-day EMA ($1.06) is sloping up marginally and the RSI is above 60, signaling advantage to buyers.

A break and close above $1.24 could push the XRP/USDT pair to $1.41. This may prove to be a difficult obstacle to overcome but if crossed, the pair could rally to $1.66. This bullish view will invalidate if the price turns down and breaks below the 20-day EMA. That could pull the price down to $1 and then to the 100-day SMA ($0.93).

SOL/USDT

Solana’s (SOL) weak bounce off the 20-day EMA ($151) on Oct. 8 and 9 suggests a lack of aggressive buying by the bulls. Supply exceeded demand on Oct. 10 and the price slipped below the 20-day EMA.

SOL/USDT daily chart. Source: TradingView

The bulls will now try to defend the 50-day SMA ($141). They will have to push and sustain the price above the downtrend line to signal that the selling pressure is easing. The bullish momentum could pick up on a breakout and close above the 61.8% Fibonacci retracement level at $177.80.

Conversely, if the price turns down and breaks below the 50-day SMA, the SOL/USDT pair could drop to the strong support at $116. This is an important level for the bulls to defend because if it cracks, the pair could plummet to the 100-day SMA ($90).

DOGE/USDT

Although bulls defended the 100-day SMA ($0.24) on Oct. 8 and 9, they could not push Dogecoin (DOGE) above the 50-day SMA ($0.24). This suggested that demand dries up at higher levels. The bears took advantage of this situation and pulled the price below the moving averages on Oct. 10.

DOGE/USDT daily chart. Source: TradingView

If bulls fail to push the price back above the moving averages quickly, the DOGE/USDT pair could drop to the $0.21 to $0.19 support zone. The bears will have to break this support zone to gain the upper hand.

On the contrary, if the price turns up and breaks above the moving averages, the bulls will make another attempt to push the price above the downtrend line. If they pull it off, the pair could start an up-move $0.32 and later to $0.35.

Related: Billionaire Bill Miller advocates for Bitcoin, but doubtful on altcoins

DOT/USDT

Polkadot (DOT) has been range-bound between $25.50 and $38.77 for the past many days. The price turned down from $37.45 on Oct. 10, suggesting that bears are defending the overhead resistance.

DOT/USDT daily chart. Source: TradingView

The gradually upsloping moving averages and the RSI in the positive territory signal a modest edge to the buyers. A breakout and close above $38.77 will be the first sign of the resumption of the up-move.

The pattern target of the breakout from the rectangle pattern is $52.04. Alternatively, if bears sink the price below the moving averages, it will indicate that the DOT/USDT pair could extend its stay inside the range for a few more days.

LUNA/USDT

Terra protocol’s LUNA token turned down from $48.56 on Oct. 8, indicating that bears are aggressively defending the overhead resistance at $50. The failure to break above the resistance may have prompted short-term traders to book profits.

LUNA/USDT daily chart. Source: TradingView

The LUNA/USDT pair slipped and closed below the 20-day EMA ($39.64) on Oct. 10. Efforts by the bulls to reclaim the level met with strong selling on Oct. 11, indicating that the sentiment has turned negative and traders are closing positions on every minor rally.

The next support on the downside is the 50-day SMA ($35.58) and if this level gives way, the decline could extend to $32.50. Conversely, if the price turns up from the current level and rises above the 20-day EMA, the bulls may again try to push the pair above the overhead resistance.

UNI/USDT

Uniswap (UNI) broke and closed below the 20-day EMA ($24.45) on Oct. 10 but the bulls are trying to defend the 100-day SMA ($23.76). The buyers will now try to push the price back above the 50-day SMA ($25.05).

UNI/USDT daily chart. Source: TradingView

If they succeed, the UNI/USDT pair could rise to the neckline of the inverted H&S pattern. The bullish momentum could pick up if buyers push and sustain the price above this resistance. The pair could then begin its ascent toward the pattern target at $36.98.

Contrary to this assumption, if bears pull the price below the 100-day SMA, the pair could drop to $22. This is an important level for the bulls to defend because if it is breached, the selling could intensify and the pair may drop to $18.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Top 5 cryptocurrencies to watch this week: BTC, DOT, UNI, LINK, XMR

Bitcoin could pick up momentum above $56,100 and that could attract buying in DOT, UNI, LINK, and XMR.

Bitcoin (BTC) has continued to trade near the $55,000 level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on Sep. 12 to about 45% today. This shows that the strong recovery in cryptocurrencies has largely been led by Bitcoin. 

This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. Although this indicator suggests that markets may have run up quickly in a short time, it does not necessarily signal a confirmed short-term top.

Crypto market data daily view. Source: Coin360

History suggests that traders who sold their Bitcoin positions on this metric alone could have missed strong gains before the correction set in, as highlighted by Cointelegraph Marke analyst Marcel Pechman.

Could bulls extend the up-move and push the price closer to the all-time high in Bitcoin? If that happens, select altcoins may rally to the upside. Let’s study the charts of the top-five cryptocurrencies that could remain strong in the short term.

BTC/USDT

Bitcoin soared above the stiff overhead resistance at $52,920 on Oct. 6 and the bulls have held the price above the breakout level since then. This is a positive sign as it indicates that buyers may be holding on to their positions expecting higher levels in the short term.

BTC/USDT daily chart. Source: TradingView

The moving averages have completed a bullish crossover and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside.

If buyers push the price above $56,100, the uptrend could resume and the BTC/USDT pair may rally to $60,000. Above this level, a retest of the all-time high at $64,854 is possible.

Contrary to this assumption, if bears pull the price below $52,920, the pair could drop to the 20-day exponential moving average ($49,504). This is an important support for the bulls to defend because a break below it could signal a change in the short-term sentiment.

The pair could then drop to the 50-day simple moving average ($47,578) and next to $40,000.

BTC/USDT 4-hour chart. Source: TradingView

The bulls are facing selling in the $55,750 to $56,100 zone but a positive sign is that buyers have not allowed the price to dip below the 20-EMA. This indicates that bulls anticipate a break above the overhead zone.

If that happens, the pair could resume its uptrend. The first sign of weakness will be a break and close below the 20-EMA. The RSI is forming a negative divergence, signaling that the momentum may be weakening.

A break and close below the 20-EMA could pull the price to the 50-SMA. A break below this support could start a deeper correction.

DOT/USDT

Polkadot (DOT) has been gradually moving higher toward the overhead resistance at $38.77. The RSI has broken out of the downtrend line and the 20-day EMA ($32.15) has started to turn up, indicating an advantage to buyers.

DOT/USDT daily chart. Source: TradingView

If bulls thrust the price above $38.77, it will invalidate the head and shoulders pattern. The failure of a bearish setup is a bullish sign as it may trap the aggressive bears who then try to cover their positions, resulting in a short-squeeze.

The DOT/USDT pair could then start its journey toward $49.78. Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, the pair could drop to $28.60.

A bounce off this support could keep the pair range-bound for a few days. The bears will have to pull the price below the neckline to signal their supremacy.

DOT/USDT 4-hour chart. Source: TradingView

Both moving averages are sloping up and the RSI is in the positive territory, suggesting that buyers are in control. The pair could drop to the 20-EMA, which is likely to act as a strong support. If the price turns up from this support, the bulls will try to push the pair to $38.77.

This level may again act as a stiff resistance but if bulls do not give up much ground from it, the possibility of a break above it increases.

Conversely, if bears pull the price below the 20-EMA, the pair could drop to the 50-SMA. A break and close below this support could result in a decline to $31 and then $29.

UNI/USDT

Uniswap (UNI) has been holding above the 20-day EMA (24.55) for the past few days, which shows that bulls are trying to defend this support. However, the bears are in no mood to relent as they have not allowed the price to rise above the neckline.

UNI/USDT daily chart. Source: TradingView

The buyers will have to push and close the price above the neckline to complete an inverse H&S pattern. This bullish reversal setup has a pattern target at $36.98 but the rally may not be linear as bears will try to defend the level at $31.41.

The 20-day EMA is gradually rising and the RSI is just above the midpoint, suggesting that bulls have a slight edge. This advantage will be lost if the price breaks and closes below the 20-day EMA.

In such a case, the UNI/USDT pair could drop to $22. This level may act as a support but if bears sink the price below it, the pair could extend the decline to $17.73.

UNI/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has roughly been consolidating in a tight range between $24 and $26 for some time. Usually, such tight ranges result in the start of a directional move.

If buyers drive and sustain the price above $26, the possibility of a break above the neckline increases. That could start the march toward the next overhead resistance at $30 and then to $31.

On the other hand, if the price breaks below $24, the short-term trend may turn in favor of bears. The pair could then drop to $22.

Related: XRP price eyes $1.50 next after bouncing 30% in just 10 days

LINK/USDT

Chainlink (LINK) broke above the downtrend line on Oct. 1, but the bulls have not been able to capitalize on this move. The altcoin has been stuck in a tight range between $25.20 and $26.19 for the past few days.

LINK/USDT daily chart. Source: TradingView

Both moving averages are flat and the RSI has been trading just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of buyers if the price breaks and closes above $28.19.

The LINK/USDT pair could then rally to $32.11 and later challenge the stiff overhead resistance at $35.33.

Alternatively, a break and close below $25.20 could signal that supply exceeds demand. The pair could then drop to the $22 to $20.82 support zone.

LINK/USDT 4-hour chart. Source: TradingView

The price turned down from the overhead resistance and bears have pulled the price below the moving averages. If sellers sustain the lower levels, the pair could drop to the support at $25.20. A break below this level could signal that bears are back in command.

Conversely, if the price turns up from the current level and rises back above the moving averages, it will suggest that traders are buying on dips. The bulls will have to push and sustain the price above $28.19 to signal that they are back in the driver’s seat. Thereafter, the pair could rally to $32.11.

XMR/USDT

Monero (XMR) rose above the 50-day SMA ($271) on Oct. 5 and reached the downtrend line on Oct. 6. The bears are aggressively defending the downtrend line for the past few days but a minor positive is that bulls have not allowed the price to dip back below the 50-day SMA.

XMR/USDT daily chart. Source: TradingView

The 20-day EMA ($263) is sloping up gradually and the RSI is in the positive zone, indicating a minor advantage to buyers. A break and close above the psychological mark at $300 could open the doors for an up-move to $325 and then to $339.70.

On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that short-term traders may have dumped their positions. That could pull the price down to $250 and later to $225.

XMR/USDT 4-hour chart. Source: TradingView

The bulls have repeatedly pushed the price above the downtrend line but the bears have not allowed the pair to sustain above it. The 20-EMA has flattened out and the RSI is close to the center, suggesting a balance between supply and demand.

If the price breaks below the 50-SMA, the short-term bulls may rush to the exit. That could pull the price down to $260 and next to $250.

Conversely, if bulls push the price above $286.8, the pair could rise to $296.80. The bullish momentum may pick up if bulls thrust the price above this resistance.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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