Bitcoin (BTC) failed to reach a new all-time high on October 29, but the fact that it hasn’t lost much ground to the bears on October 30 suggests that the bulls are holding their positions in anticipation of a potential upward move.
According to CoinGlass data, United States Bitcoin exchange-traded funds saw a significant inflow of $827 million on October 29, indicating that investors are expecting the sideways price action to eventually break out in an upward direction. Crypto research firm 10x Research has projected that Bitcoin will reach $100,000 by January 2025.
Bitcoin traders are positioning themselves for a potential breakout, speculating that a Donald Trump victory in the United States presidential election on November 5 could positively impact the cryptocurrency market. However, caution is advised as experienced traders often “buy the rumor and sell the news.”
The question remains whether Bitcoin traders can defend the $70,000 level during a potential pullback, and whether altcoins will continue their upward trajectory or enter a consolidation phase. To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin Price Analysis:
Bitcoin gained momentum after breaking above the $69,520 resistance on October 28, coming close to a new all-time high on October 29. However, the bears managed to hold their ground.
The 20-day exponential moving average ($67,617) and the relative strength index (RSI) near the overbought zone indicate that the path of least resistance is still to the upside. A break and close above $73,777 would signal a resumption of the uptrend, with a pattern target of $93,554.
On the downside, the first support level is at $70,000, followed by the 20-day EMA. A break and close below the 20-day EMA would indicate weakening bullish momentum, potentially leading to a decline towards the 50-day simple moving average ($64,164).
Ether Price Analysis:
Ether (ETH) has been trading within an ascending channel pattern in recent days. Bulls successfully bought the dip to the support line on October 25 and cleared the 20-day EMA ($2,565) hurdle on October 28.
The ETH/USDT pair could rise towards the resistance line, which is likely to attract selling pressure. A turn down from the resistance line would suggest that the pair may continue to trade within the channel for some more time.
To indicate a pickup in momentum, buyers will need to push above the resistance line, signaling the end of the corrective phase. In that case, the pair could rise towards the downtrend line.
BNB Price Analysis:
Buyers attempted to push BNB (BNB) towards the overhead resistance of $635 but encountered selling pressure near $612.
The gradually upsloping moving averages and the RSI just above the midpoint suggest a minor advantage for buyers. If the price turns up from the current level or the 20-day EMA ($589), it would increase the chances of a rally towards $635. However, buyers may struggle to overcome this obstacle. If they succeed, the BNB/USDT pair could rise to $722.
On the downside, the 50-day SMA is a crucial support level to watch. If it is breached, the pair may decline towards $527.
Solana Price Analysis:
Solana (SOL) broke above the $179 resistance on October 28 but faced significant selling pressure at higher levels.
The SOL/USDT pair could drop towards the 20-day EMA ($165), which is a crucial near-term support level. A strong rebound off the 20-day EMA would suggest that bulls continue to buy on dips, and they may make another attempt to push the pair towards $189.
Conversely, a break and close below the 20-day EMA could open the doors for a decline towards the 50-day SMA ($151).
XRP Price Analysis:
Bulls attempting a recovery in XRP (XRP) are facing strong selling pressure at the 20-day EMA ($0.53), indicating selling on rallies.
If the price turns down and breaks below $0.50, it would suggest that bears are still in control. The XRP/USDT pair could decline towards the $0.46 to $0.41 support zone, where buyers are likely to step in.
To signal a comeback, bulls will need to push and maintain the price above the 50-day SMA ($0.55). In that case, the pair could attempt a rally towards $0.64, a significant resistance level.
Dogecoin Price Analysis:
Dogecoin (DOGE) gained momentum after breaking above the $0.15 resistance on October 28, reaching $0.18 on October 29.
Sellers are attempting to halt the rally at $0.18, but the likelihood of a breakout increases if bulls do not allow the price to dip below the current level. In that case, the DOGE/USDT pair could surge towards $0.23, a strong resistance level.
On the downside, the first support level is at $0.15, followed by the 20-day EMA ($0.14). A rebound off $0.15 would indicate that bulls have turned the level into support, and they may attempt to resume the uptrend. Sellers will need to push the price below the 20-day EMA to suggest that the upward move may be over.
Toncoin Price Analysis:
Toncoin (TON) bounced off the support zone between $4.44 and $4.72 on October 25, indicating aggressive buying at lower levels.
The relief rally in the TON/USDT pair has reached the 20-day EMA ($5.12), where bears are attempting to pose a strong challenge. If the price sharply turns down from the 20-day EMA, bears will try to sink the pair below $4.44. If they succeed, the pair will complete a bearish head-and-shoulders pattern and could decline towards $3.50.
This negative view would be invalidated if the price continues higher and breaks above the 50-day SMA ($5.37). In that case, the pair could rally towards $6, where bears are expected to defend strongly.
Cardano Price Analysis:
Cardano (ADA) rebounded off the solid support at $0.31 on October 25, indicating buying interest at lower levels.
Bulls are attempting to push and maintain the price above the moving averages. If they succeed, the ADA/USDT pair could rally towards $0.40, a crucial level to watch out for. A breakthrough at this level could lead to further gains towards $0.45 and $0.50.
Conversely, if the price turns down from the current level or $0.40, it would suggest that the pair may continue to trade within the range for a longer period.
Avalanche Price Analysis:
Avalanche (AVAX) fell below the support line of a symmetrical triangle pattern on October 25 but failed to sustain lower levels.
Bulls initiated a recovery, which faced resistance at the moving averages. If the price continues lower and breaks below $24, it would indicate that bears have gained the upper hand. This could trigger a downward move towards $20.
On the contrary, if buyers push the AVAX/USDT pair above the moving averages, it would suggest that the breakdown below the support line may have been a bear trap. This would improve the chances of a breakout above the resistance line.
Shiba Inu Price Analysis:
Shiba Inu (SHIB) bounced off the 50-day SMA ($0.000017) on October 26 and reached the $0.000020 resistance on October 29.
Bears are attempting to defend the $0.000020 level, but the likelihood of a breakout increases if bulls do not allow the price to dip below the 20-day EMA ($0.000018). In that case, the SHIB/USDT pair would complete a bullish inverted head and shoulders pattern, with potential targets at $0.000026 and $0.000030.
To prevent the breakout, bears would need to swiftly push the price below the 50-day SMA. If they succeed, the pair may remain range-bound between $0.000013 and $0.000020 for some time.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.