As a seasoned trader with years of experience under my belt, I find myself intrigued by the current market scenario. The bulls are holding their ground in the pair mentioned, indicating a strong anticipation for a move higher towards $12. However, a break below the 20-EMA could suggest profit-taking and a potential dip to the 50-SMA.
As an analyst, I observed that Bitcoin (BTC) bounced back significantly from its dip below $60,000 during the week. However, the attempts to maintain higher levels have been challenging for buyers so far. The market behavior of buying on pullbacks and selling during uptrends suggests a possible consolidation phase in the near future, with prices moving within a tight range.
On a hopeful note, there’s been strong interest at lower investment levels for Bitcoin ETFs based in the U.S., as demonstrated by the inflow of $253.6 million into these funds on October 11, following three consecutive days of outflows.
Bitcoin remains stuck in a sideways price action, but some analysts seem to be turning bullish on altcoins. Based on specific metrics, analysts believe that altcoin markets could enter an “up-only season.”
Should Bitcoin maintain its value above $60,000, traders might progressively consider exploring notable altcoins. To gain insights, let’s delve into the top 5 digital currencies that appear robust in their chart analysis.
Bitcoin price analysis
On October 11th, Bitcoin surpassed its 20-day exponentially weighted average ($62,119), yet efforts by the bulls fell short in driving the price towards the resisting level of $65,000.
In simpler terms, those selling Bitcoin are attempting to push the price under the average price from the last 20 days (20-day Exponential Moving Average). If they succeed, the BTC/USDT pair might fall towards the 50-day Simple Moving Average, which is around $60,727. The range between the 50-day SMA and $60,000 serves as a vital area for buyers to protect, as a breakthrough could potentially lead to a decline towards $57,500.
Instead of what’s suggested by initial thoughts, a strong rebound from the 20-day Exponential Moving Average (EMA) indicates that buyers are stepping in during small declines. If this happens, the pair might climb towards $66,500. This level could prove tough to break again, but if it does, the bullish trend could extend to $70,000.
On a 4-hour timeframe, the graph indicates that the price has dropped from the resistance line of the falling trend channel, but it’s currently being held up by the moving averages. If the price increases from these averages, the buyers may attempt to push the pair over the channel, initiating an upward trend towards $65,000.
If the price falls and stays beneath the moving averages, this indicates that the currency pair might continue fluctuating within the channel for a while longer. As a result, it could potentially decrease to around $60,000.
Sui price analysis
On October 11, SUI bounced back from its 20-day Exponential Moving Average (at approximately $1.82), and by October 12, it surged past the resistance level of around $2.18 that was above it.
The bears aim to drag and maintain the price beneath the crucial level of $2.18 in an attempt to catch the bold bulls off guard. If successful, the SUI/USDT pair might adjust toward the significant 20-day Exponential Moving Average (EMA), which serves as a vital line of defense. A fall below this 20-day EMA may initiate a more substantial correction down to $1.60.
If the closing price exceeds $2.18, this might indicate that the bulls are aiming to transform this level into a support point. This could initiate the following phase of the upward trend, potentially reaching $2.50, and then possibly extending to $3.
In simple terms, the price at around $2.18 might see intense competition between buyers (bulls) and sellers (bears). If the price drops below $2.18 but then bounces back from a moving average (20-EMA), it indicates that drops are being bought up. This increases the chances of an increase in price (upside breakout) and the continuation of the upward trend.
If the price falls beneath the 20-Exponential Moving Average (EMA), it might imply that short-term bulls are cashing out their profits. In such a case, the pair could potentially drop towards the uptrend line. A breach of this support level might pull the pair down to $1.60.
Aptos price analysis
In simpler terms, the price increase in Aptos (APT) is encountering strong selling around the level of $10.50, suggesting that bears are still active and ready to sell when prices rise to these heights.
To ensure a potential surge past $10.50, buyers need to keep the price above $9.50. If this is achieved, the APT/USDT pair may speed up towards $14.50. However, heavy selling could occur at $14.50 due to profit-taking.
If the price drops below $9.50, there’s a potential for the pair to slide towards the 20-day Exponential Moving Average (EMA), which stands at $8.48. However, if there’s a strong rebound from this EMA, it might lead to another effort to push the pair above $10.50. But, falling below the 20-day EMA could indicate that the bears are trying to regain control.
On the 4-hour chart, it appears the bears are defending the $10.50 mark, while the bulls have only made minimal losses, indicating they’re not yet conceding control. This implies that traders expecting an upward movement see potential for the pair to increase in value. If $10.50 is successfully breached and closed above, it could pave the way for a surge towards $12.
If the price falls and drops below the 20 Exponential Moving Average, this could indicate that the bulls are losing their grip and are taking profits. This might lead the pair to approach the 50 Simple Moving Average.
Bittensor Token price analysis
Over the last several days, Bittensor (TAO) has experienced a positive trend. However, the bears made an attempt to push the price beneath the key breakout point at $530, yet the bulls managed to maintain control.
The sellers aim to stop the price rise at $680, yet if the buyers maintain their position, it’s more probable that we’ll witness a breakout. This could propel the TAO/USDT pair towards the potential resistance level at $760.
Despite the ascending moving averages indicating a potential advantage for buyers, the reverse divergence in the RSI indicates a decrease in momentum. Should the price fall beneath the 20-day Exponential Moving Average ($560), the currency pair could drop down to $489.
As a researcher, I’ve noticed that the 4-hour chart indicates the emergence of a bearish rising wedge formation. Should the price drop below the moving averages, it could potentially trigger a downward movement by the bears. If they manage to push the pair beneath the support line, it might lead to a descent towards $489 initially, with a subsequent potential drop to the pattern target at $433.
If the price bounces back from the moving averages, it enhances the chances of a surge beyond the resistance level. The breakdown of a bearish pattern indicates a positive outlook, potentially triggering a rise towards $760.
Dogwifhat price analysis
On October 10th, Dogwifhat (WIF) managed to revisit its breakout point, suggesting that the temporary trend in the short term has shifted.
The bears are attempting to halt the rise at $2.89, but it seems probable that this level will be breached. If purchasers keep the price above $2.89, there’s a possibility for the WIF/USDT pair to soar towards $3.58 and potentially reach $4.00.
Keep a close eye on the 20-day Exponential Moving Average (EMA) at around $2.34. If the price falls below this level and closes, it could indicate that the bulls are starting to sell off, potentially leading the pair to drop towards the 50-day Simple Moving Average (SMA) at approximately $1.90.
On a 4-hour chart, both moving averages are climbing, suggesting that the market is trending upward. Furthermore, the RSI is currently in a positive region, signifying that the buyers have an advantage. If buyers manage to push the price above $2.89, the pair might advance towards the resistance level around $3.1. This resistance level could see selling activity, but if the bulls remain strong, the pair may gain momentum and potentially reach $3.58.
If the price keeps dropping and drops below the 20-day moving average, this optimistic outlook could soon prove incorrect. In such a case, the pair might plummet towards the channel’s lower boundary, which serves as its support level.
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2024-10-13 21:43