As a seasoned trader with years of experience under my belt, I find the analysis provided intriguing. The strategy outlined for Form4 seems solid, with a careful eye kept on the 50-SMA to gauge the bulls’ strength. If the price slips below this critical level, it could be a sign that the market is taking a breather, but a swift rebound and break above $164 would suggest a resumption of the uptrend.
This week, Bitcoin (BTC) has increased around 9%, showing strong purchasing from the bulls. However, this upward trend is encountering resistance at approximately $69,000. Yet, the bulls seem unwilling to sell their positions, hinting that they expect the price surge to continue.
According to QCP Capital, an increase in the U.S. stock market and a decline in the value of the Japanese yen could fuel optimistic investment attitudes up until the U.S. elections. This positive sentiment is expected to push the value of risky assets even higher, aligning with their “Uptober” prediction.
As a crypto investor, I’m thrilled about the recent green light from the U.S. Securities and Exchange Commission (SEC) for Bitcoin exchange-traded funds (ETFs) listing on the New York Stock Exchange and the Chicago Board Options Exchange. This move is undoubtedly another encouraging sign for Bitcoin. Analysts predict that the introduction of options trading will significantly enhance liquidity within the Bitcoin market, potentially paving the way for broader institutional adoption.
The robustness of Bitcoin is drawing significant investment towards other notable digital currencies, as they appear poised for a breakout. Let’s delve into the five leading cryptocurrencies that currently seem promising based on their chart performance.
Bitcoin price analysis
As Bitcoin approaches the psychologically significant level of $70,000, it’s encountering some resistance, yet there’s a favorable indication: the bulls haven’t surrendered much territory.
Based on the current 20-day exponential moving average ($65,010) and the relative strength index (RSI) approaching the overbought region, it seems the bulls are in control. If buyers manage to push the price beyond $70,000, a potential target of $72,000 may be reached. However, the bears are predicted to put up a strong fight in the range between $70,000 and $73,777.
If bears aim for a resurgence, they need to act quickly by pushing the price below $66,500 and then the 20-day Exponential Moving Average. Should they succeed, the BTC/USDT pair could potentially fall towards the 50-day Simple Moving Average ($61,749).
As I analyze the market data, I notice an intriguing negative divergence on the 4-hour chart with the Relative Strength Index (RSI). This suggests that the bullish momentum might be dwindling. If we observe a break and subsequent close below the 20 Exponential Moving Average (20-EMA), it could signal short-term traders are booking their profits. In such a scenario, the pair might descend towards the 50 Simple Moving Average (50-SMA).
If the price keeps rising and surpasses $69,000, this could suggest that the overall feeling is optimistic, with buyers still active even during downturns. The pair might then aim for $70,000, followed potentially by $72,000.
Ether price analysis
On October 20th, Ether (ETH) surged past its symmetrical triangle formation, suggesting that the buying force has successfully dominated the selling pressure.
The ETH/USDT pair might reach approximately $2,850, which could potentially serve as a strong barrier for further growth. Should the cost drop from $2,850 but subsequently rebound at the triangle’s breakout point, this would suggest a shift in market attitude from selling during uptrends to purchasing during downtrends. In such a case, the bulls will aim to push the price beyond $2,850 once more. If they manage to do so, the pair could potentially surge towards $3,400.
As a crypto investor, I find myself hopeful about the current market trend, but I must admit that this optimism could be challenged if the price plummets significantly and falls below the 20-day Exponential Moving Average (EMA) of $2,553. This sudden drop might cause the pair to remain trapped within the triangle for a few more days, reflecting my personal perspective on the situation.
The price squeeze near the resistance line resolved with an upside breakout, signaling that the bulls are in command. Buyers will try to push the pair to $2,850, where the bears are expected to pose a strong challenge.
Keep an eye on the moving averages as they’re vital in determining support levels when the market is falling. If the price breaks through and closes below these averages, it could indicate that the bullish trend is losing strength. The currency pair might then decrease towards $2,550 and potentially even fall to $2,450.
Solana price analysis
As a crypto investor, I find myself on the cusp of a significant hurdle with Solana (SOL), currently hovering around the $164 mark. This level has historically served as a strong resistance point, and it’s one that bears are likely to fiercely protect.
Should their attempt not succeed, the SOL/USDT pair could potentially form a bullish ascending triangle pattern upon closing above $164. This could pave the way for a potential upward surge towards $189, followed by further progression towards $210.
If the price decreases from $164, but holds steady at the 20-day Exponential Moving Average (EMA) of $150, this could indicate that buyers are still active and buying during dips. They might then make another effort to push the pair back above $164. However, if the price breaks and closes below the uptrend line, the bullish setup would be considered invalidated.
On the 4-hour chart, both moving averages trend upward, suggesting that bulls have control. Meanwhile, the RSI is approaching overbought territory. However, a challenge lies ahead for bulls at approximately $164 as they encounter strong resistance. If buyers manage to prevent the price from falling below the 50-SMA, it boosts the chances of breaking through $164.
If the price suddenly falls significantly and dips below its moving averages, this could indicate that the bulls are no longer in control. In such a case, the pair might decrease towards $148, and possibly further down to $144.
Dogecoin price analysis
On October 18th, Dogecoin (DOGE) surpassed its symmetrical triangle formation, signaling the commencement of an upward price movement trend.
The price trend is currently encountering potential selling around the $0.15 resistance point, which might lead to a reevaluation of the level at which the uptrend initially broke out from the triangle. If the price bounces back from this breakout level, it implies that the bulls have successfully transformed this level into a support, enhancing the chances of a surge towards $0.18.
Instead, if there’s a drop and a break under the 20-day Exponential Moving Average (around $0.12), this would suggest that the market is rejecting the breakout. This could potentially lead Dogecoin’s price against Tether (DOGE/USDT) to fall towards the triangle’s base line for support.
The duo has consistently remained above the Exponential Moving Average (EMA) on the 4-hour graph, suggesting that the bulls aren’t rushing to cash out since they expect further growth. If purchasers manage to drive the price beyond $0.15, the pair might soar up to $0.18.
For bears to regain strength, they need to pull the price under the Exponential Moving Average (20-EMA). This could initiate a decline towards the potential breakdown point around $0.13. If the price breaks and closes below this level, it would shift the momentum in favor of the bears.
Shiba Inu price analysis
Shiba Inu’s price chart shows signs of an upside reversal, with the formation of an inverted head-and-shoulders pattern. This pattern is expected to be completed when the price breaks through and ends the day above approximately 0.000020 USD.
As the moving averages climb and the Relative Strength Index (RSI) nears 60, it suggests a higher likelihood of a breakout occurring. In such a scenario, the Shiba Inu/Tether (SHIB/USDT) pair could potentially gain speed and surge towards the projected goal of $0.000028.
Instead of holding firm, if the price drops from its current position and falls below the 20-day Exponential Moving Average (EMA) ($0.000018), it indicates that the bulls might be losing their momentum temporarily. The pair could then descend to the 50-day Simple Moving Average (SMA) ($0.000016). It may remain within the $0.000012 and $0.000020 range for a period of time.
As an analyst, I’ve noticed that this pair has been steadily climbing within an ascending channel formation. The uptrend line serves as a key level of support that needs to be monitored closely. Should we see a breakdown and a close beneath it, it would suggest an advantage for the bears.
If the price increases from its current point, it implies a good opportunity for purchasing during declines. The optimists (bulls) will attempt to drive the pair towards the resistance line, but the pessimists (bears) might interfere there. If the price breaks and concludes above the channel, it would signify that the bulls have taken control. Subsequently, the pair could potentially reach $0.000022.
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2024-10-20 21:45