Bitcoin (BTC) bulls encountered resistance in their efforts to drive the price to a new all-time high on October 29. However, a positive development on October 30 is that they have managed to maintain their positions, showing resilience against the bears. This indicates that the bulls are poised for a potential upward movement.
According to data from CoinGlass, Bitcoin exchange-traded funds in the United States experienced significant inflows of $827 million on October 29. This influx suggests that investors are optimistic about a forthcoming bullish trend following the recent sideways price action. Additionally, the crypto research firm 10x Research forecasts that Bitcoin could reach $100,000 by January 2025.
Traders in the Bitcoin market are preparing for a breakout, particularly in light of the upcoming U.S. presidential election on November 5, which may favor Donald Trump. However, it is essential to exercise caution, as seasoned traders often adopt the strategy of “buying the rumor and selling the news.”
The key questions now are whether Bitcoin traders can defend the $70,000 level during any pullbacks and if altcoins will continue their ascent or enter a phase of consolidation. Let’s delve into the charts of the top 10 cryptocurrencies to analyze the situation.
**Bitcoin Price Analysis**
Bitcoin surged after breaking through the $69,520 resistance level on October 28. Although it came close to achieving a new all-time high on October 29, bearish pressure prevented this.
The upward trend indicated by the 20-day exponential moving average (EMA) at $67,617 and the relative strength index (RSI) approaching the overbought territory suggests that the path of least resistance is to the upside. A decisive break and close above $73,777 would signal a continuation of the upward trend, with a price target of $93,554 from the breakout’s pattern.
Initial support on the downside is located at $70,000, followed by the 20-day EMA. A break and close below this EMA would indicate a loss of momentum for the bulls, potentially leading the BTC/USDT pair to decline to the 50-day simple moving average (SMA) at $64,164.
**Ether Price Analysis**
Ether (ETH) has been trading within an ascending channel for several days. The bulls capitalized on a dip to the support line on October 25 and overcame the 20-day EMA hurdle of $2,565 on October 28.
The ETH/USDT pair may rise to test the channel’s resistance line, which is likely to encounter selling pressure. If the price retraces from this resistance, it would indicate that the pair could continue to fluctuate within the channel for a while longer.
To signal increased momentum, buyers need to break through the resistance line, indicating the end of the corrective phase. In such a scenario, the pair could potentially rise to the downtrend line.
**BNB Price Analysis**
Buyers attempted to push BNB (BNB) towards the overhead resistance of $635 but faced significant selling pressure near $612.
The gradually rising moving averages and the RSI positioned just above the midpoint suggest a slight advantage for buyers. If the price rebounds from the current level or the 20-day EMA ($589), it could heighten the chances of a rally toward $635. Although overcoming this resistance may pose a challenge, success could propel the BNB/USDT pair to $722.
On the downside, the 50-day SMA serves as a critical support level. A breach of this support could see the pair plummet to $527.
**Solana Price Analysis**
Solana (SOL) broke above the $179 resistance on October 28, but the increased price levels attracted notable bearish selling.
The SOL/USDT pair may decline to the 20-day EMA ($165), which is a vital near-term support level. A strong rebound off this EMA would indicate ongoing bullish interest. Buyers would then make another attempt to push the pair toward $189.
Conversely, a break and close below the 20-day EMA could open the door for a drop to the 50-day SMA ($151).
**XRP Price Analysis**
The bulls’ attempt to initiate a recovery in XRP (XRP) is encountering significant selling at the 20-day EMA ($0.53), indicating resistance at higher levels.
If the price declines and falls below $0.50, it would suggest that bearish control persists. The XRP/USDT pair could then descend to the support zone between $0.46 and $0.41, where bullish activity is likely.
On the upside, bulls need to keep the price above the 50-day SMA ($0.55) to signal a potential recovery. This could set the stage for a rally toward $0.64, which is anticipated to present a formidable obstacle.
**Dogecoin Price Analysis**
Dogecoin (DOGE) gained traction after breaking through the $0.15 resistance on October 28, reaching $0.18 on October 29.
Sellers are attempting to curtail the rally at $0.18; however, the likelihood of a breakout increases if the bulls maintain their position above the current level. The DOGE/USDT pair could surge to $0.23, which is expected to act as a strong resistance.
Immediate support lies at $0.15, followed by the 20-day EMA ($0.14). A rebound from $0.15 would indicate that the bulls have converted this level into support, prompting another attempt to continue the upward trajectory. Sellers would need to pull the price below the 20-day EMA to signal a potential end to the upward movement.
**Toncoin Price Analysis**
Toncoin (TON) rebounded from the support zone between $4.44 and $4.72 on October 25, demonstrating strong buying at lower levels.
The relief rally for the TON/USDT pair has reached the 20-day EMA ($5.12), where bears are mounting a significant challenge. A sharp decline from the 20-day EMA could lead to another attempt by the bears to push the pair below $4.44. If successful, this could complete a bearish head-and-shoulders pattern, potentially dragging the price down to $3.50.
This bearish outlook could be negated if the price continues to rise and breaks above the 50-day SMA ($5.37), leading to a rally toward $6, where bears are expected to defend vigorously.
**Cardano Price Analysis**
Cardano (ADA) bounced off the strong support level at $0.31 on October 25, indicating buying interest at lower levels.
The bulls are attempting to build momentum by pushing the price above the moving averages. If they succeed, the ADA/USDT pair could rally to $0.40, a critical level to watch. Overcoming this barrier could see the pair climb to $0.45 and then $0.50.
Conversely, if the price retraces from the current level or $0.40, it may signal an extended stay within the current trading range.
**Avalanche Price Analysis**
Avalanche (AVAX) fell below the support line of the symmetrical triangle pattern on October 25, but bears could not sustain the lower levels.
The bulls initiated a recovery, which faced resistance at the moving averages. A continued decline and a break below $24 would indicate that bears have overpowered the bulls, potentially leading to a drop to $20.
On the other hand, if buyers manage to push the AVAX/USDT pair above the moving averages, it would suggest that the breakdown below the support line may have been a bear trap, improving the chances of a breakout above the resistance line.
**Shiba Inu Price Analysis**
Shiba Inu (SHIB) rebounded from the 50-day SMA ($0.000017) on October 26 and reached the $0.000020 resistance on October 29.
Bears are attempting to defend the $0.000020 level, but the likelihood of a breakout increases if the bulls maintain the price above the 20-day EMA ($0.000018). A successful defense could lead to the completion of a bullish inverted head-and-shoulders pattern, potentially driving the price up to $0.000026 and later to $0.000030.
To prevent a breakout, bears would need to quickly pull the price below the 50-day SMA. If they achieve this, the pair may remain trapped between $0.000013 and $0.000020 for several more days.
This article does not constitute investment advice or recommendations. All investments and trading activities involve risks, and readers should conduct their own research before making any decisions.