Bitcoin (BTC), which reached close to $67,000 today, surged to an all-time record. Ether (ETH), also broke through its immediate resistance and is now on its way to the all-time record. The total market capitalization for the crypto sector soared to $2.64 trillion.
The ProShares’ bitcoin strategy exchange-traded fund (BITO), was a success that boosted sentiment in the crypto market. ProShares’ ETF trading volume exceeded $1 billion on the first day, making it the second most successful ETF launch based on trading volume.
Everyday cryptocurrency market performance. Source: Coin360
A panel of 50 experts in the fintech industry was commissioned by Finder to determine if strong on-chain fundamentals, a favorable micro environment and approval of Bitcoin ETF could help Bitcoin reach $80,000 by the end the year.
Can Bitcoin profit from the positive sentiment generated by the launch of the Bitcoin ETF? Could it continue its northward march and piggyback on that positive sentiment? Will altcoins continue their upward trend? Let’s look at the top 10 cryptocurrencies charts to find out.
Bitcoin broke through the immediate resistance of $62,933 on October 19. This was followed by a sharp up-move today that pushed the price higher than the April 14th all-time high of $64,854.
Daily chart of BTC/USDT Source: TradingView
Bullish momentum may continue if bulls can hold the price above $64,854’s breakout level. The BTC/USDT exchange could then rally to $75,000.
The relative strength index (RSI), which has risen above 78 in the last few days, suggests that the rally might be too extended in the short-term. This could lead to a consolidation period or a slight correction in the short term.
Bulls should not lose ground at the current level. This will indicate strength and increase the chances of the uptrend continuing.
60,000. This is the critical level to monitor on the downside. The critical level to watch on the downside is $60,000. A break or close below this support will indicate that traders are booking higher profits.
On Oct. 19, Ether bounced off of the neckline in the inverse head-and shoulders (H&S), suggesting that bulls are buying dips to this support. Today’s price has moved above $4,027.88 overhead resistance.
Daily chart of ETH/USDT Source: TradingView
Rising moving averages and a positive RSI indicate a bullish advantage. The ETH/USDT pairing could rise to $4,372.72 if buyers can maintain the price above $4.027.88.
Although this level could be a resistance once again, bulls can overcome it to reach the pattern target at $4.657 and challenge the psychological level of $5,000.
If the price falls below $3,200, this positive outlook will be invalidated.
Binance Coin (BNB), which has been a strong barrier on two occasions, is slowly moving higher towards $518.90. The bears could again defend this level with great vigor.
Daily chart BNB/USDT TradingView
The BNB/USDT exchange rate could fall to the $20-day EMA ($450) if the price drops below $518.90. This level is likely to show that sentiment has improved and traders are buying dips.
This will increase the chances of a break, and bring the close above $518.90. The pair could then begin its northward march towards the pattern target of $554. If the price falls below $392.20, this bullish view will be invalidated.
Cardano (ADA), is trying to bounce off of the support line for the symmetrical triangular pattern. The altcoin may rally to the resistance line if bulls push it above the 20-day EMA ($2.19)
Daily chart ADA/USDT Source: TradingView
If the triangle is broken and the close is above it, this will indicate that the uncertainty has been resolved in the favor of buyers. If the ADA/USDT pairing rallies to $2.47, then the up-move can reach $2.80.
If the price falls below the overhead resistance or current level and then breaks below the triangle it could indicate that demand exceeds supply. The critical support of $1.87 could be broken and the pair could fall to $1.87.
XRP formed an intraday candlestick pattern Oct. 18-19, suggesting indecision between the bulls as well as the bears. Today, XRP broke above $1.10 and this uncertainty was resolved.
Daily chart of XRP/USDT Source: TradingView
Bulls will attempt to push the price higher than the downtrend line. If they succeed, the XRP/USDT currency pair could reach $1.24. If resistance is reached, the next stop may be at $1.41.
The pair could drop to $1 if the price moves below the downtrend line. Breaking and closing below this support will complete the bearish descending triangle pattern, which could lead to a fall to $0.85.
In the last few days, the bulls have successfully protected the moving averages. This indicates accumulation at lower levels. Solana (SOL), which is now in the buyers’ zone, will be pushing Solana (SOL), above the overhead resistance zone of $171.47 to $177.79.
Daily chart of SOL/USDT Source: TradingView
An ascending triangle pattern will be completed if the close is above $177.79. The target price for this pattern is $226.94. Although the rally is not linear, bears will pose a challenge at the psychological level of $200 and then at the all time high at $216.
However, a price drop below the current level will indicate that the bears are selling aggressively on rallies. The bullish setup will be invalidated if the price breaks or closes below the trendline. The SOL/USDT currency pair could fall to $116 as support.
For the past few days, the bulls have held Polkadot(DOT) above its breakout level of $38.77. As they expect the rally to continue, this suggests that bulls have been accumulating a lot.
Daily chart of DOT/USDT Source: TradingView
Buyers have the advantage because of the RSI and upsloping moving Averages. The price could rise to $49.78 if it breaks above $44.78.
However, if the price falls below the 20-day EMA (37.84), then it could indicate that bears are making a strong comeback. The 50-day SMA (33.63) could see the DOT/USDT pairing drop.
Related: Cointelegraph Consulting – ETFs listed — What next for Bitcoin?
Dogecoin (DOGE), which was pushed above the downtrend line by bulls on Oct. 18, could not maintain the higher levels, as shown by the candlestick’s long wick. On Oct. 19, the buyers tried again to overcome the overhead hurdle at this downtrend line but failed.
Daily chart of DOGE/USDT Source: TradingView
The bulls have failed twice before and are trying again today to keep the price above its downtrend line. This will negate the descending triangle pattern and open the way for a rally to $0.32 or $0.35.
Contrary to the assumption, if the price moves below the downtrendline and falls below the 20-day EMA ($0.23) it will indicate that bears are aggressively defending their downtrend line.
If bears lower the price below the 20 day EMA, the DOGE/USDT currency pair could fall to the strong support zone of $0.21 to $0.19.
Terra protocol’s LUNA token fell below the 50-day SMA ($36.66), but the bears couldn’t pull the price below strong support at $34.86. This failure seems to have drawn aggressive bulls to buy, pushing the price higher than the overhead resistance of $39.75 today.
Daily chart of LUNA/USDT Source: TradingView
The LUNA/USDT currency pair could rise to $45.01, where bears will likely provide stiff resistance. It will indicate that the bulls are in control if the price falls below this level, but bounces off the $39.75 breakout level.
The pair could reach $49.54, if it breaks above $45.01, and then closes above $45.01. If the price drops below the current level, and falls below $39.75 it will indicate strong selling at higher levels. The price could drop to $34.86.
Uniswap’s (UNI) trading range has been tight between the neckline for the possible inverse H&S ($25.32) and the 20-day EMA ($25.32). This is a sign of indecision by the bulls as well as the bears regarding the next directional move.
Daily chart of UNI/USDT Source: TradingView
Bullish setup completes with a breakout and close above neckline. If the UNI/USDT currency pair rallies to $31.41, the up-move could reach $36.98 if it crosses the neckline.
If the price falls below the moving averages and the current level, it could lead to a decline of $22. The bulls must defend this level as a break below it could lead to the pair sinking 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.