Price analysis 10/15: For the first time since April 18, Bitcoin (BTC) climbed to within a few hundred dollars of $63,000. The latest price increase may have been triggered by numerous papers. Indicating that the US Securities and Exchange Commission will eventually approve a futures-based BTC ETF. According to these papers, the regulator is close to approving Valkyrie’s Bitcoin Strategy exchange-traded fund ETF for Nasdaq listing.
Gold’s price had increased substantially prior to the launch of the first gold ETF in the US in 2004, according to analysts. The surge continued after that. With gold rising more than 300% since the ETF was established, before reaching a big peak. The resemblance between gold and Bitcoin as value storage appears to have sparked a lot of interest in a Bitcoin ETF.
Prior to the introduction of a Bitcoin ETF, traders appear to have actively acquired Bitcoin. On Oct. 14, the Chicago Mercantile Exchange’s Bitcoin futures open interest surpassed the previous high of $3.02 billion set in April.
Will altcoins join the party if Bitcoin breaks above the all-time high and continues northward? Let’s look at the charts of the top ten cryptocurrencies to see what we can learn.
On Oct. 14, Bitcoin produced a Doji candlestick pattern above the $58,000 barrier, signalling uncertainty among bulls and bears. The rise has continued after today’s uncertainty was addressed to the upside.
The 20-day exponential moving average ($52,868) is trending upwards. And the relative strength index (RSI) is overbought, indicating that bulls are in charge. The all-time high of $64,854 may, however, remain a challenging barrier to overcome.
The 20-day EMA is the first support to monitor the downside if the BTC/USDT pair breaks down from this resistance. A robust comeback from this level of support indicates that traders are still buying the dips and the mood is still optimistic.
This increases the chances of the uptrend resuming with a target of $75,000 as the next target. A break and closure below the 20-day EMA will be the first indicator of weakness, and a drop under the 50-day simple moving average ($48,514) may follow.
On October 13, Ether (ETH) bounced off the 20-day exponential moving average ($3,479) and broke above the neckline of the inverse head and shoulders (H&S) pattern. This completed the bullish setup with a $4,657 target.
Both moving averages are trending upwards, and the RSI has broken above the downtrend line, indicating that the bulls have regained control. The ETH/USDT pair may potentially rise to $4,027.88 before retesting its all-time high of $4,372.72.
In contrast to this notion, if the price falls below the neckline and breaks below the present level of above resistance, it indicates that bears will continue to sell on rallies. The pair may then fall back to the moving averages. Bulls may be losing their hold if they break and close below $3,257.
On Oct. 13, Binance Coin (BNB) completed an inverse H&S pattern by breaking and closing above the neckline. The pattern goal for this bullish setting is $554.
The bears tried to drag the price down below the breakthrough level, but the day’s candlestick had a lengthy tail, indicating that buying is possible at lower levels. The moving averages have completed a bullish crossing, and the RSI is in the positive zone, suggesting that the bulls are in control.
The return of the uptrend would be signalled if the price increases from its present level and breaks over $518.90. To undermine the bullish momentum, the bears will have to knock the BNB/USDT pair below the moving averages and keep it there.
Cardano (ADA) is being pushed back into a symmetrical triangular formation by the bulls, but the bears are resisting. They’re fighting hard to keep the support line and the 20-day EMA ($2.21) in place.
The ADA/USDT pair might drop to $2 and then to $1.87 if the price declines from its present level and breaks below $2.07. If this crucial level is breached, the pair might fall to $1.63, which is the pattern goal.
Alternatively, the pair may climb to the triangle’s resistance line if bulls push the price over the 20-day EMA and keep it there. A breakout and closure above the triangle may pave the way for a rally to $2.47 and then to $2.80.
For the previous several days, XRP has been trading above the 20-day EMA ($1.08), but bulls have been unable to push the price beyond $1.24, which is the overhead barrier. At greater levels, this indicates a demand shortfall.
The XRP/USDT pair might fall below $1 if the price declines and falls below the 20-day EMA. This level may entice buyers once again, but if they are unable to push the price over $1.24, negative momentum will resume, and the drop will likely deepen below $0.85.
If the price increases from its present level and breaks over $1.24, it may indicate that selling pressure is lessening. The pair may then advance to $1.41, with $1.66 being the next stop for bulls if they breakthrough.
In the last several days, the bears have been unable to push Solana (SOL) below the 50-day SMA ($147), indicating bullish accumulation. Currently, buyers are aiming to keep the price above the downtrend line.
The SOL/USDT pair may ascend to the 61.8% Fibonacci retracement level of $177.80 if they are successful. This level may function as a stumbling block for bulls, but if they surpass it, the pair may rebound to $200 before testing the all-time high of $216.
A break and closure beneath the 50-day SMA will be the first indicator of weakness. The price might drop to $116 as a result. This is a critical level to watch since a break below it may exacerbate the selling.
On Oct. 13, Polkadot (DOT) soared and closed above the $38.77 overhead resistance, indicating that the consolidation has come to an end in the bulls’ favour.
On Oct. 14 and today, bears attempted but failed to bring the price down below $38.77. This demonstrates that the breakthrough level is being actively defended by buyers. The DOT/USDT pair may retest the all-time high of $49.78 if bulls can push the price over $43.22.
The pair might fall below the 20-day EMA ($34.84) if the price drops from its present level and breaks below $38.77. A robust recovery off this level of support indicates that traders are buying on dips and sentiment is still optimistic.
Alternatively, the pair may drop to $25.50 if bears drive the price below the moving averages. This suggests that the break over $38.77 was a bull trap.
The bulls are fighting to keep Dogecoin (DOGE) above the 20-day EMA ($0.23), implying that higher levels are where purchasing stops. The fact that bulls have not allowed the price to go below $0.22 is a slight plus.
The 20-day exponential moving average (EMA) has flattened down, and the RSI is slightly over the midway, indicating a supply-demand equilibrium. If the $0.21 support cracks, the equation will shift in favour of the bears. This might lead to a $0.19 price drop.
Bulls will attempt to push the price to the downtrend line if the price rises from its present level. If this level is broken and closed above, the bear market may be over. The DOGE/USDT pair is expected to increase to $0.32 and then $0.35 in the near future.
For the previous three days, the Terra protocol’s LUNA token has found support at the 50-day SMA ($36.24), but bulls have been unable to push the price above the 20-day EMA ($38.86). At greater levels, demand appears to dry off.
The 20-day exponential moving average is sloping down slightly, while the RSI is barely below the midway, indicating a little bearish advantage. If the price breaks and closes below the 50-day SMA, it may fall to $32.50, and if this support breaks, the drop could extend to $25.
In case bulls can push the price over the 20-day EMA, the LUNA/USDT pair may gain traction and rise to $45.01, where bears may try to re-establish resistance. If the bulls clear this hurdle, a retest of the all-time high of $49.54 is possible.
On October 13, Uniswap (UNI) broke through the moving averages and hit the neckline of the inverse H&S pattern on October 14. At the moment, the bears are seeking to halt the recovery at the neckline.
The moving averages are approaching a bullish crossing, and the RSI has moved into positive territory, indicating that bulls are in control. The bulls will make another effort to push the UNI/USDT pair above the neckline if the price bounces off the moving averages.
If they succeed, the inverse H&S setup will be completed, setting the stage for a potential rise to $31.41 and then to the pattern objective of $36.98. If the price falls further and breaks below $22, this bullish outlook will be invalidated. After that, the pair may fall below $18, which is a solid support level.