BTC, XRP, LUNA, UNI, ADA, AVAX, ETH and 3 Altcoins

The focus of Bitcoin bulls is at $50,000, and the continued pressure is also positively impacting large and small altcoin prices. On October 1, the head of the US Federal Reserve, Jerome Powell, confirmed that the Fed has no intention of banning cryptocurrencies. The increased Bitcoin hash rate and the SEC’s ETF decisions were also among the reasons that gave the market a bullish momentum. Now we move on to Raksh Upadhyay’s technical analysis for BTC, DOT, DOGE, ETH, BNB, ADA and 4 altcoins. Let’s start with the market in general…

Bitcoin (BTC) Q4 forecasts

In Bitcoin (BTC), an intense struggle of bears and tortoises is observed around $ 50,000. The failure to hold on despite brief attempts confirmed that the bears had not given up on the battle. Analysts are expecting a rise towards the end of the year. Stock-to-flow model inventor (S2F) PlanB said the worst case for Bitcoin was $63,000 in October and $98,000 by November. There are analysts who agree with PlanB. Analyzing Bitcoin’s RSI levels over the four-year cycle, Twitter commentator TechDev thinks the second leg of the 2021 bull run may have just begun. The trader is expecting around $200,000 from the Bitcoin price at the cycle peak.

While year-end forecasts for BTC point to a rally, the rise may not be linear. The volatility of the U.S. stock market in October was 36% higher than the average for the remaining 11 months, CFRA chief investment strategist Sam Stovall said. Due to Bitcoin’s high correlation with the S&P 500, traders could take a roller coaster ride in October. So, can BTC price confirm historical levels and gain upward momentum? If yes, will altcoins join the rise? Analyst Raksh Upadhyay is waiting for these technical levels…

The struggle of BTC bulls is not over yet!

Bitcoin price reached the overhead resistance level above $48,843.20 on October 3. However, the long wick of the day shows the bears are aggressively defending. The price has been trading between the 50-day SMA ($46,667) and $48,483.20, for the past two days. If the bulls can sustain the uptrend, BTC price could gain momentum and reach $52,920 after $50,000. On the technical side, the 20-day EMA ($45,478) is up and the RSI is trading in the positive territory, indicating less hurdles for the bulls. Contrary to this assumption, if the bears pull the price below the 50-day SMA, BTC price could drop to the 20-day EMA. A bounce from these levels will then allow the bulls to make one more move to overcome the general resistance. If the price breaks and sustains below the 20-day EMA, the advantage will turn in favor of the bears. According to the analyst, BTC could decline to $41,935 later on.

These resistance levels await ETH before $4,000!

On October 1, Ethereum broke above the downtrend line and the MAs, but the bears did not give up and stopped the upside target around $2,500. They are now trying to push the price below $3,297. If they succeed, ETH price could drop to $3,194. This is a level that the bulls should defend because if it breaks, it is expected to create more selling pressure. Afterwards, the price may decline to $3,000 and then as low as $2,841. Alternatively, if the price finds support from the MAs, the bulls will make another attempt to push the price above $35,000. If that happens and more, ETH price could rally to $3,676.28 and then to $4,000.

These levels are waiting for BNB bulls in the BTC rise!

Binance Coin (BNB) faced strong resistance at $433, but the positive sign came as the bulls did not give up on the area. This indicates that the buyers are holding their positions at higher levels. On the technical side, the 20-day EMA ($295) is up and the RSI is in the positive zone, indicating that these bulls are taking advantage. If buyers can push the price above $433, BNB price could rally to $518.90 if they sustain it. Contrary to this assumption, the pair could retrace to the 20-day EMA if the price drops from the current level. A support from this level will result in the bulls aiming to push the price back above $433. A break and close below the 20-day EMA could keep BNB price range-bound for a few days.

BNB surpassed ADA!

The bulls pushed Cardano (ADA) above the 20-day EMA ($2.25) for two consecutive days but were unable to sustain higher. This shows that sentiment is negative and traders are defending the 20-day EMA. The price fell from the 20-day EMA on October 4 and the bears will now attempt to push the ADA price down to the critical support at $1.94. If this level gives way, ADA could witness aggressive selling and drop to $1.60. This negative view will be invalidated if the price rises from the current level or bounces back from the $1.94 support and rises above the 20-day EMA. ADA could then rally to the 50-day SMA ($2.46), where the bears could form stiff resistance again. A break above this level could open the way for a rise to $2.97.

Solana (SOL) technical analysis

Solana’s (SOL) recovery hit the 61.8% Fibonacci retracement level at $177.80 on Oct. This level is acting as a stiff resistance and the bears are trying to pull the price towards the 20-day EMA ($150). If the price bounces back from the current levels or the 20-day EMA, it will indicate that the bulls are buying on the dips. This will increase the likelihood of a break above $177.80. If this happens, SOL price could rally to $200 and then retest the ATH level at $216. Alternatively, if the price drops from the current level and dips below the 20-day EMA, it indicates that traders have closed their positions. The SOL could then drop to the 50-day SMA ($129) and later to $116.

There is some positive news from Ripple (XRP)

Two positive news (QNB partnership, FED decision) came from Ripple during the day. On the technical side, it rallied above the 20-day EMA ($1.01) on October 1 and the bulls tried to push the price above the $1.07 resistance on October 3. However, the day’s long wicks show that the bears are defending the market aggressively. XRP price is currently trading in the narrow gap between the 20-day EMA and the 50-day SMA. Of the technical indicators, both MAs are flat and the RSI is near the midpoint, indicating a balance between supply and demand. If the price breaks and stays above the 50-day SMA, the balance could shift in favor of the buyers. Later, XRP can start its journey to $1.41. On the contrary, if the price breaks and sustains below the 20-day EMA, the XRP price could collapse to $0.90. A break below this support will indicate that the bears are back in the steering wheel.

DOT and BTC bulls test critical resistance levels

Polkadot (DOT) broke above the MAs and the downtrend line on October 1, which was the first indication that the bears are weakening. The bulls tried to push the price above the right shoulder of the head and shoulders pattern on October 2, but the day’s long wick candles suggest selling higher. The fierce and indecisive struggle between the bulls and bears on October 3 has resolved to the downside and the bears are trying to push the price below the MAs. If they are successful, it will indicate that the sentiment will remain negative and that traders are selling in the rallies. According to the analyst, DOT may then challenge the neckline of the H&S model. Conversely, if the price bounces back from the MAs, the bulls will attempt to push the price above their right shoulder once again and retest the critical resistance at $38.77.

Dogecoin technical analysis

Dogecoin (DOGE) rallied to $0.22 on October 1, but the bulls were unable to keep up. This shows that sentiment is negative and bears are selling on rallies. The long-wick candles of October 4 showed that the bulls were buying at the $0.21 support, while the bears were selling around $0.24. If this uncertainty is resolved to the downside, DOGE price could drop to $0.19 and $0.15. On the contrary, if the bulls can hold and sustain the price above the 100-day SMA, DOGE could again rise towards the downtrend line, which could act as a stiff resistance. A break and close above this level will be the first indication that the correction may be over.

Terra (LUNA) surpasses SOL on the rise

Terra’s long-wick candles dated October 3 show that the bears tried to protect the price at $45.01 but were unable to push the lows. Aggressive buying by the bulls on October 4 pushed the LUNA price to the ATH level. If the bulls can sustain the price above $45.01, it will indicate the start of an uptrend. On the technical side, the rising MAs and positive RSI indicate that the bulls are in control. According to the analyst, LUNA price could rise to $50 first and to $65 if this psychological barrier is broken. Conversely, if the price declines and fails to stay above $45.01, the bears will make another attempt to lower the price to $37.45. A strong bounce of this support will indicate that the positive emotion is solid. The bears will have to break and sustain the price below $33.56 to gain the upper hand.

Uniswap (UNI) technical analysis

UNI price climbed above $35.46 on Oct. 2 and the day’s long wicks suggest bears are selling higher. UNI created an intraday candlestick chart showing indecision between the bulls and bears on Oct. The bears won the fight, pushing the UNI price below $24.02 on October 4. However, as seen in the long wick candles of the day, the bulls stopped the decline with aggressive buying. If the price stays above $25, the bulls can push UNI above $27.62. A test of the critical resistance at $31.41 may occur from this level. On the other hand, if the price drops below the MAs, the UNI price could drop to $22. This is an important support for the bulls to defend because if it breaks, the drop could extend to $18.

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