Bitcoin (BTC) hit a new all-time high today, hitting nearly $67,000. Ether (ETH) also overcomes its immediate resistance and begins its journey to the all-time peak.
Bitcoin (BTC) hit a new all-time high today, hitting nearly $67,000. Ether (ETH) also overcomes its immediate resistance and begins its journey to the all-time peak. This pushed the total market cap of the crypto sector to a new all-time high of over $2.64 trillion. The successful debut of the exchange-traded Bitcoin Strategy Fund ProShares (BITO) acted as a trigger to boost sentiment in the crypto space. The trading volume of the ProShares ETF on the first day of launch exceeded $1 billion, making it the second most successful ETF debut by trading volume on the first day.
A panel of 50 fintech industry experts hired by Finder believes that strong chain fundamentals, favorable macro environment, and approval of Bitcoin ETFs could push Bitcoin up to $80,000 by the end of the year. Can Bitcoin return to the positive sentiment created by the successful launch of the Bitcoin ETF and continue its journey north? Will Altcoins Continue? Let's check the top 10 cryptocurrency charts to understand them.
BTC / USDT
Bitcoin broke the immediate resistance of $62,933 on October 19, followed by another sharp spike today, pushing the price above its all-time high of $64,854 on April 14. If the bulls hold the price above the breakout level of $64,854, the bullish momentum could increase further. The BTC/USDT pair could then hit overhead resistance at $75,000. The sharp gains in recent days have pushed the relative strength index (RSI) above 78, suggesting that the rally may be overdone in the short term. This can lead to consolidation that lasts several days or minor adjustments. Unless the bulls give up a lot from current levels, it will provide strength and increase prospects for continuation of the uptrend. The critical level to monitor downwards is $60,000. A break and exit below this support will be the first sign that traders are aggressively making profits at higher levels.
ETH / USDT
Ether bounced off the Reverse Head and Shoulders (H&S) cut on October 19, indicating that bulls are buying at a discount at this support. Strong buying dragged the price above overhead resistance to $4,027.88 today. The rising moving average and the RSI in positive territory suggest an advantage over the bulls. If buyers hold the price above $4,027.88, then the ETH/USDT pair could hit a high of $4,372.72. This level may act as stiff resistance again, but if the bulls overcome the hurdle, the pair could hit the $4,657 model target and then challenge the $5,000 psychological level. This positive view will be overturned if the price drops from the current levels and drops below $3,200.
Binance Coin (BNB) is gradually rising to $518.90, which has acted as a tough barrier in the previous two cases. Therefore, the bears may try again to maintain this level by force. If the price drops from $518.90, the BNB/USDT pair could fall to the 20-day EMA ($450). A strong rebound from this level indicates that sentiment has turned positive and traders are buying losses. This increases the chances of a breakout and closes above $518.90. The pair may then begin their journey north towards the target of the $554 model. This bullish view will be invalidated if the price falls and breaks below the right shoulder at $392.20.
Cardano (ADA) tries to bounce off the pivot point of the symmetrical triangle. If the bulls push the price above the 20-day EMA ($2.19), the altcoins may unite at the triangular resistance line. Interruptions and closings above the triangle signal that the uncertainty has been resolved in the buyer's favour. The pair ADA/USDT can then go up to $2.47 and if it crosses that level the upside movement could reach $2.80. Alternatively, if the price drops below the current level or resistance and drops below the triangle, this indicates that supply is exceeding demand. The pair could then slide back to the critical support at $1.87.
XRP formed an internal candle model on October 18-19, indicating indecision between bulls and bears. The uncertainty was overcome today with a break above $1.10. Now the bulls will try to push the price above the downtrend line. If so, the XRP/USDT pair could rise to $1.24, and if this resistance is overcome, the next stop could be the critical $1.41 level. If the price breaks the downside, the pair may fall back to $1, a break and close below this support would complete a bearish downside triangle which could drop to $0.85.
SOL / USDT
Bulls have managed to hold onto their moving averages for the past few days, indicating accumulation at lower levels. Buyers will now seek to push Solana (SOL) above the resistance zone to overhead levels between $171.47 and $177.79. A close above $177.79 would complete the ascending triangle pattern targeting $226.94. The rally may not be linear as the downside is expected to present a tough psychological challenge at $200 and then a record high of $216.On the other hand, if the price drops from the current level, this indicates that the bears are selling aggressively on the rally. A break and close below the trend line cancelled the bullish adjustment. The SOL/USDT pair could fall to the critical support at $116.
DOT / USDT
The bulls have managed to keep the Polkadot (DOT) above the breakout level of $38.77 for the past few days. This implies a sharp increase in the bulls as they expect the rally to continue. The moving average is rising and the RSI is just below the repurchase area indicating that the buyers have the advantage. A break and close above $44.78 could push the price to a record high of $49.78. On the other hand, if the price drops from the current level and drops below the 20-day EMA (USD 37.84), this indicates that the bears have returned strongly. The DOT/USDT pair could hit the 50-day SMA ($33.63). After failing twice, the bulls tried again today to push the price above the downtrend line and hold it. Such a move would invalidate the developing triangle pattern on the downside and pave the way for a possible rally to $0.32 and then to $0.35. If, contrary to this assumption, the price diverges from the downline and drops below the 20-day EMA ($0.23), this indicates that the bears are aggressively defending the downline. If the bears drop below the 20-day EMA, the DOGE/USDT pair could fall into the $0.21 to $0.19 strong support zone.
LUNA / USDT
The LUNA Terra Protocol token broke below the 50-day SMA ($36.66) on October 17, but the bears were unable to retreat below the strong support at $34.86. Otherwise, there appears to have been some buying by aggressive bulls pushing the price above overhead resistance to $39.75 today. The LUNA/USDT pair could now advance as high as $45.01, where the bears are likely to offer strong resistance. If the price drops from that level but the breakout level rebounds to $39.75, this indicates that the bulls are ahead. A break and close above $45.01 could push the pair to a high of $49.54. Conversely, if the price drops from the current level and drops below $39.75, this signals strong selling at higher levels. The pair could then fall to $34.86.
UNI / USDT
Uniswap (UNI) is trading in a narrow range between the intersection of the possible upside H&S and the 20-day EMA ($25.32). This shows the indecision of bulls and bears about their next destination. Breaking and closing the neckline completes the bulge. The UNI/USDT pair could then advance to $31.41, and if that level is broken, the upside could reach the target of the $36.98 model. On the other hand, if the price drops from the current level and falls below the moving average, the decline could continue up to $22. This is an important level in protecting the advance as a break below it could bring the pair down to $18.