Bitcoin’s breakout to $67,000 also sent the total crypto market capitalization to a new all-time high and
Bitcoin’s breakout to $67,000 also sent the total crypto market capitalization to a new all-time high and is a signal that altcoins could soon embark on a new uptrend.
Bitcoin (BTC) surged to a new all-time high today, hitting close to $67,000. Ether (ETH) also broke above its immediate resistance and has started its march toward the all-time high. This pushed the total market capitalization of the crypto sector to a new all-time high above $2.64 trillion.
The successful debut of the ProShares’ Bitcoin Strategy exchange-traded fund (BITO) acted as the trigger to boost sentiment in the crypto space. The ProShares’ ETF trading volume on the first day of the launch exceeded $1 billion, making it the second-most successful ETF debut based on the trading volume on day one.
A panel of 50 fintech industry specialists, commissioned by Finder, believes that strong on-chain fundamentals, a favorable macro environment, and approval of the Bitcoin ETF could send Bitcoin to $80,000 by the end of the year.
Could Bitcoin piggyback on the positive sentiment created due to the successful launch of the Bitcoin ETF and continue its northward march? Will altcoins also resume their up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin broke above the immediate resistance at $62,933 on Oct. 19 and that was followed by another sharp up-move today, thrusting the price above the previous all-time high at $64,854 made on April 14.
If bulls sustain the price above the breakout level at $64,854, the bullish momentum could pick up further. The BTC/USDT pair could then rally to the overhead resistance at $75,000.
The sharp up-move of the past few days has pushed the relative strength index (RSI) above 78, suggesting that the rally may be overextended in the short term. This could result in a few days of consolidation or a minor correction.
If bulls do not give up much ground from the current level, it will suggest strength and improve the prospects of the continuation of the uptrend.
The critical level to watch on the downside is $60,000. A break and close below this support will be the first sign that traders are aggressively booking profits at higher levels.
ETH/USDT
Ether bounced off the neckline of the inverse head and shoulders (H&S) pattern on Oct. 19, suggesting that bulls are buying on dips to this support. Strong buying has pushed the price above the overhead resistance at $4,027.88 today.
The rising moving averages and the RSI in the positive territory indicate advantage to the bulls. If buyers sustain the price above $4,027.88, the ETH/USDT pair could rally to the all-time high at $4,372.72.
This level may again act as a stiff resistance but if bulls clear the hurdle, the pair could reach the pattern target at $4,657 and then challenge the psychological level at $5,000.
This positive view will invalidate if the price turns down from the current level and breaks below $3,200.
BNB/USDT
Binance Coin (BNB) is gradually moving higher toward $518.90, which had acted as a tough barrier on two previous occasions. Hence, the bears may again try to defend this level with vigor.
If the price turns down from $518.90, the BNB/USDT pair could drop to the 20-day EMA ($450). A strong rebound off this level will suggest that the sentiment has turned positive and traders are buying the dips.
That will increase the likelihood of a break and close above $518.90. The pair could then start its northward march to the pattern target at $554. This bullish view will invalidate if the price turns down and breaks below the right shoulder at $392.20.
ADA/USDT
Cardano (ADA) is attempting to bounce off the support line of the symmetrical triangle pattern. If bulls push the price above the 20-day EMA ($2.19) the altcoin could rally to the resistance line of the triangle.
A break and close above the triangle will signal that the uncertainty has resolved in favor of the buyers. The ADA/USDT pair could then rally to $2.47 and if this level is crossed, the up-move could reach $2.80.
Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the triangle, it will suggest that supply exceeds demand. The pair could then decline to the critical support at $1.87.
XRP/USDT
XRP formed an inside-day candlestick pattern on Oct. 18 and 19, suggesting indecision among the bulls and the bears. This uncertainty resolved to the upside today with a break above $1.10.
The bulls will now try to push the price above the downtrend line. If they manage to do that, the XRP/USDT pair could rise to $1.24 and if this resistance is crossed, the next stop could be the critical level at…
cointelegraph.com