On October 20, Bitcoin (BTC) rose above $30,000, indicating that the path of least resistance is to the upside. Grayscale Investments filed a new Bitcoin ETF spot application with the SEC, which could spark bullishness.
Another piece of good news in the cryptocurrency space is that the U.S. Securities and Exchange Commission is seeking to dismiss all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This will increase expectations that regulators may slow down their attacks on cryptocurrency entities due to a series of recent setbacks.
Long-term Bitcoin holders (LTH) have been adding to their Bitcoin holdings as market sentiment improves. Glassnode data shows that 76.2% of available Bitcoin is locked in long-term storage. This could lead to a supply squeeze in the market, which would be beneficial for Bitcoin’s price.
Can Bitcoin Keep the Momentum Higher? Will altcoins follow suit? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin broke out and settled above the $28,143 resistance on October 16, and bulls managed to hold the level during a retest on October 17 and 18. This suggests that buyers have turned this level into support.
The 20-day exponential moving average ($27,769) has recovered and the relative strength index (RSI) is in overbought territory, indicating that bulls have the upper hand. Buyers will try to sustain the price above $30,000 and challenge the rigid overhead resistance zone between $31,000 and $31,805. Sellers are expected to vigorously secure the area.
Time is running out for the bears. If they want to halt the rise, they will have to quickly pull the price back below $28,143. If they do, the BTC/USDT pair could plummet towards the 50-day simple moving average ($26,882).
Ethereum Price Analysis
Looking at the long tail of the October 19 candlestick, Ethereum (ETH) is once again bouncing off strong support near $1,531. This suggests that bulls are fiercely defending the support at $1,531.
The bears’ repeated failure to break above the $1,531 level may attract buyers. The 50-day moving average ($1,613) may act as a hurdle, but if broken, the ETH/USDT pair may pick up momentum and attempt a rebound to $1,746.
While the downward sloping moving averages suggest the bears have the upper hand, the positive divergence in the RSI suggests that the negative momentum is waning. If the bears sink the price below $1,531, they will regain control.
BNB price analysis
BNB (BNB) retreated from the downtrend line on October 16, but a positive sign is that bulls did not allow the price to fall below the 20-day EMA ($210). This shows a shift in market sentiment from selling on the highs to buying on the dips.
Buyers will once again try to push the price higher and sustain it above the downtrend line. If successful, the BNB/USDT pair could accelerate to $235 and then extend the rally to $250. Bears are likely to mount a strong defense at this level.
The important support level worthy of attention on the downside is the 20-day moving average, and the next support level is $203. A break and close below this level would open the door for a possible slide towards the next major support level at $183.
Ripple Price Analysis
XRP (XRP) declined from the moving averages on October 16, but the bears were unable to sink the price below the immediate support at $0.46. This suggests a lack of selling at lower levels.
The moving averages have flattened out and the RSI is just above the midpoint. This suggests that the XRP/USDT pair may fluctuate between $0.46 and $0.56 for some time. If the price remains above the moving averages, the pair is likely to rebound towards the overhead resistance at $0.56.
Conversely, if the price falls below the moving average, it will increase the likelihood of a drop to $0.46. The next trend move is likely to start above $0.56 or below $0.41.
Solana Price Analysis
Solana (SOL) surged higher and closed above the neckline of an inverse head and shoulders pattern on October 19, completing the bullish pattern.
On October 20, buying continues and bulls are trying to push the price above immediate resistance at $27.12. If they are successful, the SOL/USDT pair could rise towards the $32.81 target.
Typically, after breaking out of a major resistance level, the price will drop and retest the breakout level. In this case, the price may return to test the neckline. If the price rises from this level, the pair may start a fresh rise. A break below and a close below $23 could tip the odds back in favor of the bears.
Cardano Price Analysis
On October 19, Cardano (ADA) once again fell to the strong support level of $0.24, but the bulls managed to hold on to the level. Positive divergence on the RSI shows that bearish momentum is waning.
The price has reached the moving average, which may act as a strong obstacle. If the bulls overcome this resistance, the ADA/USDT pair may rise to $0.27 first and then to $0.28. Bears are expected to guard this area fiercely.
If the price declines from $0.28, it means that the pair may form a range for a few days. On the downside, bears will have to pull the price below $0.24 to signal that the downtrend has resumed. The next support level is $0.22 and then $0.20.
Dogecoin Price Analysis
The long tail on the Dogecoin (DOGE) October 19 candlestick shows that bulls are actively buying in the area between $0.055 and $0.06.
Bulls would have to push the price above the 50-day moving average ($0.06) to signal a rebound. This could clear the way for a potential move towards overhead resistance at $0.07. This level is likely to witness a tough battle between the bulls and bears, but if the buyers prevail, the DOGE/USDT pair could surge to $0.08.
If the price turns downward from the moving averages, it indicates that bears are still active at higher levels. A break below $0.055 will mark the beginning of the next phase of the downtrend.
related: Why is XRP price rising today?
Coin price analysis
Toncoin (TON) fell below the 61.8% Fibonacci retracement level of $1.98 on October 12, but bears were unable to exploit this weakness. On October 17, bulls bought the dip and pushed the price back above $1.98.
The bears are trying to prevent the price from rising towards $2.20, but a positive sign is that the bulls are not allowing the price to fall back below the moving average. This shows that market sentiment has turned positive, with traders buying on dips.
If buyers push the price above $2.20, the TON/USDT pair will complete a small inverted H&S pattern. The target set for this is $2.47. This positive view will be invalidated if the price declines and falls below $1.89.
Polkadot price analysis
Polkadot (DOT) has been in a strong downtrend. On October 19, bears attempted to extend losses, but the long tail on the candlestick showed strong buying at lower levels.
An easing rally could reach a breakdown level of $3.91, where bears are expected to mount a strong defense. If the price falls from this level, it means that market sentiment remains negative and traders are selling on the highs. The bears will once again try to pull the price below $3.56 and start the next leg of the downtrend.
Conversely, a break above $3.91 would signal the beginning of a stronger recovery. The DOT/USDT pair may then climb towards the downtrend line. A move above $4.33 would signal a potential trend change.
Polygon Price Analysis
Polygon (MATIC) has been trading below its moving averages for the past few days, but the bears were unable to break through the $0.49 support. This suggests that the selling is drying up at lower levels.
Positive divergence in the RSI also suggests selling pressure may be easing. If buyers push the price higher and sustain it above the moving averages, the MATIC/USDT pair may surge towards the overhead resistance at $0.60. This level may again attract selling from the bears. The pair is likely to fluctuate between $0.49 and $0.60 for some time.
On the downside, $0.49 remains a key level to watch. If this level fails, the pair could plummet to $0.45.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
Svlook
