On Oct. 20, Bitcoin (BTC) surged above $30,000, which implies that the trend is towards the upside. This may have been catalyzed by Grayscale Investments filing an application with the United States Securities and Exchanges Commission for a new spot Bitcoin ETF.
Furthermore, the SEC sought to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, which may indicate that the regulator is easing its pressure on the crypto space due to a series of recent defeats.
With the improved market sentiment, Bitcoin’s long-term holders (LTHs) have been accumulating BTC. Data from Glassnode reveals that 76.2% of the available Bitcoin is held in long-term storage, which could lead to a shortage of supply and be bullish for Bitcoin’s price.
Will Bitcoin Sustain its Momentum and Rise Higher?
With the crypto market breaking news today and the possibility of crypto next week, crypto matic and crypto dot, investors are wondering if Bitcoin could maintain its momentum and go even higher. Will the altcoins also follow? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price analysis
On Oct. 16, Bitcoin broke and closed above the $28,143 resistance and the bulls kept this level during the retest on Oct. 17 and 18, suggesting that the buyers have flipped the level into support.
The 20-day exponential moving average ($27,769) has reversed course and the RSI is in the overbought zone, indicating that the bulls are in control. The buyers will attempt to keep the price above $30,000 and challenge the strong overhead resistance zone between $31,000 and $31,805. Sellers are likely to protect this zone aggressively.
The bears must act quickly if they want to stop the upside. If they manage to push the price back below $28,143, the BTC/USDT pair could plunge to the 50-day simple moving average ($26,882).
Ether price analysis
Ether (ETH) has again bounced off the strong support near $1,531, which was evidenced by the long tail on the Oct. 19 candlestick. It appears the bulls are strongly defending the $1,531 support.
The repeated failure of the bears to break the $1,531 level has likely attracted buyers. The 50-day SMA ($1,613) may act as a hurdle, but if crossed, the ETH/USDT pair could pick up momentum and attempt a rally to $1,746.
Although the downsloping moving averages indicate an advantage to the bears, the positive divergence on the RSI suggests the negative crypto breaking today momentum is reducing. The bears will be back in the driver’s seat if they push the price below $1,531.
BNB price analysis
BNB (BNB) faced a downturn from the downtrend line on Oct. 16, however the bulls did not permit the price to dip below the 20-day EMA ($210), indicating a shift from selling on rallies to buying on dips.
Buyers will attempt to drive and preserve the price above the downtrend line. If successful, the BNB/USDT pair could jump to $235 and then continue to surge to $250. The bears are likely to put up a strong resistance at this level.
The key support to watch on the downside is the 20-day EMA and the next is $203. If broken and closed below this level, it will open the doors for a potential decline to the next major support at $183.
XRP price analysis
XRP (XRP) saw a decline from the moving averages on Oct. 16, but the bears were unable to push the price below the immediate support at $0.46, indicating a lack of selling pressure at lower levels.
The moving averages have flattened out and the RSI is hovering just above the midpoint. This suggests that the XRP/USDT pair could remain in a range between $0.46 and $0.56 for some time. If the price holds above the moving averages, the pair could rally to the overhead resistance at $0.56.
On the other hand, if the price drops below the moving averages, it could increase the possibility of a drop to $0.46. The next major move is likely to start either above $0.56 or below $0.41.
Solana price analysis
On Oct. 19, Solana (SOL) broke out of the neckline of the inverse head and shoulders pattern, leading to a bullish surge in its price. On Oct. 20, the buying momentum continued as the bulls attempted to push the SOL/USDT pair above the immediate resistance at $27.12. If they succeed, the pair could reach the pattern target of $32.81.
Usually, after a major resistance is broken, the price dips and retests the breakout level. In this case, the price may return to the neckline. If the price bounces off this level, it may initiate a new uptrend. A break and close below $23 could give the bears the upper hand.
Cardano price analysis
Cardano (ADA) once again dropped to the strong support at $0.24 on Oct. 19 but the bulls managed to hold it. The positive divergence on the RSI suggests that the bearish momentum is decreasing.
The price has reached the moving averages which are likely to act as formidable resistance. If the bulls are able to overcome this level, the ADA/USDT pair could go up to $0.27 and then to $0.28. The bears are anticipated to strongly protect this area.
If the price turns down from $0.28, it will indicate that the pair may form a range in the coming days. On the downside, the bears will have to drag the price below $0.24 to demonstrate the resumption of the downtrend. The next support is at $0.22 and then at $0.20.
Dogecoin price analysis
The long tail on Dogecoin’s (DOGE) Oct. 19 candlestick shows that the bulls are aggressively buying in the zone between $0.055 and $0.06. The bulls will need to push the crypto above the 50-day SMA ($0.06) to indicate a comeback. If they succeed, the DOGE/USDT pair could potentially rise to the overhead resistance at $0.07, although it may be a tough battle between the bulls and the bears. If the price turns down from the moving averages, it would signify that the crypto market bears remain active at higher levels. A tumble below $0.055 would signal the start of the latest negative leg of the downtrend.
Toncoin price analysis
Toncoin (TON) dropped below the 61.8% Fibonacci retracement level of $1.98 on Oct. 12, but the crypto breaking today was not enough to maintain the bearish momentum. Bulls quickly bought the dip and pushed the price back above $1.98 on Oct. 17.
Bears are attempting to halt the recovery at $2.20 but a positive sign is that the bulls haven’t allowed the price to dip back below the moving averages. This suggests that the sentiment has turned positive and traders are buying the dips.
If buyers can push the price above $2.20, the TON/USDT pair will complete a small inverted H&S pattern. The target objective of this setup is $2.47. This positive view will be invalidated if the price turns down and falls below $1.89.
Polkadot price analysis
Polkadot (DOT) has been in a strong downtrend, with the bears attempting to extend the decline on Oct. 19, however the long tail on the candlestick revealed solid buying at lower crypto levels.
The relief rally is likely to reach the breakdown level of $3.91, where the crypto bears are expected to mount a strong defense. If the price turns down from this level, it will indicate that the sentiment remains negative and traders are selling on rallies. The crypto bears will again try to pull the price below $3.56 and start the next leg of the downtrend.
On the contrary, if the price breaks above $3.91, it will suggest the start of a stronger recovery. The DOT/USDT pair could then climb to the downtrend line. A crypto break above $4.33 will signal a potential trend change.
Polygon price analysis
The crypto market has failed to break the support at $0.49 for the MATIC/USDT pair, as Polygon (MATIC) has been trading below the moving averages for the past few days. This indicates that selling dries up at lower levels, and the positive divergence on the RSI also shows that the selling pressure could be reducing.
If buyers can push and sustain the price above the moving averages, the MATIC/USDT pair could surge to the overhead resistance at $0.60. This level may again attract selling by the bears, and the pair is likely to swing between $0.49 and $0.60 for a while longer.
On the downside, $0.49 remains the key level to watch for the crypto market. If this level gives way, the pair may plummet to $0.45.
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