Bitcoin (BTC), which was trading at $60,000 below its peak, has shown strong buying at lower levels. Ki Young Ju, CEO of CryptoQuant, stated that investors used market orders in order to purchase $840 million worth Bitcoin futures at dips below $60,000.
Analysts are optimistic for the remainder of 2017 and expect the bull run to continue. TechDev analyst believes that Bitcoin’s price action for 2021 will follow the same pattern as 2017. If this were to occur, Bitcoin could see a sharp rise in price over the rest of 2018.
Everyday cryptocurrency market performance. Source: Coin360
Mastercard will soon announce that merchants and banks on its payment networks might be able add crypto services to their banking partners. This could further boost cryptocurrency adoption. Mastercard and Bakkt have partnered to allow its customers in the United States to purchase, sell, and hold cryptocurrency through custodial wallets.
Could Bitcoin see a correction and rise to an all-time high? Will altcoins resume their upward trend if that happens? Let’s look at the charts for the top 10 cryptocurrency coins to see what happens.
The Oct. 23 and 24 candlesticks have a long tail that suggests bulls are trying to defend the psychologically significant support of $60,000. Bitcoin is now on an up-move, and will attempt to overcome the overhead resistance zone of $64,854 to 67,000.
Daily chart of BTC/USDT Source: TradingView
Bulls have control of the rising exponential moving average (20-day) ($58,794) as well as the relative strength index (+RSI) in positive zone. If the BTC/USDT exchange closes above $67,000, bullish momentum will continue to build.
This could lead to a rally of $75,000, and then to the goal at $85,756.75.
If the price falls below the 20-day EMA and again hits overhead resistance, this bullish view will be invalidated. This could lead to panic selling by short term traders, and could push the price below the 50-day simple movement average (SMA), ($511,160).
The price of Ether (ETH), fell below $4,027.88 Oct. 22, but the bears were unable to capitalize on this drop. On Oct. 23, the bulls quickly regained the level, indicating that they are still buying dips.
Daily chart of ETH/USDT Source: TradingView
As seen by the candlestick’s long tail, the bulls stopped another attempt by bears to lower the price below $4,000.88 on Oct. 24. The ETH/USDT pairing could reach $4,375 if the bulls can maintain the price above $4.027.88.
The pair could begin their journey to the psychologically significant level of $5,000 if they break and close above it.
Contrary to popular belief, if the price falls below its current level, bears will attempt to lower the pair below the 20 day EMA ($3,826). This is the first sign the bullish momentum might be weakening. The pair could drop to the 50 day SMA ($3,473).
Bulls are buying dips to the 20 day EMA ($461) which indicates that sentiment is positive. Binance Coin (BNB), could rise to $518.90 overhead resistance.
Daily chart BNB/USDT TradingView
A breakout and close above $518.90 would indicate a new up-move. The BNB/USDT pairing could then rally towards the target of $554. The pair could reach $600 if it breaks above this level.
The upwardly sloping 20 day EMA and the positive zone RSI indicate that the path of least resistance is towards the upside. If the price falls below the overhead resistance ($423), this bullish view will be invalidated.
Cardano (ADA), broke and closed slightly below the support line for the symmetrical triangular pattern on Oct. 24, This indicates that uncertainty from the last few days might be shifting in favor of bears.
Daily chart ADA/USDT Source: TradingView
If bears push the price below $1.09 the ADA/USDT pairing could begin its southward journey towards the strong support of $1.87. Sellers have a slight advantage due to the marginally downwardsloping 20-day EMA, and the RSI just above the midpoint.
If the price rises above the resistance line at the triangle, this negative view will be invalidated. This could lead to aggressive bears being trapped, leading to a rally to $2.47 then to the pattern target at 2.80.
Although Ripple (XRP), fell below the 20-day EMA ($1.09) Oct. 24, the long tail of the day’s candlestick indicates that bulls are buying lower levels. The buyers will attempt to push the price higher than the downtrend line.
Daily chart of XRP/USDT Source: TradingView
If they do, it will indicate a shift in the short-term trend. The XRP/USDT currency pair could rally to $1.24, where bears might again put up stiff resistance. The pair could trade between $1.24 to $1 for a few more days if the price drops below this level.
Breaking below $1 could tip the balance in bear’s favor, leading to a fall to the strong support zone of $0.88 to $0.85. A break and close above $1.24 could propel the pair to $1.41.
The long tail of Solana’s Oct. 24 candlestick (SOL), shows that traders bought aggressively at lower levels. The price has reached a new record high of $218.93 on October 25 thanks to sustained buying.
Daily chart of SOL/USDT Source: TradingView
The SOL/USDT pair could begin its climb towards $239.83 if bulls can maintain the price above $216. Buyers have the upper hand, as evidenced by the rising 20-day EMA ($173) in overbought territory and the RSI.
If the price drops below the current level, this will indicate that bears don’t intend to relax. This could lead to a drop in the pair to $177.70, and a range-bound trading between these levels for a few more days.
A break or close below $171.47 could be the first sign that the pair is weakening, which could push it down to the trendline.
The shallow correction of Polkadot (DOT) from $46.39 indicates that bulls aren’t rushing to the exit, as they expect the up-move will continue. Bulls are in control, as evidenced by the rising moving averages and RSI over 63.
Daily chart of DOT/USDT Source: TradingView
Buyers will attempt to push the price higher than $46.39, and then retest the record high of $49.78. The start of an uptrend could be signaled by a breakout or close above resistance. This target is $53.90.
If the price drops below the overhead resistance or current level, it will indicate that demand is drying up at higher levels. The bears will attempt to lower the DOT/USDT exchange rate below $38.77. The decline could then extend to the 50 day SMA (34.65).
Related: Bitcoin costs towards $64K as Tesla ATH boosts Elon Musk’s net worth to $250B
Dogecoin’s tight trading range between the downtrendline and the 20-day EMA ($0.24) was resolved to the upside by DOGE on Oct. 24, The bulls are having trouble maintaining the higher levels due to the strong momentum. This indicates that the overhead resistance is being defended by bears.
Daily chart of DOGE/USDT Source: TradingView
The DOGE/USDT currency pair could drop to the 20-day EMA. This support will indicate that sentiment is turning positive and traders are buying dips if the price recovers. This will increase the chances of a break above $0.28.
The pair could rise to $0.32, then $0.35. If bears pull the price lower than the moving averages, the pair may drop to the strong support zone of $0.21 to $0.19. The pair could remain range bound for a few more days if it bounces off this zone.
Terra protocol’s LUNA token fell from $45.01 overhead resistance on Oct. 22, and bounced off of the 20-day EMA ($40.03 on Oct. 24, indicating the price is between these two levels.
Daily chart of LUNA/USDT Source: TradingView
Buyers may be slightly favored by the gradually increasing moving averages and positive RSI. The LUNA/USDT pairing could challenge $49.54 if bulls push and maintain the price above $45.01.
Breaking and closing above this resistance could open the way for a further rally up to $60.57. A drop below $40 could send the pair to the strong support zone of $34.86 to $22.50. If this zone is cracked, the selling could accelerate.
Uniswap continues to trade within a narrow range, between the neckline and the inverse H&S patterns ($25.68) This indicates that bulls are resisting the 20-day EMA support and bears are defending their neckline.
Daily chart of UNI/USDT Source: TradingView
A strong trending move is usually triggered by tight ranges. The inverse head-shoulder pattern will be completed by a break above the neckline. Before reaching the $36.98 pattern target, the UNI/USDT pair may first rise to $31.41
Buyers may be able to take advantage of the slowly rising 20-day EMA, and the RSI just below the midpoint. This assumption is incorrect. A drop of $22 could occur if the price falls and continues to fall below the moving averages.
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.