Key points:
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Bitcoin’s recovery is facing selling at higher levels, indicating that the bears remain in control.
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Several altcoins have turned down from their overhead resistance levels, signaling selling on rallies.
Bitcoin’s (BTC) recovery is facing selling on rallies, but a positive sign is that the bulls are trying to form a higher low near $109,500. Lower levels are attracting buyers as seen from the net inflows into US spot BTC and Ether exchange-traded funds (ETFs) on Tuesday, following net outflows on Monday. According to SoSoValue data, BTC ETFs recorded $102.58 million in inflows while ETH ETFs attracted $236.22 million in net inflows.
Even after the recent turmoil, analysts expect BTC to perform well in October. Economist Timothy Peterson said in an X post that historically, a large part of BTC’s October gains come in the second half of the month.
Apart from the seasonal factor, another positive sign in favor of the bulls is the possible end of quantitative tightening as signaled by the US Federal Reserve Chair Jerome Powell. BitMEX co-founder Arthur Hayes said in a post on X that with quantitative tightening over, it was time to buy aggressively.
A note of caution came from trader Peter Brandt, who said BTC may witness a huge shakeout before rising to a new all-time high again.
What are the critical support and resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC turned down from the 20-day exponential moving average (EMA) ($115,945) on Tuesday, signaling a negative sentiment where rallies are being sold into.
The bears will try to strengthen their hold by pulling the price to the $107,000 support. Buyers are expected to defend the $107,000 level with all their might because a close below it will form a double-top pattern. The BTC/USDT pair may drop to $100,000 and eventually to the pattern target of $89,526.
This negative view will be invalidated in the near term if the Bitcoin price turns up and closes above the moving averages. That suggests the pair may consolidate in the $107,000 to $126,199 range for a while longer.
Ether price prediction
Ether’s (ETH) recovery is facing significant resistance at the 20-day EMA ($4,227), indicating that the bears have the upper hand.
Sellers are trying to sink the Ether price to the support line. If the price turns up from the support line and rises above the 20-day EMA, it suggests that the ETH/USDT pair could remain inside the descending channel pattern for some more time.
On the upside, a break and close above the resistance line signals that the corrective phase may be over. The pair could retest the all-time high at $4,957 and later start the next leg of the uptrend to $5,665.
BNB price prediction
BNB’s (BNB) failure to sustain above $1,350 on Monday may have attracted profit booking from short-term traders. That pulled the price to the 20-day EMA ($1,155) on Tuesday.
The bulls are trying to defend the 20-day EMA, but the bearish divergence pattern on the relative strength index (RSI) suggests the bullish momentum is weakening. If the BNB price breaks and closes below the 20-day EMA, it indicates the start of a deeper correction to the 50-day simple moving average ($1,008).
Contrarily, if the price turns up from the 20-day EMA or $1,073, it signals demand at lower levels. That increases the possibility of a range formation in the near term. The BNB/USDT pair may oscillate between $1,073 and $1,375 for a few days.
XRP price prediction
XRP’s (XRP) recovery fizzed out near the breakdown level of $2.69 on Monday, signaling that the bears are selling on rallies.
The bears will attempt to pull the price to the $2.30 support, which is a crucial near-term level to watch out for. If the price skids below $2.30, the XRP/USDT pair could descend to $2.
The first sign of strength will be a close above $2.69. That suggests the selling pressure is reducing. The XRP price could then climb to the downtrend line, where the bears are expected to step in.
Solana price prediction
Solana (SOL) re-entered the descending channel pattern on Monday, but the bears halted the relief rally at the 20-day EMA ($210) on Tuesday.
The $190 level is the near-term support to watch out for. If the price continues lower and breaks below $190, it signals that the bears are in control. The Solana price could then tumble to $168.
Contrary to this assumption, if the price turns up and breaks above the moving averages, it suggests that the bulls are back in the driver’s seat. The SOL/USDT pair could rally to $238 and later to $260.
Dogecoin price prediction
Dogecoin (DOGE)…
cointelegraph.com