Bitcoin (BTC) has held over $ 54,000 in recent days, but that hasn’t sparked euphoria among investors. Google Trends data shows that interest in bitcoin in search has not surged in recent days and is approaching an annual low. Some analysts believe that this is a sign that only strong hands are accumulating.
A recent report from CoinShares also showed that institutional investors raised over $ 226 million for Bitcoin products in the week ending October 8th. The research company estimates that the total assets of institutional cryptocurrencies rose to $ 66.7 billion, just 5% below the all-time high. Maybe.
Daily cryptocurrency market indicators. Source: Coin360
Glassnode data also shows that long-term holders’ bitcoin wallets contain 13.3 million bitcoins, which is 70% of the total bitcoin supply. Long-term owners have not sold their assets and have also added over 2.37 million bitcoins to their wallets in the past seven months. The report added that long-term Bitcoin purchases by whales outnumber newly recovered coins by 12.7 times.
Could Bitcoin continue to rally, or is it time for a few days of consolidation? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin fell from $ 57,680 on October 12, but the long tail of daylight hours indicates a downturn in buying. Björner once again tried to bring the price down during the epidemic to $ 52,920, but the long tail in daylight indicates that the bulls are not ruthless.
BTC / USDT daily chart. Source: TradingView
An increase in the 20-day Exponential Moving Average (EMA) ($ 51,338) and Relative Strength Index (RSI) in positive territory indicates an advantage for buyers. If the bulls pushed the price above $ 57,839.04, the BTC / USDT pair could rise to $ 60,000.
This level may seem like strong resistance, but if the bulls push the price above it, the pair could test the all-time high of $ 64,854. Bullish momentum could be amplified if the bulls overcome this obstacle.
The breakout level of $ 52,920 is still the most important support you need to see on the other side. A break below this level and the 20-day moving average will be the first sign that the bulls may lose control.
ETH / USDT
Ether (ETH) has jumped over the 20-day moving average ($ 3,390) in the past three days, indicating that the bulls are based on the fall. Now the bulls will try to push the price to the neck on the Inverted Head and Shoulders (H&S) pattern.
ETH / USDT daily chart. Source: TradingView
A break and close above the neck will complete the bullish sentiment targeting $ 4,657. A gradual rise in the 20-day EMA and RSI above 55 indicates a modest bullish lead.
However, there is little confidence that the rally will be linear as ETH / USDT may face strong resistance at $ 4,027.88 followed by $ 4,372.72.
Contrary to this assumption, if the price falls below the current level or neck and falls below the averages, ETH / USDT could fall to $ 3,160 and then to the psychological support of $ 3,000.
BNB / USDT
Binance Coin (BNB) broke through and closed below the 20-day moving average ($ 417) on October 10, but the bears were unable to take advantage of this feature. The bulls defended psychological support to $ 400 and pushed the price back above the 20-day moving average in October.
BNB / USDT daily chart. Source: TradingView
Although the bears pushed the price below $ 400 on October 12, it looks like it was a bear trap as the BNB / USDT pair quickly rebounded and jumped back on its neck. On October 13, buyers slashed the price sharply.
The bullish H&S reversal pattern will complete if the pair closes above the neck. This setup could start at $ 519.90 where tough resistance is expected.
A break and close above this level could push the pair towards the $ 554 target pattern. Bears must drop below $ 392.20 to gain the upper hand.
ADA / USDT
Cardano (ADA) broke out on Oct 12 and closed below the symmetrical triangle guideline. This suggests that the uncertainty of recent days has resolved in favor of the bears.
Daily ADA / USDT chart. Source: TradingView
The bulls will try to push the price above the 20-day moving average ($ 2.21), but if they fail, ADA / USDT could drop to $ 1.87. This is a critical level to watch out for, because if it collapses, the fall could reach $ 1.63.
The 20-day EMA began to decline and the RSI fell below 44, indicating a bearish advantage. This negative outlook will disappear if the bulls push the pair and continue to move above the triangle’s resistance line.