Price analysis 10/1: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, LUNA, UNI
The month of September stayed true to its billing as a historically weak period for cryptocurrencies. Bitcoin (BTC) ended the month with a loss of around 7%. October could cheer up the bulls, however, as Bitcoin has risen in six of the past eight years and has only fallen in 2014 and 2018.
The bulls started the month on a positive note as the bears rushed out of their short positions. The data shows that short positions valued at more than $ 270 million were liquidated in minutes. The craze for Bitcoin was also shared by several altcoins, which have risen higher today.
Daily performance of the cryptocurrency market. Source: Coin360
Bitcoin has been closely following PlanB’s stock-to-flow model projections for the past two months. If PlanB is lucky enough to be right for the third time, Bitcoin could soar to $ 63,000, which is the model’s prediction for October.
Despite the strong start to the month, will the bulls be able to maintain momentum and push crypto prices further, or will higher levels attract sales from the bears?
Let’s check out the top 10 cryptocurrency charts to find out.
BTC / USDT
The bears’ repeated failures to bring Bitcoin below the simple 100-day moving average ($ 41,470) in the past few days may have attracted buying from aggressive bulls and short cover from short-term traders.
BTC / USDT daily chart. Source: TradingView
Bullish momentum increased on October 1st after the bulls pushed the price above the 20-day exponential moving average (EMA) ($ 44,485). Sustained buying drove the price above the 50-day SMA ($ 46,604).
If the price holds above the 50-day SMA, the bulls will seek to push the BTC / USDT pair over the right shoulder at $ 48,843.20. This could open the doors for an upward move to the rigid resistance at $ 52,920.
If the pair turns down from current levels or the overhead resistance but does not break below the 20-day EMA, it suggests that sentiment has turned positive and traders are buying on dips. The bears will have to pull price back below the 20-day EMA to gain the upper hand.
ETH / USDT
The long wick on Ethers (ETH) candle on September 29th shows that bears were selling at higher levels, but a positive sign is that the bulls did not let the price drop below the 100-day SMA ($ 2,794). This shows that the bulls continued to pile up at lower levels.
ETH / USDT daily chart. Source: TradingView
Aggressive buying in the past two days has pushed the price down to the 50-day SMA ($ 3,290). The zone between the 50-day SMA and the downtrend line is vital for the bears because if the bulls push the price above it, the ETH / USDT pair could rise to $ 3,676.28.
The 20-day EMA has flattened and the relative strength index (RSI) has moved into positive territory, suggesting the bulls are making a comeback. This view will be negated if the price drops from current levels and falls below the 100-day SMA.
ADA / USDT
Cardano (ADA) bounced off the $ 2.02 level on September 29, suggesting the bulls are trying to defend the zone between the $ 2 psychological level and $ 1.94. The rebound could face strong resistance at the 20-day EMA ($ 2.26).
ADA / USDT daily chart. Source: TradingView
If the price is deviating from the 20-day EMA, it suggests that sentiment remains negative and traders are selling on rallies. The bears will then make another attempt to bring the price below the 100-day SMA ($ 1.89).
On the contrary, when the bulls push and hold the price above the 20-day EMA, it indicates that demand is outstripping supply. The ADA / USDT pair could then move to the 50-day SMA ($ 2.45), which in turn should act as a strong resistance. A break and close above this resistance could cause the bullish momentum to pick up.
BNB / USDT
The sharp rally in Binance Coin (BNB) over the past two days suggests short coverage by the bears and a buy by the aggressive bulls. Buyers have cleared the hurdle at the 20-day EMA ($ 384) and can now challenge the overhead resistance at $ 433.
BNB / USDT daily chart. Source: TradingView
If the price drops from $ 433 but rebounds from the 20-day EMA, it suggests that sentiment has turned positive and traders are buying on dips.
A breakout and a close above $ 433 could pave the way for a potential rally to $ 518.90. The 20-day EMA has started rising and the RSI has jumped into positive territory, suggesting the bulls are trying to make a comeback.
Conversely, the BNB / USDT pair could fall to $ 340 if the price declines from current levels and falls below the 20-day EMA.
XRP / USDT
Ripple’s (XRP) tight range between the 20-day EMA ($ 0.99) and the 100-day SMA ($ 0.89) broke up on October 1. The flattening 20-day EMA and RSI near the middle suggest the bulls are back in the game.
XRP / USDT daily chart. Source: TradingView
However, the long wick of today’s candlestick suggests that the bears have not given up and are trying to defend the 50-day SMA ($ 1.11). If the price drops from current levels, the bears will try to pull the price towards the 100-day SMA.
On the other hand, if the bulls push and hold the price above the 50-day SMA, it suggests that the correction may be over. The XRP / USDT pair could then begin its march north towards stiff resistance at $ 1.41.
SOL / USDT
Although bears have successfully defended the 20-day EMA (USD 142) for the past few days, they have not been able to pull Solana (SOL) below the support zone between the 50-day SMA (USD 122) and USD 116. This suggests that sales have dried up at lower levels.
SOL / USDT daily chart. Source: TradingView
The bulls pushed price above the 20-day EMA on October 1st, suggesting that the correction phase may be over. The SOL / USDT pair could now climb to the 50% Fibonacci retracement level at $ 166 and above it to the 61.8% retracement level at $ 177.80.
If the price falls off either resistance but bounces off the 20-day EMA, it suggests that sentiment has turned positive and traders are viewing the dips as a buying opportunity. The bears must pull the prize under $ 116 to get the upper hand.
DOT / USDT
The bulls pushed Polkadot (DOT) above the 20-day EMA ($ 30.11) and downtrendline on October 1st, which is the first indication that selling pressures may be easing.
DOT / USDT daily chart. Source: TradingView
The flattening 20-day EMA and the RSI just above mid-point suggest that the bulls have a slight lead. If buyers hold the price above the downtrendline, the DOT / USDT pair could rise to $ 33.60.
A break and close above this resistance could attract aggressive buying and the pair could rise to $ 38.77. Contrary to this assumption, the pair could enter a downtrend if price deviates from current levels or overhead resistance and breaks below the neckline.
Related: Why NFTs Can Be a Riskier Investment Than Cryptocurrencies, Report
DOGE / USDT
Dogecoin (DOGE) tight trading range between $ 0.19 and $ 0.21 broke up on October 1, suggesting that the bulls absorbed the sales. The bulls will next attempt to push the price above the 20-day EMA ($ 0.22), which could act as strong resistance.
DOGE / USDT daily chart. Source: TradingView
If the price is falling from the 20-day EMA but not falling below $ 0.21, it indicates that traders are buying on dips. That increases the likelihood of a break above the 20-day EMA. If so, the DOGE / USDT pair could hit the downtrend line.
Contrary to this assumption, this suggests that demand will dry up at higher levels as price deviates from the 20-day EMA and falls below $ 0.21. The bearish momentum could pick up if it closes below $ 0.19.
MOON / USDT
The Terra Protocol’s LUNA token broke below the 20-day EMA ($ 35.02) on September 28, but the bears failed to capitalize on that collapse. The bulls bought at lower levels and pushed the price back above the 20-day EMA on September 30th.
LUNA / USDT daily chart. Source: TradingView
The LUNA / USDT pair is currently facing stiff resistance on the downtrendline, but the long tail of the daily candle suggests that bulls will accumulate on dips. This increases the possibility of a break above the downtrend line.
If the price closes above the downtrendline, it suggests that the correction may be over. The pair could then retest the all-time high at $ 45.01. This bullish view will be void if the price drops from current levels and falls below the 50-day SMA ($ 32).
UNI / USDT
The bulls have repeatedly failed to keep Uniswap (UNI) price above the downtrend line of the descending channel for the past few days, but the positive sign is they haven’t given up much ground.
UNI / USDT daily chart. Source: TradingView
Heavy buying on October 1st pushed price across the channel and onto overhead resistance at the 50-day SMA ($ 25.72). This is an important level for the bears to defend because if that resistance breaks the UNI / USDT pair could gain momentum.
The pair could then rise to $ 27.62 followed by rallying to critical resistance at $ 31.41. Conversely, if the price drops from the 50-day SMA, the bears will make another attempt to bring the pair below $ 22.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement carries risks. You should do your own research when making a decision.
Market data is provided by HitBTC Exchange.
Price analysis 10/15: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
Bitcoin (BTC) rose today for the first time since April 18 in a few steps…
Fiat on-ramps dry up in China, crypto topics censored on social media – Cointelegraph Magazine
This weekly roundup of news from mainland China, Taiwan, and Hong Kong attempts to curate…
Price analysis 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI
Bitcoin (BTC) has held up above $ 54,000 for the past few days, but that…
Price analysis 10/11: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI
Bitcoin (BTC) continued its rally on October 11, climbing to nearly $ 58,000. This represents…
CoinSwitch Kuber becomes crypto unicorn, Bitcoin returns to a $1T market cap, and a 2017 Ethereum fractal that resulted in 7000% gains resurfaces: Hodler’s Digest, Oct. 3-9
Hodler's Digest comes every Saturday and helps you keep track of every single important message…
Price analysis 10/8: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI
Bitcoin's (BTC) rally above $ 50,000 appears to have received a boost from institutional buyers…