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.
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 Kryptowährungen herauszufinden.
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.
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) und der relative Festigkeitsindex (RSI) in der überkauften Zone zeigen an, dass Bullen die Kontrolle haben.
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 (Weiterführende Schule) ($47,727).
ETH / USDT
Äther (ETH) turned down sharply on Oct. 10 but the bulls aggressively purchased the drop to the 20-day EMA ($3,369) am Okt. 11. This is a positive sign as it shows that the sentiment remains bullish and traders are buying on dips.
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-Münze (BNB) broke and closed below the 50-day SMA ($425) am Okt. 8. The bulls tried to push the price back above the 50-day SMA on Oct. 9 aber versagte, inviting selling by short-term traders.
The BNB/USDT pair plunged below the 20-day EMA ($409) am Okt. 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-Muster. The pair may then rally to $518.90 und wenn diese Ebene überschritten wird, the rally may extend to the pattern target at $554.
Umgekehrt, if the price turns down from the 50-day SMA or the neckline and plunges below the 100-day SMA ($383), Die nächste Station könnte sein $320.
ADA / USDT
Cardano (ES GIBT) is trading inside a symmetrical triangle, was im Allgemeinen als Fortsetzungsmuster wirkt. If bears sink and sustain the price below the support line of the triangle, the correction could resume.
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.
Alternative, 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. Wenn sie erfolgreich sind, das Paar könnte sich erheben $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). jedoch, the long wick on the Oct. 10 candlestick shows that bears are defending the minor resistance at $1.24.
If bulls do not give up much ground from the current level, the possibility of a break above $1.24 steigt. Die 20-Tage-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, das Paar konnte sich versammeln $1.66. Diese bullische Sichtweise wird ungültig, wenn der Preis sinkt und unter die 20-Tage-EMA fällt. Das könnte den Preis senken $1 and then to the 100-day SMA ($0.93).
SOL / USDT
Solana’s (SOL) weak bounce off the 20-day EMA ($151) am Okt. 8 und 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.
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 bei $177.80.
Umgekehrt, if the price turns down and breaks below the 50-day SMA, the SOL/USDT pair could drop to the strong support at $116. Dies ist ein wichtiges Niveau, das die Bullen verteidigen müssen, denn wenn es knackt, the pair could plummet to the 100-day SMA ($90).
DOGE / USDT
Although bulls defended the 100-day SMA ($0.24) am Okt. 8 und 9, they could not push Dogecoin (Hund) 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.
If bulls fail to push the price back above the moving averages quickly, the DOGE/USDT pair could drop to the $0.21 zu $0.19 Unterstützungszone. The bears will have to break this support zone to gain the upper hand.
Andererseits, 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 und später zu $0.35.
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DOT / USDT
Tupfen (PUNKT) wurde zwischen gebunden $25.50 und $38.77 for the past many days. Der Preis wurde von $37.45 am Okt. 10, suggesting that bears are defending the overhead resistance.
The gradually upsloping moving averages and the RSI in the positive territory signal a modest edge to the buyers. Ein Ausbruch und nah oben $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. Alternative, 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.
MOND / USDT
Terra protocol’s LUNA token turned down from $48.56 am Okt. 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.
The LUNA/USDT pair slipped and closed below the 20-day EMA ($39.64) am Okt. 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, Der Rückgang könnte sich auf erstrecken $32.50. Umgekehrt, 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) brach und schloss unter dem 20-Tage-EMA ($24.45) am Okt. 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).
Wenn sie erfolgreich sind, the UNI/USDT pair could rise to the neckline of the inverted H&S-Muster. 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.
Entgegen dieser Annahme, if bears pull the price below the 100-day SMA, das Paar könnte fallen auf $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.
Die hier geäußerten Ansichten und Meinungen sind ausschließlich die des Autors und spiegeln nicht unbedingt die Ansichten von Cointelegraph wider. Jeder Investitions- und Handelsschritt ist mit Risiken verbunden. Sie sollten Ihre eigenen Untersuchungen durchführen, wenn Sie eine Entscheidung treffen.
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