Can Bitcoin earnings from the positive sentiment produced by the launch of the Bitcoin ETF? Could it continue its northward piggyback and march on that favorable sentiment? Will altcoins continue their upward trend? Lets take a look at the charts of the top-10 cryptocurrency coins to learn.
A panel of 50 professionals in the fintech market was commissioned by Finder to figure out if strong on-chain fundamentals, a favorable micro environment and approval of Bitcoin ETF might help Bitcoin reach $80,000 by the end the year.
Bitcoin (BTC), which reached close to $67,000 today, surged to an all-time record. Ether (ETH), likewise broke through its immediate resistance and is now on its way to the all-time record. The total market capitalization for the crypto sector soared to $2.64 trillion.
Daily cryptocurrency market performance. Source: Coin360
Bitcoin broke through the instant resistance of $62,933 on October 19. This was followed by a sharp up-move today that pressed the rate greater than the April 14th all-time high of $64,854.
The ProShares bitcoin method exchange-traded fund (BITO), was a success that improved belief in the crypto market. ProShares ETF trading volume went beyond $1 billion on the first day, making it the 2nd most effective ETF launch based upon trading volume.
Daily chart of BTC/USDT Source: TradingView
Bulls ought to not lose ground at the current level. This will indicate strength and increase the opportunities of the uptrend continuing.
The relative strength index (RSI), which has risen above 78 in the last few days, suggests that the rally might be too extended in the short-term. This could lead to a consolidation period or a small correction in the short term.
Bullish momentum might continue if bulls can hold the cost above $64,854s breakout level. The BTC/USDT exchange could then rally to $75,000.
60,000. This is the important level to monitor on the downside. The critical level to see on the drawback is $60,000. A break or close listed below this assistance will suggest that traders are booking greater earnings.
On Oct. 19, Ether bounced off of the neck line in the inverse head-and shoulders (H&S), recommending that bulls are purchasing dips to this support. Todays price has actually moved above $4,027.88 overhead resistance.
Daily chart of ETH/USDT Source: TradingView
Increasing moving averages and a positive RSI suggest a bullish advantage. The ETH/USDT pairing could increase to $4,372.72 if buyers can keep the cost above $4.027.88.
Binance Coin (BNB), which has been a strong barrier on 2 events, is slowly moving greater towards $518.90. The bears might again protect this level with great vigor.
This favorable outlook will be revoked if the price falls below $3,200.
This level might be a resistance as soon as again, bulls can conquer it to reach the pattern target at $4.657 and challenge the mental level of $5,000.
Daily chart BNB/USDT TradingView
Daily chart of DOT/USDT Source: TradingView.
Bulls will attempt to press the rate higher than the drop line. The XRP/USDT currency set might reach $1.24 if they are successful. If resistance is reached, the next stop may be at $1.41.
For the previous couple of days, the bulls have held Polkadot( DOT) above its breakout level of $38.77. As they anticipate the rally to continue, this recommends that bulls have been building up a lot.
This will increase the chances of a break, and bring the close above $518.90. The pair might then start its northward march towards the pattern target of $554. This bullish view will be invalidated if the price falls listed below $392.20.
If the price moves listed below the sag line, the set might drop to $1. Breaking and closing listed below this assistance will finish the bearish coming down triangle pattern, which could lead to a fall to $0.85.
Nevertheless, if the cost falls below the 20-day EMA (37.84 ), then it could show that bears are making a strong return. The 50-day SMA (33.63) could see the DOT/USDT pairing drop.
If the triangle is broken and the close is above it, this will suggest that the unpredictability has actually been resolved in the favor of purchasers. If the ADA/USDT pairing rallies to $2.47, then the up-move can reach $2.80.
In the last couple of days, the bulls have successfully protected the moving averages. This indicates accumulation at lower levels. Solana (SOL), which is now in the buyers zone, will be pushing Solana (SOL), above the overhead resistance zone of $171.47 to $177.79.
Daily chart ADA/USDT Source: TradingView.
XRP formed an intraday candlestick pattern Oct. 18-19, recommending indecision in between the bulls and bears. Today, XRP broke above $1.10 and this unpredictability was solved.
The BNB/USDT currency exchange rate might be up to the $20-day EMA ($ 450) if the rate drops below $518.90. This level is most likely to reveal that sentiment has enhanced and traders are buying dips.
Cardano (ADA), is attempting to bounce off of the support line for the symmetrical triangular pattern. If bulls push it above the 20-day EMA ($ 2.19), the altcoin might rally to the resistance line.
However, if the price falls below the existing level it will show that the bears are selling aggressively on rallies. If the rate breaks or closes below the trendline, the bullish setup will be revoked. The SOL/USDT currency pair might fall to $116 as assistance.
Purchasers have the advantage because of the RSI and upsloping moving Averages. If it breaks above $44.78, the cost could increase to $49.78.
Daily chart of SOL/USDT Source: TradingView.
If the price falls below the overhead resistance or current level and after that breaks below the triangle it might suggest that demand goes beyond supply. The crucial assistance of $1.87 could be broken and the pair might be up to $1.87.
Daily chart of XRP/USDT Source: TradingView.
An ascending triangle pattern will be finished if the close is above $177.79. The target price for this pattern is $226.94. Although the rally is not direct, bears will present a difficulty at the psychological level of $200 and then at $216.
Related: Cointelegraph Consulting – ETFs noted– What next for Bitcoin?
The bulls have actually stopped working twice previously and are trying again today to keep the cost above its drop line. This will negate the coming down triangle pattern and break the ice for a rally to $0.32 or $0.35.
Daily chart of LUNA/USDT Source: TradingView.
If the rate falls listed below the moving averages and the cost drops from its current level, it could cause a decrease of $22. The bulls must safeguard this level as a break listed below it could lead to the pair sinking to $18.
Contrary to the assumption, if the price moves below the downtrendline and falls below the 20-day EMA ($ 0.23) it will suggest that bears are aggressively defending their sag line.
The pair might reach $49.54, if it breaks above $45.01, and then closes above $45.01. And falls below $39.75 it will suggest strong selling at greater levels if the cost drops listed below the existing level. The rate could drop to $34.86.
Daily chart of UNI/USDT Source: TradingView.
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Terra procedures LUNA token fell below the 50-day SMA ($ 36.66), but the bears couldnt pull the price below strong support at $34.86. This failure seems to have drawn aggressive bulls to purchase, pushing the rate higher than the overhead resistance of $39.75 today.
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If the rate falls below $392.20, this bullish view will be revoked.
The DOGE/USDT currency set might fall to the strong support zone of $0.21 to $0.19 if bears lower the price below the 20 day EMA.
Dogecoin (DOGE), which was pressed above the downtrend line by bulls on Oct. 18, might not maintain the higher levels, as revealed by the candlesticks long wick. On Oct. 19, the purchasers tried again to get rid of the overhead hurdle at this drop line but failed.
Bullish setup finishes with a breakout and close above neck line. The up-move might reach $36.98 if it crosses the neck line if the UNI/USDT currency set rallies to $31.41.
Daily chart of DOGE/USDT Source: TradingView.
Bulls will try to push the price greater than the downtrend line. If the cost falls below the present level it will indicate that the bears are offering strongly on rallies. The bullish setup will be revoked if the rate breaks or closes below the trendline. If the price drops listed below the current level, and falls listed below $39.75 it will suggest strong selling at greater levels.
The LUNA/USDT currency pair might increase to $45.01, where bears will likely supply stiff resistance. It will indicate that the bulls are in control if the price falls below this level, however bounces off the $39.75 breakout level.
Uniswaps (UNI) trading variety has actually been tight in between the neckline for the possible inverted H&S ($ 25.32) and the 20-day EMA ($ 25.32). This is an indication of indecision by the bulls and bears regarding the next directional move.