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 a nearly 100 percent recovery from the May slump and shows that all of China’s regulatory measures are temporary.
The strong rally in Bitcoin in recent days has fueled sentiment and analysts are back with their six-digit forecasts. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, expects Bitcoin to soar to $ 100,000 by early next year.
Daily performance of the cryptocurrency market. Source: Coin360
David Gokhshtein, the founder of Gokhshtein Media and PAC Global, was even more optimistic as he expects Bitcoin to hit $ 100,000 by the end of the year. Analyst and trader Rekt Capital expects Bitcoin to rise well over USD 100,000 in the current cycle.
Could Bitcoin overcome the stiff overhead resistance and challenge the all-time high and will Altcoins catch up? Let’s check out the top 10 cryptocurrency charts to find out.
BTC / USDT
Bitcoin’s long wick on the October 10 candle shows that the bears were selling at higher levels, but their failure to pull the price below the breakout level of $ 52,920 appears to have spurred the bulls.
BTC / USDT daily chart. Source: TradingView
Aggressive buying on October 11th pushed the price above the intraday high of October 10th at $ 56,561.31, paving the way for a possible rally to $ 60,000. The rising 20-day Exponential Moving Average (EMA) ($ 50,196) and Relative Strength Index (RSI) in the overbought zone show that the bulls are in control.
If the bulls push the price above $ 60,000, the BTC / USDT pair could challenge the all-time high of $ 64,854. The bullish momentum could continue to pick up if buyers break this barrier.
The first sign of weakness will be a breakout and a close below the breakout level at $ 52,920. This suggests that traders are posting profits at higher levels. The bears will then see an opportunity and attempt to pull the price below the 50-day simple moving average (SMA) ($ 47,727).
ETH / USDT
Ethers (ETH) fell sharply on October 10, but the bulls aggressively bought the drop to the 20-day EMA (USD 3,369) on October 11. This is a positive sign as it shows that sentiment remains bullish and traders continue to buy plunging.
ETH / USDT daily chart. Source: TradingView
When the bulls push price above the neckline and close, the inverse head and shoulders (H&S) pattern is completed. This reversal setup has a pattern target at $ 4,657, but the bears likely have other plans as they will try to hit strong resistance at $ 4,027.88, then the all-time high of $ 4,372.72.
That bullish view will be dashed if price deviates from the overhead resistance and falls below the 50-day SMA ($ 3,351). The ETH / USDT pair could then fall to the psychological support at $ 3,000.
BNB / USDT
Binance Coin (BNB) broke and closed below the 50-day SMA ($ 425) on October 8. .
BNB / USDT daily chart. Source: TradingView
The BNB / USDT pair plunged below the 20-day EMA (USD 409) on October 10, but the bears failed to seize this opportunity. Strong buying at lower levels pushed the price back above the 20-day EMA on October 11th.
If the bulls push price above the 50-day SMA, the pair could rise to the neck. A break and close above this level complete the inverse H&S pattern. The pair could then rise to $ 518.90 and if that level is exceeded the rally can extend to the pattern target at $ 554.
Conversely, if the price turns down from the 50-day SMA or neckline and falls below the 100-day SMA ($ 383), the next stop could be at $ 320.
ADA / USDT
Cardano (ADA) trades within a symmetrical triangle that generally acts as a continuation pattern. If bears sink and hold the price below the triangle’s support line, the correction could resume.
ADA / USDT daily chart. Source: TradingView
The flat 20-day EMA ($ 2.24) and the RSI just below the middle give neither the bulls nor the bears a clear advantage. The bulls will try to halt the decline at $ 1.94, but if it fails, sales could accelerate and the ADA / USDT pair could fall to $ 1.60.
Alternatively, if price bounces off the support line of the triangle and rises above the 20-day EMA, the bulls will seek to push the pair above the resistance line of the triangle. If successful, the pair could rise to $ 2.47 and then rise to $ 2.80.
XRP / USDT
Ripple (XRP) narrow range trading unwinded on October 9th with a break and close above the 50-day SMA ($ 1.08) on the upside. However, the long wick of the October 10 candle shows that the bears are defending the small resistance at $ 1.24.
XRP / USDT daily chart. Source: TradingView
Unless the bulls give way much from current levels, the possibility of a break above $ 1.24 increases. The 20-day EMA ($ 1.06) is rising slightly and the RSI is above 60, signaling an advantage for buyers.
A break and a close above $ 1.24 could push the XRP / USDT pair to $ 1.41. This could prove to be a difficult obstacle to overcome, but if crossed the pair could rise to $ 1.66. This bullish view will be void if price goes down and falls below the 20-day EMA. That could push the price down to $ 1 and then down to the 100-day SMA ($ 0.93).
SOL / USDT
Solana’s (SOL) weak rebound from the 20-day EMA ($ 151) on October 8th and 9th suggests a lack of aggressive buying by the bulls. Supply exceeded demand on October 10 and the price slid below the 20-day EMA.
SOL / USDT daily chart. Source: TradingView
The bulls will now try to defend the 50-day SMA ($ 141). You need to push and hold the price above the downtrend line to signal that selling pressures are easing. Bullish momentum could pick up on a breakout and close above the 61.8% Fibonacci retracement level at $ 177.80.
Conversely, the SOL / USDT pair could fall to the strong support at $ 116 if the price moves down and falls below the 50-day SMA. This is an important level for the bulls to defend because if it cracks the pair could plunge to the 100-day SMA ($ 90).
DOGE / USDT
Despite defending the 100-day SMA ($ 0.24) on October 8th and 9th, the bulls failed to push Dogecoin (DOGE) above the 50-day SMA ($ 0.24). This suggests that demand is drying up at higher levels. The bears took advantage of this situation and pulled the price below the moving averages on October 10th.
DOGE / USDT daily chart. Source: TradingView
If the bulls fail to quickly push the price back above the moving averages, the DOGE / USDT pair could fall to the $ 0.21 to $ 0.19 support zone. The bears must break through this support zone to gain the upper hand.
On the contrary, if the price rises and falls above the moving averages, the bulls will make another attempt to push the price above the downtrend line. If they do, the pair could start an upward move from $ 0.32 and later to $ 0.35.
Related: Billionaire Bill Miller is in favor of Bitcoin, but has doubts about Altcoins
DOT / USDT
Polkadot (DOT) has ranged from $ 25.50 to $ 38.77 for the past few days. The price moved down from $ 37.45 on October 10, suggesting the bears are defending overhead resistance.
DOT / USDT daily chart. Source: TradingView
The gradually rising moving averages and the RSI in positive territory signal buyers a modest lead. A breakout and close above $ 38.77 will be the first sign of a resumption of the upside move.
The pattern target of the rectangle pattern breakout is $ 52.04. Alternatively, if bears drop the price below the moving averages, it suggests that the DOT / USDT pair may extend its stay within the range by a few days.
MOON / USDT
The Terra Protocol’s LUNA token fell from $ 48.56 on October 8, suggesting bears are aggressively defending overhead resistance at $ 50. Failure to break through resistance may have led short-term traders to post profits.
LUNA / USDT daily chart. Source: TradingView
The LUNA / USDT pair slid to close below the 20-day EMA ($ 39.64) on October 10. The bulls’ efforts to regain levels met with strong selling on October 11th, suggesting that sentiment has turned negative and traders are closing positions on every small rally.
The next support on the downside is the 50-day SMA ($ 35.58) and if that level breaks the decline could extend to $ 32.50. Conversely, if the price turns up from current levels and rises above the 20-day EMA, the bulls could try again to push the pair above the overhead resistance.
UNI / USDT
Uniswap (UNI) broke and closed below the 20-day EMA ($ 24.45) on October 10, but the bulls are trying to defend the 100-day SMA ($ 23.76). Buyers will now try to push the price back above the 50-day SMA ($ 25.05).
UNI / USDT daily chart. Source: TradingView
If it succeeds, the UNI / USDT pair could rise as high as the neckline of the inverted H&S pattern. Bullish momentum could pick up if buyers push and hold the price above this resistance. The pair could then begin its ascent towards the pattern target at $ 36.98.
Contrary to this assumption, if bears pull the price below the 100-day SMA, the pair could drop to $ 22. This is an important level for the bulls to defend because if it is breached, sales could intensify and the pair could drop to $ 18.
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 involves risks. You should do your own research when making a decision.
Market data is provided by HitBTC Exchange.
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