Bitcoin (BTC) rally sopra $50,000 seems to have received a boost from institutional buyers who are looking to hedge their portfolio against increasing inflation, said JPMorgan in a note to its clients on Oct. 7. The bank’s analysts speculated that institutional investors may be preferring Bitcoin over gold as a better hedge against inflation.

A recent study titled “Cryptocurrencies and the Sharpe Ratio of Traditional Investment Models” by crypto asset management firms Iconic Funds and Cryptology Asset Group showed that the addition of cryptocurrencies to any portfolio improved returns and risk-reward performance of the portfolio.

Performance giornaliera del mercato delle criptovalute. fonte: Coin360

Bloomberg senior commodity strategist Mike McGlone said in the October 2021 edition of the Bloomberg Galaxy Crypto Index that $50,000 on Bitcoin may act as strong support during declines in the fourth quarter.

Could the recent rise in Bitcoin and altcoins attract profit-booking by traders or is this the start of a long-term uptrend? Let’s study the charts of the top 10 criptovalute per scoprirlo.

BTC / USDT

Bitcoin witnessed profit-booking on Oct. 7 but the bears could not pull the price below the breakout level at $52,920, che è un segno positivo. The bulls tried to resume the up-move on Oct. 8 but the long wick on the day’s candlestick suggests selling at higher levels.

Grafico giornaliero BTC / USDT. fonte: TradingView

Il primo supporto al ribasso è $52,920 but if bears pull the price below this level, the BTC/USDT pair could drop to the psychological level at $50,000 e poi alla media mobile esponenziale di 20 giorni (EMA) ($48,285).

The upsloping 20-day EMA and the relative strength index (RSI) near the overbought zone indicate an advantage to buyers. Se il prezzo rimbalza dall'EMA a 20 giorni, i rialzisti proveranno di nuovo a riprendere il trend rialzista.

A break and close above $56,100 could push the pair to $60,000 where bears may mount stiff resistance. This positive view will invalidate if the price plummets below the 50-day simple moving average (Scuola superiore) ($47,342). The pair could then retest the critical 100-day SMA ($42,691) supporto.

ETH / USDT

Ether's (ETH) recovery rose above the immediate resistance at $3,676.28 today but the bulls may find it difficult to sustain the price above it. The RSI is close to the downtrend line, which could act as a resistance.

Grafico giornaliero ETH / USDT. fonte: TradingView

Se il prezzo scende dal livello attuale, the first support is at the 20-day EMA ($3,324). A strong rebound off this level will indicate that sentiment remains positive and traders are buying on dips.

That will increase the likelihood of a rally to the stiff overhead resistance at $4,027.88. al contrario, if the price plummets below the 20-day EMA, the ETH/USDT pair could drop to the 100-day SMA ($2,899).

BNB / USDT

The bulls are struggling to sustain Binance Coin (BNB) sopra $433, suggesting that demand dries up at higher levels. The price slipped back below $433 il ott. 8 and the bears will now try to pull the price below the 20-day EMA ($409).

Grafico giornaliero BNB / USDT. fonte: TradingView

Se ci riescono, the BNB/USDT pair could slide to the 100-day SMA ($379). Such a move could increase the possibility of the pair remaining range-bound between $320 e $450 per i prossimi giorni.

D'altra parte, se il prezzo rimbalza dall'EMA a 20 giorni, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to clear the overhead hurdle at $450 and start the northward march toward $518.90.

ADA / USDT

After several failed attempts in the past few days, the bulls managed to push and close Cardano (C'È) sopra l'EMA a 20 giorni ($2.25) il ott. 7. però, the long wick on the day’s candlestick showed that bears are active at higher levels.

Grafico giornaliero ADA / USDT. fonte: TradingView

The price action of the past few days has formed a symmetrical triangle pattern, indicating that the bulls and bears are undecided about the next directional move. The 20-day EMA and the 50-day SMA ($2.47) are flat and the RSI is close to 50, indicando un equilibrio tra domanda e offerta.

This demand will tilt in favor of the bulls if the price turns up and breaks above the resistance line of the triangle. The ADA/USDT pair could then rally to $2.47 dove gli orsi possono di nuovo montare una forte resistenza. A break above this level could open the doors for a rally to $2.80.

al contrario, a break below the support line of the triangle could pull the price down to the 100-day SMA ($1.96).

XRP / USDT

Ondulazione (XRP) formed an inside-day candlestick pattern on Oct. 7, indicando indecisione tra i tori e gli orsi. The bulls tried to resolve the uncertainty to the upside on Oct. 8 but could not clear the overhead hurdle at the 50-day SMA ($1.09).

Grafico giornaliero XRP / USDT. fonte: TradingView

The next directional move could start after bulls push the price above the 50-day SMA or bears sink the XRP/USDT pair below the 20-day EMA ($1.03). A break and close above the 50-day SMA could clear the path for a possible rally to $1.41.

In alternativa, a break below the 20-day EMA could sink the price to the 100-day SMA ($0.92). The bulls have defended this support during the previous two retests and may again try to do that.

SOL / USDT

The bears failed to sink Solana (SOL) below the 20-day EMA ($153) negli ultimi due giorni, indicating that bulls are defending the level vigorously. This may have attracted buying from the short-term bulls on Oct. 8, resulting in a strong rebound.

Grafico giornaliero SOL / USDT. fonte: TradingView

The buyers will now make one more attempt to push the price above the 61.8% Livello di ritracciamento di Fibonacci a $177.80. Se riescono a farcela, the SOL/USDT pair could rally to $200 e poi sfidare il massimo storico a $216.

In alternativa, se il prezzo scende dal livello attuale o dalla resistenza sopraelevata e scende al di sotto dell'EMA a 20 giorni, the pair could slide to the 50-day SMA ($137). The bulls may attempt to defend this level but if they fail, il declino può estendersi a $116.

DOGE / USDT

Dogecoin (DOGE) turned down from the downtrend line on Oct. 6 but the bears have not been able to sink the price below the 20-day EMA ($0.23), indicando l'acquisto a livelli inferiori.

Grafico giornaliero DOGE / USDT. fonte: TradingView

The 20-day EMA has turned up and the RSI is in the positive zone, suggesting that bulls have the upper hand. If buyers propel the price above the downtrend line, the bullish momentum is likely to pick up.

The DOGE/USDT pair could then rally to $0.32 e poi a $0.35. Contrariamente a questa ipotesi, if the price once again reverses direction from the downtrend line, the possibility of a break below the 20-day EMA increases. The pair may then drop to the $0.21 per $0.19 zona di supporto.

Relazionato: Pro-crypto senator Cynthia Lummis discloses up-to-$100K BTC purchase

DOT / USDT

A pois (PUNTO) broke above the resistance at $33.60 il ott. 7 but the long wick on the day’s candlestick suggests selling at higher levels. The inside-day candlestick pattern today signals indecision among bulls and bears.

Grafico giornaliero DOT / USDT. fonte: TradingView

The RSI has reached the downtrend line, which has been acting as a stiff resistance. Se il prezzo scende dal livello attuale, the bears will try to pull the DOT/USDT pair below the support at $28.60.

In alternativa, if bulls drive the price above $35.31, la coppia potrebbe salire a $38.77. The bears may try to defend this level aggressively but if bulls overcome this resistance, la coppia potrebbe riprendersi $42.60 e poi a $49.78.

LUNA/USDT

Terra protocol’s LUNA token recovered sharply and rose above the overhead resistance at $45.01 il ott. 7 but the bulls could not clear the overhead hurdle at $49.54 il ott. 8. This suggests that bears continue to defend the psychological level at $50.

Grafico giornaliero LUNA / USDT. fonte: TradingView

The price has dipped back below $45.01 il ott. 8 e i ribassisti cercheranno ora di abbassare il prezzo fino all'EMA a 20 giorni ($39.63). This is an important support for the bulls because a strong rebound off it will suggest that sentiment remains positive and traders are buying on dips.

That will increase the possibility of a break above $50. Se succede, the LUNA/USDT pair could start the next leg of the uptrend toward $56.97 e poi $65.97. Anzi, a break below the 20-day EMA could result in a decline to the 50-day SMA ($34.92).

UNI / USDT

Uniswap (UNI) seems to be forming the right shoulder of the bullish inverse head and shoulders pattern, which will complete on a break and close above the neckline.

Grafico giornaliero UNI / USDT. fonte: TradingView

Such a move could push the price to $31.41 e se questo livello viene superato, the rally could extend to the pattern target at $36.98. L'EMA a 20 giorni ($24.50) has started to turn up and the RSI is just above the midway, suggesting a minor advantage to the bulls.

This positive view will invalidate if the UNI/USDT pair turns down from the current level and breaks below the critical support at $22. Se succede, the traders may rush to the exit, pulling the pair down to $18.

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I dati di mercato sono forniti da HitBTC scambio.