Bitcoin (BTC) has experienced a slight decline of just over 2% this week. However, the fact that buyers have prevented the price from falling below $65,000 is a positive sign. As a result, Bitcoin has made a recovery and is now trading above $67,500 as of October 27th. Analysts at Kraken believe that as long as Bitcoin remains above $66,500, its trend will continue to be constructive.
Despite this optimistic outlook, not everyone is bullish on Bitcoin’s short-term prospects. Crypto analyst Luca suggests that Bitcoin could witness another drop to $60,000 before a local bottom can be confirmed.
Several analysts have been anticipating an altcoin rally after Bitcoin’s dominance reaches 60%. Pseudonymous crypto trader Willy Woo predicts that altcoin season will come, but each cycle will be weaker compared to the great alt bubble of 2017.
With Bitcoin’s price surpassing $70,000, could this present a buying opportunity for altcoins in the short term? Let’s take a look at the top 5 cryptocurrencies that appear strong based on the charts.
Bitcoin Price Analysis
On October 25th, sellers attempted to push Bitcoin below the 20-day exponential moving average ($66,201), but the bulls were able to hold their ground. This indicates that the sentiment remains positive and traders are taking advantage of buying opportunities.
To signal a resumption of the upward movement, buyers will need to push the price above $69,550, with resistance expected at $70,000. If this resistance is crossed, the BTC/USDT pair could reach $72,000, although significant resistance from bears is anticipated at this level.
On the downside, a break and close below $65,000 would give the bears an advantage. In this case, the pair could slide to the 50-day simple moving average ($63,259) and potentially to the crucial support level at $60,000.
The 4-hour chart shows that the moving averages have flattened out, indicating a balance between supply and demand. Buyers will need to push the price above the downtrend line to demonstrate strength. This could lead to a rally towards $70,000. Conversely, a break and close below $66,500 would favor the bears, potentially causing the pair to drop to $65,000, which remains a critical level to watch. If this support is breached, the pair may plummet to $62,000.
Solana Price Analysis
Solana (SOL) broke out of an ascending triangle pattern on October 20th, and the bulls successfully defended the retest of the breakout level on October 25th.
The upsloping moving averages and the RSI above 65 indicate that the bulls are in control. If the minor resistance at $179 is surpassed, the SOL/USDT pair could rally to $189, with sellers expected to strongly defend this level. A breakdown below $189 could lead to a further decline towards $210.
To prevent an upward movement, bears will need to quickly push the price below the 20-day EMA ($161). If successful, the pair may drop to the 50-day SMA ($148).
The 4-hour chart shows that buyers have pushed the price above the resistance line of the descending channel pattern, suggesting a potential trend change in the short term. The next target for the pair would be a rally above the overhead resistance at $0.15.
Dogecoin Token Price Analysis
Dogecoin (DOGE) broke out of a symmetrical triangle pattern on October 18th, and the bulls successfully defended the pullback to the breakout level on October 25th.
With the 20-day EMA ($0.13) sloping up and the RSI in the positive zone, the bulls are currently in control. If buyers can push and maintain the price above the $0.15 resistance, the DOGE/USDT pair could surge to $0.17 and later to $0.19.
If the price turns down from the current level or the overhead resistance and re-enters the triangle, it would suggest a rejection of the breakout. This could lead to a descent towards the 50-day SMA ($0.11).
The 4-hour chart shows that buyers have pushed the price above the resistance line of the descending channel pattern, indicating a potential trend change in the short term. The pair will next attempt a rally above the overhead resistance of $0.15. The 20-EMA serves as crucial support, and a break below it would suggest that the breakout from the channel may have been a bull trap. In this scenario, the pair may retest the support line of the channel.
THORChain Price Analysis
THORChain (RUNE) has formed a symmetrical triangle pattern, which typically acts as a continuation pattern. If the breakout from this pattern occurs, the previous upward trend is likely to resume.
The upsloping 20-day EMA ($5.04) and the RSI just above the midpoint suggest a minor advantage for the bulls. A break and close above the triangle would signal the start of the next leg of the uptrend, potentially leading the RUNE/USDT pair to rise to $5.71 and subsequently to the pattern target of $6.76.
However, if the price turns down and falls below the triangle, this positive view would be invalidated. In this case, the pair may slump to $4.42 and then to $3.80.
The 4-hour chart shows that the bulls have pushed the price above the moving averages, with the RSI rising to the positive territory. This indicates that the bulls currently have the upper hand. The price could reach the resistance line, where strong resistance from bears is expected. If the bulls prevail, the pair may start a new upward movement. On the other hand, a sharp downturn from the resistance line would suggest that the pair may remain inside the triangle for a longer period. The bears would gain control if the pair breaks below the support line.
Bitget Token Price Analysis
Bitget Token (BGB) has been gradually climbing in recent days, indicating that the bulls are in control.
Although the price turned down from the $1.22 overhead resistance on October 24th, the bulls managed to prevent it from falling below the 20-day EMA ($1.12). Buyers will once again attempt to push the price above the overhead resistance. If successful, the BGB/USDT pair could rally to $1.34 and later to $1.43.
If the price turns down and breaks below the 20-day EMA, it would signal profit booking by the bulls. In this case, the pair may descend to the 50-day SMA ($1.03).
The 4-hour chart shows that the 20-EMA is flattening out, and the RSI is just below the midpoint. This suggests a possible range-bound action in the near term. If the price falls below the 50-SMA, the pair may drop to $1.14. A strong bounce off this level would indicate buying at lower levels, potentially leading the pair to swing between $1.14 and $1.21 for a while.
On the contrary, a break below $1.14 would indicate that the bears are gaining control. The pair may then drop to $1.12 and later to $1.09.
Please note that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment or trading decisions.