Bitcoin’s shallow pullback increases the prospect of a new all-time high in the short term and altcoins like ETH, SOL, MATIC and FTM could move higher while BTC prepares for its next move.
Ad ottobre. 15, news that a Bitcoin (BTC) fondo negoziato in borsa (ETF) could start trading as early as next week sent Bitcoin price to $62,933 but the rally has cooled off since then.
Some market participants believe that traders who bought the rumor of approval for a Bitcoin ETF product may sell on the news. Crypto trading firm QCP Capital said in an update that the approval of futures-based ETFs is unlikely to provide a long-term boost for Bitcoin prices similar to the one seen in the fourth quarter of 2020.
While high volatility cannot be ruled out in the near term, investors should focus on the major trend and not get caught in minor corrections that are part of the path to new all-time highs.
According to Foxbit founder João Canhada, his daughter has earned a 6,500% profit on the one Bitcoin gift she received when she was born in 2017. Although she couldn’t have traded the coin at such a young age, the returns show that patient investors who are not perturbed by a minor fall can end up with huge returns.
Could Bitcoin’s rally to a new all-time high pull altcoins along with it? Let’s study the charts of the top-5 cryptocurrencies that could outperform in the short term.
BTC / USDT
Bitcoin è salito al di sopra del $58,000 resistance and the psychological mark at $60,000 il ott. 15. The bears are attempting to stall the up-move at $62,933 but the positive sign is that bulls have not given up much ground. This suggests that traders are not closing their positions after the recent up-move because they anticipate another leg up.
Entrambe le medie mobili sono in rialzo e l'indice di forza relativa (RSI) è nella zona di ipercomprato, indicando che i tori hanno il controllo. If the price turns up from the current level and breaks above the $62,933 per $64,854 zona di resistenza, the BTC/USDT pair may rally to $75,000.
The immediate support to watch on the downside is $58,000. A break and close below this level could prompt short-term traders to book profits, pulling the price down to the 20-day exponential moving average ($54,336).
A bounce off the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. I rialzisti faranno quindi un altro tentativo per riprendere il trend rialzista. Anzi, a break and close below the 20-day EMA will suggest that the bullish momentum has weakened.
The pair has been rising in a steady uptrend on the 4-hour chart. The bears have not been able to sink and sustain the price below the 50-simple moving average since the pair broke above the symmetrical triangle.
Se il prezzo rimbalza dal 20-EMA, la possibilità di una pausa sopra $62,933 may increase because it will suggest that traders are not waiting for a deeper correction to buy. This bullish assumption will invalidate if bears sink and sustain the pair below the 50-SMA. Such a move could open the doors for a drop to $54,000 e poi a $52,290.
ETH / USDT
Ether's (ETH) break and close above the neckline on Oct. 14 completed the inverse head and shoulders pattern. The long wick on the Oct. 16 candlestick suggests that bears are attempting to stall the up-move in the $4,000 per $4,027.88 zona.
Se il prezzo scende dal livello attuale, the ETH/USDT pair could drop to the breakout level at the neckline. This is an important support for the bulls to defend. Se il prezzo rimbalza da questo livello, the bulls will again try to clear the overhead hurdle.
Un breakout e chiudere sopra $4,027.88 could clear the path for a rally to the all-time high at $4,372.72 and next to the pattern target at $4,657. al contrario, a break below the moving averages could sink the price to $3,257. The bears will gain the upper hand if this support is breached.
The bears are defending the psychological resistance at $4,000 while bulls are trying to keep the price above the 20-EMA. The RSI has dropped close to the midpoint and the 20-EMA is flattening out, suggesting a possible consolidation in the near term.
Una pausa e chiudi sopra $4,000 could signal the resumption of the up-move. al contrario, a break below the neckline of the setup will be the first sign that the momentum may be weakening. La coppia potrebbe quindi rifiutare $3,400.
SOL / USDT
Solana (SOL) broke out and closed above the downtrend line on Oct. 15 which is the first sign that bulls are attempting a comeback. The bears tried to pull the price back below the downtrend line on Oct. 16 ma fallito.
If bulls sustain the price above the downtrend line, the SOL/USDT pair could rise to the 61.80% resistance at $177.80. This is an important level for the bears to defend because if bulls clear this hurdle, the pair could rise to the 78.6% livello di ritracciamento a $194.60 and later retest the all-time high at $216.
Contrariamente a questa ipotesi, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that traders are closing their positions on pullbacks. The pair could then drop to the critical support at $116.
The 4-hour chart shows that the pair has been trading between $156.36 e $165.61 since breaking out of the downtrend line. If buyers propel and sustain the price above $165.61, the uptrend may resume.
The first target is the overhead zone between $174.86 e $177.79. In alternativa, una pausa e chiudi qui sotto $156.36 could open the doors for a decline to $147.11. Fino ad allora, the pair may continue to consolidate in the tight range.
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MATIC / USDT
Poligono (MATIC) has been trading in a large range between $1 e $1.80 negli ultimi giorni. L'EMA a 20 giorni ($1.32) has started to turn up and the RSI has risen into the positive territory, indicating that bulls are attempting to gain the upper hand.
The MATIC/USDT pair could rise to $1.80 which is likely to act as a tough obstacle. Se il prezzo scende da questa resistenza, la coppia potrebbe scendere fino all'EMA a 20 giorni.
A strong rebound off this support will suggest that sentiment has turned positive and traders are buying on dips. Ciò aumenterà la possibilità di una pausa e di chiudere sopra $1.80.
Se succede, the pair could start a new uptrend to $2.40 and then retest the all-time high at $2.70. al contrario, se il prezzo scende dal livello corrente e scende al di sotto delle medie mobili, la coppia potrebbe scivolare verso $1.20 e poi a $1.
Both moving averages are sloping up and the RSI is in the positive zone, suggesting that bulls have the upper hand in the short term. The bulls pushed the price above the overhead resistance zone at $1.45 per $1.50 but selling at higher levels has pulled the price back into the zone.
Se il prezzo rimbalza dal 20-EMA, the bulls will make one more attempt to resume the up-move. Un breakout e chiudere sopra $1.63 potrebbe aprire la strada a una manifestazione $1.80. This positive view will invalidate if the price turns down and breaks below $1.45.
FTM / USDT
Fantom’s FTM token is in a strong uptrend. I tori hanno difeso con successo il livello di breakout a $1.94, indicating that sentiment remains positive and traders are buying on dips.
The upsloping moving averages indicate advantage to buyers but the negative divergence on the RSI is warning that the bullish momentum may be weakening. Se i rialzisti spingono il prezzo sopra $2.45, the uptrend may continue, con il prossimo obiettivo target a $3.20.
D'altra parte, se il prezzo scende da $2.45, the FTM/USDT pair may drop to $1.94 and consolidate between these two levels for a few days. A break and close below the 20-day EMA ($1.85) may signal the start of a deeper correction.
The bulls are currently attempting to sustain the price above the descending channel. Se riescono a farlo, la coppia potrebbe salire a $2.45. This level may act as stiff resistance but if bulls overcome it, the uptrend may resume.
In alternativa, se il prezzo non riesce a mantenersi al di sopra del canale, suggerirà che la domanda si prosciuga a livelli più alti. The pair may then continue to trade inside the channel. A break and close below the channel could pull the pair down to $1.50.
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