Bitcoin (BTC), which rallied on October 11, climbed to close to $58,000. This represents a nearly 100% recovery from Mays plunge and proves that any Chinese regulatory action is only temporary.
The recent rally in Bitcoin has lifted sentiment. Analysts are now back with six-figure projections. Standard Chartereds head of emerging currency research, Geoffrey Kendrick, expects Bitcoin to rise to $100,000 in the early part of next year.
Everyday cryptocurrency market performance. Source: Coin360
David Gokhshtein (founder of PAC Global and Gokhshtein Media) was even more optimistic, predicting that Bitcoin will reach $100,000 by the end of this year. Rekt Capital, an analyst and trader, believes that Bitcoin will rise significantly beyond $100,000 during the current cycle.
Can Bitcoin surpass the stiff overhead resistance to challenge the all time high? Will altcoins catch up? Lets look at the charts for the top 10 cryptocurrency coins to see what happens.
The Oct. 10 candlesticks long wick shows that the bears were selling at higher levels, but the failure of the bears to lower the price below $52,920 seems like it has energized bulls.
Daily chart of BTC/USDT Source: TradingView
The Oct. 11 intraday high of $56,561.31 has been pushed higher by aggressive buying, opening the way for a rally to $60,000. Bulls are in control of the market, as evidenced by the rising exponential moving average (20-day) (EMA) at $56,561.31.
The BTC/USDT pair could surpass the record $64,854 if bulls push the price higher than $60,000 If buyers overcome this barrier, the bullish momentum will continue to build.
A break below the breakout level of $52,920 will signal weakness. This is a sign that traders are taking higher profits. The bears will see an opportunity to lower the price below the SMA (50-day simple moving average) ($47,727).
Ethers (ETH), fell sharply on October 10, but bulls bought the drop to the 20 day EMA ($3,369) aggressively on October 11. This is a positive sign, as it indicates that traders are still buying dips and the sentiment is bullish.
Daily chart of ETH/USDT Source: TradingView
The inverse head-and-shoulders (H&S), pattern will be completed if bulls push the price higher than the neckline. The pattern target for this reversal setup is $4,657. However, the bears will likely have other plans. They will attempt to mount strong resistance at $4.027.88, then at the all time high of $4,372.72.
If the price falls below the 50-day SMA ($3,351), this bullish view could be negated. The psychological support level at $3,000. could be reached by the ETH/USDT pair.
Binance Coin (BNB), which was trading below the 50-day SMA ($425), broke on October 8. Bulls attempted to push the price higher than the 50-day SMA Oct. 9, but they failed and were met with selling from short-term traders.
Daily chart BNB/USDT TradingView
BNB/USDT plunged below the $20-day EMA (409) Oct. 10, but bears couldnt take advantage of this opportunity. The price has risen to the 20-day EMA after strong buying at lower levels.
The pair could reach the neckline if bulls push the price higher than the 50-day SMA. The inverse H&S pattern will be completed if the price breaks and closes above this level. The pair could rally to $518.90, and if it crosses this level, the rally might extend to pattern target at $554.
The opposite could happen if the price drops below the 50-day SMA (or the neckline) and falls below the 100-day SMA ($383) then the next stop could come at $320.
Cardano (ADA), is trading within a symmetrical triangular triangle, which acts as a continuation pattern. The correction could be resumed if bears fall below the support line.
Daily chart ADA/USDT Source: TradingView
The bears and bulls are not in the clear with the flattish 20-day EMA ($2.24) as well as the RSI just below midpoint. The bulls will attempt to stop the decline at $1.94, but if they fail to do this, selling could accelerate to $1.60.
The bulls may try to push the pair higher if they see the price rebound off the support line and move above the 20-day EMA. The pair could rise as high as $2.47, and then rally up to $2.80 if they succeed.
Ripple (XRP), which trades in tight range, turned to the upside with a close above the 50 day SMA ($1.08) on Oct. 9. The Oct. 10 candlesticks long wick shows that bears are protecting the $1.24 minor resistance.
Daily chart of XRP/USDT Source: TradingView
The possibility of bulls gaining ground above the current level increases if they dont. The 20-day EMA ($1.06) is sloping marginally, and the RSI (above 60) is signaling buyers advantage.
The XRP/USDT pairing could reach $1.41 if it breaks and closes above $1.24. Although this may be a significant obstacle, if the pair crosses it, it could rally to $1.66. If the price falls below the 20-day EMA, this bullish view will be invalidated. This could bring the price down to $1, and then to the 100 day SMA ($0.93).
Solanas (SOL), weak bounce from the 20-day EMA ($151), on Oct. 8-9 suggests that bulls are not aggressively buying. The price fell below the 20-day EMA because of excess supply on October 10.
Daily chart of SOL/USDT Source: TradingView
The bulls will defend the 50-day SMA ($141) now. To signal that selling pressure is decreasing, they will need to push the price higher than the downtrend line. A breakout could see bullish momentum pick up and the price close above $177.80 Fibonacci Retracement Level at 61.8%.
However, if the price falls below the 50-day SMA (or the pair breaks below it), the SOL/USDT could fall to $116 as strong support. This is a crucial level that bulls must defend as a crack could cause the pair to plummet to the $100-day SMA ($90).
Bulls on Oct. 8-9 defended the 100 day SMA ($0.24) but could not push Dogecoin to the 50-day SMA (0.24). This suggests that demand is drying up at higher levels. This situation was exploited by the bears who pulled the price below its moving averages on October 10.
Daily chart of DOGE/USDT Source: TradingView
If the bulls are unable to quickly push the price above the moving averages, the DOGE/USDT currency pair could fall to the $0.21- $0.19 support zone. To gain the upper hand, the bears must break this support zone.
The bulls will attempt to push the price higher if it rises above the moving averages. The pair could make a $0.32 up-move and then go to $0.35 if they succeed.
Related: Bill Miller, a billionaire, advocates Bitcoin but is skeptical about altcoins
For the past few days, Polkadot has been range bound between $25.50 to $38.77. The Oct. 10 price fell to $37.45, suggesting that bears are protecting the overhead resistance.
Daily chart of DOT/USDT Source: TradingView
A slight edge for buyers is indicated by the gradually increasing moving averages and the RSI within the positive territory. The first sign that the up-move is returning will be a breakout and close above $38.77.
The target price for the breakout of the rectangle pattern is $52.04. If bears sink below the moving averages, it could indicate that the USDT/DOTT pair could stay within the range for a few days.
Terra protocols LUNA token dropped from $48.56 to Oct. 8 at 4:56, indicating that bears aggressively defend the $50 overhead resistance. Short-term traders may have taken profits after failing to break through the resistance.
Daily chart of LUNA/USDT Source: TradingView
The LUNA/USDT paired fell and closed below the 20 day EMA ($39.64), on Oct. 10. The bulls tried to reclaim this level but were met with strong selling Oct. 11. This indicates that sentiment has turned negative, and traders are closing positions after every minor rally.
The 50-day SMA ($35.58), which is next to the downside, could be breached and the price decline could reach $32.50. If the price rises above the 20 day EMA and the current level, the bulls could attempt to push the pair higher than the overhead resistance.
Uniswap, (UNI), broke below the 20-day EMA ($24.45 on Oct. 10, but the bulls are trying defend the 100 day SMA ($23.76). The buyers will attempt to get the price above the 50-day SMA ($25.05).
Daily chart of UNI/USDT Source: TradingView
The UNI/USDT pair may rise to the neckline for the inverted H&S pattern if they succeed. If buyers push the price higher than this resistance, bullish momentum may pick up. The pair could then move towards the $36.98 pattern target.
Contrary to the assumption, bears could pull the price below its 100-day SMA and the pair could fall to $22. This is an important level that the bulls must defend as selling could intensify and the pair could drop to $18.
Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.
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I am a technology and gaming writer by profession. I love NFT’s and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.