Bitcoin (BTC) resumed gains on October 11 and rose to nearly $58,000. This represents a nearly 100% recovery from the May crash and shows that any regulatory actions from China have only a temporary effect.
Bitcoin’s strong rally in recent days has boosted sentiment, with analysts returning to their six-figure forecast. Jeffrey Kendrick, head of currency research in emerging markets at Standard Chartered, expects the price of bitcoin to rise to $100,000 by early next year.
Daily market indices for cryptocurrency. Source: Coin360
David Gokhstein, founder of Gokhshtein Media and PAC Global, was more bullish as he expects Bitcoin to reach $100,000 by the end of the year. Analyst and trader at Rekt Capital believes that Bitcoin will rise more than $100,000 in the current cycle.
Can bitcoin weather the air resistance and challenge all-time highs, and will altcoins catch up? Let’s take a look at the top 10 cryptocurrency charts to find out.
BTC / USDT
Bitcoin’s long week on the October 10 candle shows that the bears were selling at higher levels, but their failure to push the price below the $52,920 breakout appears to have encouraged the bulls.
BTC/USDT daily chart. Source: TradingView
Violent buying on October 11th pushed the price during the day until October 10th to $56,561.31, making it possible to rise to $60K. The 20-day exponential moving average (EMA) ($50,196) and the overbought RSI indicate 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 at $64,854. The bullish momentum could intensify if buyers break this barrier.
The first sign of weakness could be a breakout and a close below the breakout level of $52,920. This indicates that traders are making profits at higher levels. Bears will then feel the possibility and try to push the price below the 50-day single moving average (SMA) ($47,727).
ETH / USDT
Ether (ETH) fell sharply on October 10, but the bulls bought aggressively in the fall of the 20-day moving average ($3369) on October 11. This is a positive sign as it shows that the mood is upbeat and that traders are buying he-she. Error.
ETH/USDT daily chart. Source: TradingView
If the bulls push the price and close above the neck, the Inverted Head and Shoulders (H&S) pattern will complete. This reversal setup has a target pattern of $4,657, but the bears are likely to have other plans as they attempt to put a strong resistance at $4,027.88 and then reach the all-time high at $4,372.72.
This bullish view will be refuted if the price reverses from air resistance and drops below the 50-day moving average ($3,351). Then ETH/USDT may drop to $3000 for psychological support.
BNB / USDT
Binance coin (BNB) broke and closed below the 50-day simple moving average ($425) on October 8. The bulls tried to push the price back above the 50-day SMA on October 9, but failed and called the short-term traders to sell. …
BNB/USDT daily chart. Source: TradingView
The BNB/USDT pair fell below the 20-day moving average ($409) on October 10, but the bears failed to seize the opportunity. Strong buying at lower levels pushed the price back above the 20-day moving average on October 11th.
If the bulls increase the price above the 50-day simple moving average, the pair can move up to the neck. A breakout and a close above this level will complete the H&S reversal pattern. The pair could then build up to $518.90, and if this level is broken, the rally could continue to the target pattern at $554.
Conversely, if the price breaks down from the 50-day SMA or the neck and drops below the 100-day SMA ($383), the next stop could be $320.
ADA / USDT
Cardano (ADA) works in a symmetrical triangle that usually acts as a continuation pattern. If the bears go down and keep the price below the triangle line, the correction can continue.
ADA/USDT daily chart. Source: TradingView
The 20-day flat EMA ($2.24) and the Relative Strength Index (RSI) just below the mid-point provide no obvious advantage to the bulls or the bears. The bulls will try to curb the decline to $1.94, but if they fail, sales could accelerate and the ADA/USDT pair could drop to $1.60.
Alternatively, if the price jumps from the triangle guide line and rises above the 20 day EMA, the bulls will try to push the pair through the line.