Bitcoin (BTC) and Ethereum (ETH) have reversed course after the October 20 momentum and are seeking support. This process shows that the bears are trying to trap the overly leveraged bulls. We take a look at the price predictions of BTC, ADA, XRP, SOL, ETH and 5 altcoins for the last week of October.
What happened in the Bitcoin (BTC) and altcoin market?
BTC and ETH prices witnessed their reservations after reaching and approaching ATH levels. This shows that traders who bought on Bitcoin ETF news were selling after the successful launch of ProShares’ Bitcoin Strategy exchange-traded fund (ETF) (BITO). Also, the bulls attempted a rebound in Bitcoin after the launch of the second BTC futures-linked ETF by digital asset manager Valkyrie on Oct. 22, but renewed selling pressure at higher levels. Following the sell-off, the Crypto Fear and Greed Index fell from 84 on October 21 to 75 on October 22.
During the week, a report by analysts at JPMorgan Chase said that the catalyst that brought Bitcoin significantly more capital was not BITO, but instead investors looking to escape inflation were turning to the crypto market. Analysts noted that capital has shifted from gold ETFs to Bitcoin funds since September, which “supports the bullish outlook for Bitcoin by the end of the year.”
Could BTC and ETH prices experience a correction? What levels need attention and how can altcoins react? We take a look at analyst Rakesh Upadhyay’s technical analysis to answer…
Bitcoin (BTC) technical analysis
Bitcoin price registered the dollar to ATH level on October 20, but the bulls were unable to sustain the breakout as bears pulled the price below the $64,854 breakout level on October 21. This shows that the sellers are trying to trap the aggressive bulls. The bears tried to recover on October 22, but today’s long wick candles show traders selling on small rallies. Strong support to watch on the downside is $57,778 at the 20-day EMA. If the price bounces back from this support, it will indicate that the sentiment is positive and traders are buying on the dips. This will increase the likelihood of a break above the overhead resistance zone between $64,854 and $67,000. According to the analyst, the BTC price could rise to $75,000 later. On the other hand, selling could accelerate if the price breaks below the 20-day EMA and BTC price could drop to the 50-day SMA at $50,496.
Ethereum (ETH) technical analysis
Ethereum price reached above the $4,027.88 resistance on October 20. This was followed by another sharp rise that pushed the price to $4,375 on Oct. 21, just above the previous ATH level of $4,372.72. However, the long wick and negative close on October 21 suggest that traders may have sold aggressively close to ATH levels. The bears are trying to keep the price below the breakout level at $4,027.88. On the technical side, the rising 20-day EMA ($3,712) and the RSI in the positive zone suggest the bulls are at the wheel. If the price bounces off the current level, the bulls will make another attempt to push the ETH price above the ATH level. A break and close below the neckline of the inverse head and shoulders pattern could signal the possible start of a deeper correction to $3,200.
The target is $500 resistance in Binance Coin (BNB).
Binance Coin price dropped from $505.90, showing that these bears are defending the $518.90 resistance. However, BNB failed to drop to the 20-day EMA ($455), which is expected to act as a strong support. If the price bounces off the 20-day EMA, BNB price could make another attempt to break the overhead barrier at $518.90. If they do, it could rally towards the formation target at $554. On the technical side, the ascending 20-day EMA and the RSI in the positive zone suggest that the bulls have the upper hand. This advantage could shift in favor of the bears if the price drops and dips below the MAs. Selling could intensify further with a break below $392.20.
Cardano (ADA) bulls fail to keep up with BTC rise
ADA price climbed above $2.18 on Oct. 21 but the bulls failed to push the price above the resistance line of the symmetrical triangle pattern. This indicates that the bears are fiercely defending this level. Sellers are currently trying to push the price below the support line of the triangle. If they are successful, it will suggest that the balance between the bulls and bears has been negatively resolved. ADA price could slide to strong support at $1.87 later. A close below this level is likely to cause panic selling. The break and close above the triangle will be the first indication that the bulls are back in the game. ADA could then rally to $2.47 and gain momentum above this resistance.
Ripple (XRP) bulls defend critical $1 support
XRP price bounced back from the downtrend line on October 21, indicating that the bears are aggressively defending this level. On the downside, the bulls are trying to keep the price above the moving averages. If the price bounces back from the current level, the bulls will try to push the XRP price back above the downtrend line. If they manage to do so, the XRP price could rally to $1.41. A break and close above this resistance could push the price towards $1.66. On the technical side, the flat MAs and the RSI near the midpoint suggest that XRP may spend some more time in the region. A break and close below $1 could clear the way for a possible drop to strong support at $0.85.
Solana (SOL) to test $216 ATH
Solana (SOL) broke above the overhead resistance zone between $171.47 and $177.79 on Oct. 21 and closed. This led to the completion of an ascending triangle formation with a formation target of $226.94. The bears could pose a tough challenge at the current ATH level of $216, but the strong momentum of the last three days shows the bulls buying aggressively higher. A break and close above $216 will signal a resumption of the uptrend. Conversely, if SOL price declines from $216, it could be retested at $177.79. If the price bounces back from this level, it will indicate that the bulls continue to buy on the dips. The bulls will then try to resume the uptrend again. A break and close below $171.47 will signal that the bullish momentum is weakening.
Polkadot (DOT) retraces April levels in BTC rally
Polkadot (DOT) price climbed above the $44.78 resistance on Oct. 20, signaling a possible resumption of the upward move. The bears tried to trap the aggressive bulls by pulling the price to the breakout level at $39.02 on Oct. 21, but buyers had other plans. On the technical side, the rising 20-day EMA ($38.88) and the RSI near the overbought zone suggest the bulls have prevailed. If buyers hold the price above $45, DOT could retest the ATH level of $49.78. At this level, the bears could pose a hard hurdle, but if the bulls do not give up, the DOT price could continue its upward move to $53.90. The bears will have to push the price below the breakout level at $38.77 to turn the advantage in their favor. In this direction, DOT price could decline to $34.07.
Dogecoin (DOGE)
cryptocoin.com The Dogecoin price, whose analysis we quoted, continues to face stiff resistance on the downtrend line, which shows that the bears are aggressively defending this level. A little positive news comes as the bulls do not allow the price to break below the 20-day EMA ($0.23) and continue. If the bulls fail to push and sustain the price above the downtrend line, a break below the 20-day EMA will become more likely. This could push the price towards the strong support zone between $0.21 and $0.19. The bulls are expected to fiercely defend this area. A strong recovery from this support zone will signal a possible range-bound move between $0.19 and $0.27 for a few days. If DOGE price rises and closes above $0.27, the trend will turn in favor of the bulls. Dogecoin could then rally to $0.32 and then to $0.35.
Terra (LUNA) technical analysis
LUNA price rallied to $45.01 on October 20 as the bears tried to stop the upside move. The price declined from overhead resistance, but the bulls defended the breakout level at $39.75 on Oct. 21. This shows that sentiment has turned positive and traders are buying on the dips. If the bulls push the price above $45.01 and sustain it, LUNA price could retest the ATH level at $49.54. This level could act as a hurdle again, but if the bulls stop the next drop above $45.01, the prospects of breaking the ATH level will strengthen again. According to the analyst, LUNA could rise to $60.57 later on. Contrary to this assumption, if the price breaks from the current level or overhead resistance and dips below the 20-day EMA ($39.18), the drop could extend to $34.86. Then, selling could intensify below $32.50.
Uniswap (UNI) technical analysis
Uniswap (UNI) reached above the neckline of an inverted head-and-shoulders pattern on Oct. 20, but the bulls failed to continue. The bears pulled the price below the neckline on Oct. However, a small positive sign is that the bulls are not allowing the price to drop below $25.46. This shows that buyers are accumulating on every small dip. If the bulls can push the price above $28, UNI price could rally to $31.41. At these levels, the bears could form a stiff resistance, but if the bulls clear this hurdle, UNI price could rise to the formation target at $36.98. Conversely, a break below the MAs could push the price towards the strong support at $22. If this support is broken, the short-term trend will turn negative.
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