Bitcoin and several altcoins are attempting to resume their uptrend, but higher levels are likely to witn
Bitcoin and several altcoins are attempting to resume their uptrend, but higher levels are likely to witness strong resistance from the bears.
Bitcoin (BTC) has recovered from the dip below $60,000, indicating strong buying at lower levels. CryptoQuant CEO Ki Young Ju said that investors used market orders to buy $840 million worth of Bitcoin futures on dips to $60,000.
This suggests that analysts are positive for the rest of the year and anticipate the bull run to continue. Analyst TechDev believes that Bitcoin’s price action in 2021 is following the same trajectory as in 2017. If that were to happen, Bitcoin could be getting ready for a sharp move higher in the remainder of the year.
In a step that could boost the adoption of cryptocurrencies further, Mastercard is expected to announce that its banking partners and merchants on its payment networks may soon be able to add crypto services. Mastercard has tied up with the Bakkt platform to enable its U.S.-based customers to buy, sell and hold cryptocurrencies through custodial wallets.
Is the correction in Bitcoin over and could it rise to a new all-time high? If that happens, will the altcoins also resume their uptrends? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The long tail on the Oct. 23 and Oct. 24 candlestick suggests that bulls are attempting to defend the psychologically important support at $60,000. Bitcoin has resumed its up-move and will now attempt to challenge the overhead resistance zone at $64,854 to $67,000.
The rising 20-day exponential moving average ($58,794) and the relative strength index (RSI) in the positive zone suggest that bulls are in control. The bullish momentum could pick up further if the BTC/USDT pair closes above $67,000.
That could open the doors for a possible rally to $75,000 and later to the target objective at $85,756.75.
This bullish view will invalidate if the price once again turns down from the overhead resistance and plummets below the 20-day EMA. That could result in panic selling by short-term traders and may pull the price down to the 50-day simple moving average ($51,160).
ETH/USDT
Ether (ETH) dropped below $4,027.88 on Oct. 22 but the bears could not capitalize on this advantage. The bulls quickly reclaimed the level on Oct. 23, indicating strong buying on dips.
The bulls thwarted another attempt by the bears to pull the price below $4,027.88 on Oct. 24, as seen from the long tail on the day’s candlestick. If bulls sustain the price above $4,027.88, the ETH/USDT pair could rise to the all-time high at $4,375.
A break and close above this resistance could start the pair’s journey toward the psychologically important level at $5,000.
Contrary to this assumption, if the price turns down from the current level, the bears will try to pull the pair below the 20-day EMA ($3,826). This is the first sign that the bullish momentum may be weakening. The pair could then drop to the 50-day SMA ($3,473).
BNB/USDT
The bulls are buying on dips to the 20-day EMA ($461), indicating that the sentiment remains positive. Binance Coin (BNB) could now rise to the stiff overhead resistance at $518.90.
A breakout and close above $518.90 will suggest the start of a new up-move. The BNB/USDT pair could then attempt to rally to the pattern target at $554. A break above this level could push the pair to $600.
The upsloping 20-day EMA and the RSI in the positive zone indicate the path of least resistance is to the upside. This bullish view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the 50-day SMA ($423).
ADA/USDT
Cardano (ADA) broke and closed marginally below the support line of the symmetrical triangle pattern on Oct. 24. This suggests that the uncertainty of the past few days may be resolving in favor of the bears.
If bears pull the price below $1.09, the ADA/USDT pair could start its southward journey toward the strong support at $1.87. The marginally downsloping 20-day EMA and the RSI just below the midpoint suggest that sellers have a slight advantage.
This negative view will invalidate if the price turns up from the current level and breaks above the resistance line of the triangle. That could trap the aggressive bears, resulting in a rally to $2.47 and then to the pattern target at $2.80.
XRP/USDT
XRP slipped below the 20-day EMA ($1.09) on Oct. 24 but the long tail on the day’s candlestick suggests that bulls are buying at lower levels. The buyers will now try to push the price above the downtrend line.
If they manage to do that, it will suggest a change in the short-term trend. The XRP/USDT pair could then rally to…
cointelegraph.com