Bitcoin and select altcoins are facing selling at higher levels, indicating that short-term traders may be booking profits after the recent rally.
比特币的 (比特币) 反弹以上 $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.
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 找出加密货币.
BTC / USDT
Bitcoin witnessed profit-booking on Oct. 7 but the bears could not pull the price below the breakout level at $52,920, 这是一个积极的信号. 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.
不利的第一支撑是 $52,920 but if bears pull the price below this level, the BTC/USDT pair could drop to the psychological level at $50,000 然后到20天指数移动平均线 (EMA) ($48,285).
The upsloping 20-day EMA and the relative strength index (相对强弱指数) near the overbought zone indicate an advantage to buyers. 如果价格从20天均线反弹, 多头将再次尝试恢复上升趋势.
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 (中学) ($47,342). The pair could then retest the critical 100-day SMA ($42,691) 支持.
ETH / USDT
以太的 (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.
如果价格从当前水平下跌, 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. 反过来, 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) 以上 $433, suggesting that demand dries up at higher levels. The price slipped back below $433 在十月. 8 and the bears will now try to pull the price below the 20-day EMA ($409).
如果他们成功, 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 和 $450 接下来的几天.
另一方面, 如果价格从20天均线反弹, 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 (有) 20天均线上方 ($2.25) 在十月. 7. 然而, the long wick on the day’s candlestick showed that bears are active at higher levels.
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, 表明供需平衡.
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 熊可能会再次承受强大的阻力. A break above this level could open the doors for a rally to $2.80.
反过来, a break below the support line of the triangle could pull the price down to the 100-day SMA ($1.96).
XRP / USDT
波纹 (XRP) formed an inside-day candlestick pattern on Oct. 7, 表明多头和空头之间犹豫不决. 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).
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.
或者, 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 (溶胶) below the 20-day EMA ($153) 在过去的两天里, 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.
The buyers will now make one more attempt to push the price above the 61.8% 斐波那契回撤水平位于 $177.80. 如果他们能把它拉下来, the SOL/USDT pair could rally to $200 然后挑战历史新高 $216.
或者, 如果价格从当前水平或上方阻力下降并跌破 20 天均线, the pair could slide to the 50-day SMA ($137). The bulls may attempt to defend this level but if they fail, 下降可能扩大到 $116.
DOGE / USDT
狗狗币 (狗狗) 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), 表明较低水平的购买.
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 后来到 $0.35. 与此假设相反, 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 至 $0.19 支撑区.
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波尔卡圆点 (点) broke above the resistance at $33.60 在十月. 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.
The RSI has reached the downtrend line, which has been acting as a stiff resistance. 如果价格从当前水平下跌, the bears will try to pull the DOT/USDT pair below the support at $28.60.
或者, 如果多头将价格推高 $35.31, 这对可能上升到 $38.77. The bears may try to defend this level aggressively but if bulls overcome this resistance, 这对可能会反弹 $42.60 后来到 $49.78.
Terra protocol’s LUNA token recovered sharply and rose above the overhead resistance at $45.01 在十月. 7 but the bulls could not clear the overhead hurdle at $49.54 在十月. 8. This suggests that bears continue to defend the psychological level at $50.
The price has dipped back below $45.01 在十月. 8 空头现在将价格拉低至20天均线 ($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. 如果发生这种情况, the LUNA/USDT pair could start the next leg of the uptrend toward $56.97 接着 $65.97. 反之, 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.
Such a move could push the price to $31.41 如果超过这个水平, the rally could extend to the pattern target at $36.98. 20天EMA ($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. 如果发生这种情况, the traders may rush to the exit, pulling the pair down to $18.
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