Bitcoin (Bitcoin) Is still in the correction phase, but the ether (Ethereum) Attracted a lot of buying, which made it hit a record high on October 29. Altair Beacon chain upgrade successfully Seems to boost the mood It also paved the way for the merger with the Ethereum mainnet and the change in proof of equity.
At the same time, MicroStrategy continues to increase its already impressive Bitcoin stack.Company Q3 report Shows that it added 8,957 bitcoinsAs of September 30, the number of Bitcoi reached 114,042, with an average purchase price of US$27,713.
The software company’s appetite does not seem to be satisfied, and CEO Michael Saylor stated that the company “will continue to evaluate opportunities for raising additional funds to execute its Bitcoin strategy.”
The bullish trend in the crypto industry seems to have Increased demand for employees Experience in encryption or blockchain. A recent report by LinkedIn editor Devin Banerjee cited data from the LinkedIn economic charting team, which showed that compared to the same period last year, August included terms such as “blockchain” or “encryption” The number of job postings increased by 615%.
Will the sharp rise of Ether become the beginning of a new copycat season? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin fell below the 20-day exponential moving average ($59,389) on October 27, but the shorts were unable to maintain a low level. The price rebounded quickly and rose above the 20-day moving average on October 28, indicating bargain hunting.
The price action of the past few days has formed a bullish flag pattern that will complete at the breakout and close above the resistance line. Such a move would indicate the resumption of the upward trend. The first resistance to the upside is the all-time high of $67,000.
If the bulls clear this overhead barrier, the BTC/USDT currency pair may begin to march northward towards the pattern target of $89,476.12.
The rising moving average and the relative strength index (RSI) of the positive zone indicate that it is good for the bulls. The bears will have to pull the price lower and keep it below the flag to invalidate the bullish setup. In this case, the currency pair may fall to $52,920.
Ether rebounded sharply from the 20-day moving average ($3,953) on October 28, indicating that buyers who bought on dips took advantage of the recent pullback to increase their holdings. The largest altcoin rose to an all-time high today, marking the resumption of the upward trend.
The upward sloping 20-day EMA and RSI in the positive zone indicate that the bulls are in a dominant position. If the buyer maintains the price above US$4,375, the ETH/USDT currency pair may begin to move towards the pattern target of US$4,657 and then rebound to US$5,000.
Contrary to this assumption, if the price fails to stay above US$4,375, it indicates that demand has dried up at a higher level. Then, the currency pair can consolidate between US$4,375 and US$3,888 within a few days. A break and close below this range will indicate the beginning of a deeper correction.
The bulls successfully held the neckline of the reverse head and shoulders pattern on October 27, which is a positive sign. This may prompt traders to buy and promote Binance Coin (Bitcoin) Is higher than the upper resistance at 518.90 USD.
The 20-day moving average ($470) is sloping upward and the RSI is in a positive zone, indicating that buyers are in control. If the bulls maintain the price above US$518.90, the BNB/USDT currency pair may resume its upward trend and move towards the pattern target of US$554.
Conversely, if the price fails to stay above US$518.90, it indicates that the trader is booking profits at a higher level. Then the currency pair may fall to the neckline, which is an important support for the bulls’ defense.
The bulls defended the strong support of $1.87 on October 27, but the rebound lacked strength. This shows that traders are hesitant to buy Cardano (Have) At a higher level.
Both moving averages are sloping downward, and the RSI is in the negative zone, indicating that the path of least resistance is downward.
If the price falls from the current level or the 20-day moving average ($2.12), the bears will try again to break and close the ADA/USDT pair below the support of $1.87. Such a move may herald the beginning of a deeper correction to $1.58.
If the bulls push the price higher and maintain it above the moving average, this negative view will be invalid. Then the currency pair may rebound to $2.47.
Solana (Sol) Rebounded from the 20-day moving average ($180) on October 27th, indicating that market sentiment is still optimistic and traders bought on dips. The bulls will now try to push the price to the upper resistance zone of $216 to $218.93.
The rising 20-day EMA and positive zone RSI indicate that the bulls have the upper hand. A break and close above US$218.93 will indicate the resumption of the uptrend, and the SOL/USDT currency pair may rebound to US$239.83.
However, the Bear is unlikely to give up easily. If the price drops from the current level or above resistance, the currency pair may consolidate between US$171.47 and US$218.93 for a few days. A break below US$171.47 may mark the beginning of a deeper correction.
Ripple On October 27th, it fell below the $1 support level, but the shorts were unable to maintain a low level. This shows that the bulls are accumulating near key support. Buyers will now try to push the price higher and maintain it above the downtrend line.
If they succeed, the XRP/USDT currency pair may rebound to $1.24, and the shorts are expected to form strong resistance. If the price falls from this level, the currency pair may remain range-bound for a few days.
A flat moving average and an RSI just below the midpoint indicate that supply and demand are in balance. If the currency pair rises above $1.24, this balance will benefit the bulls. Conversely, a break below the US$1 may cause the currency pair to fall to a strong support zone of US$0.88 to US$0.85.
DOT / USDT
polka dot(point) The rebound from the breakout level of $38.77 on October 27 indicates that market sentiment is still bullish and traders buy on dips.
The bulls will now try to push the price to the upper barrier above $46.39 and retest the all-time high of $49.78. If this resistance is broken, the DOT/USDT currency pair may climb to the next target of 53.90 US dollars.
Contrary to this assumption, if the price drops from the current level or above resistance, the bears will try to pull the price below the 20-day moving average ($40.90). A break below this level may retest the key support level of $38.77. If this level breaks, the next stop may be the 50-day simple moving average ($35.68).
Dogecoin (dog) Fell below the 50-day moving average ($0.23) on October 27, but the long tail on the candlestick of the day indicated aggressive buying at a lower level. The bulls continued to buy on October 28, which may catch some aggressive bears off guard.
On October 28, the short covering of the shorts and the bottom fishing of the longs pushed the price above the resistance level of $0.27. However, the long wick on the candlestick of the day indicates that the trader may have made a profit at a higher level.
The bulls and the bears may witness an uphill battle at a price of $0.27. If the bulls turn this level into support, the DOGE/USDT currency pair may try again to rebound to $0.35. A break and close above this level may clear the way for a possible rise to $0.45.
Conversely, a breakout and close below $0.27 may pull the price down to the 20-day moving average ($0.25).
Shiba Inu (SHIB) surged to $0.00007586 above the 200% Fibonacci extension level on October 27, and hit a record high of $0.00008854 on October 28.
RSI rebounded sharply for several days, and the RSI rose to 91.66 on October 27, leading to a fall on October 28. SHIB/USDT formed an intraday candlestick pattern today, with long and short hesitation.
Although the upward trend remains unchanged, the currency pair may enter a few days of consolidation or pullback to digest the gains of the past few days.
The 50% Fibonacci retracement level at 0.00005778 USD is a key level to be aware of, as a break below this level may intensify the selling and pull the currency pair down to the 61.8% retracement level of 0.00005778 USD.
Or, if the price rises from the current level and breaks through $0.00008854, the currency pair may rebound to the 300% Fibonacci extension level of $0.00010349.
The LUNA token of the Terra protocol rebounded from the 50-day moving average ($38.69) on October 27, indicating strong buying at a lower level. The price movements of the past few days have led to the formation of a symmetrical triangle.
The bulls will now try to push the price above the triangle. If they manage to do this, the LUNA/USDT pair may resume its upward trend. The shorts may pose a serious challenge at the all-time high of 49.54 USD, but if it breaks through this level, the currency pair may reach the pattern target of 62.59 USD.
Contrary to this assumption, if the price turns down from the upper resistance, it indicates that the shorts continue to sell on rallies. Then, the currency pair may extend its stay in the triangle for a few more days.
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Market data by Bitcoin exchange.