These altcoins are making gains as the Bitcoin price continues to trade in a range of tension.
The US stock markets have had a bullish start to the new week. The S&P 500 is up 2.60% and the Nasdaq Composite is up more than 3%. This shows that markets have shrugged off the high inflation reading for September and focused on third quarter earnings.

Stock market recovery could pave the way for Bitcoin
BTC

to mark
$20,087

to break out of the area where it has been held for the past few days. A positive sign for bulls is that the amount of Bitcoin in cold storage or loss has risen to a five-year high, according to data from Glassnode.

Cryptocurrency market daily performance. Source: Coin360
While long-term investors seem in no mood to sell their holdings at lower levels, smaller investors seem to be making the most of depressed prices. Data from Glassnode shows that the number of wallets holding a full Bitcoin or more will increase significantly in 2022.

What are the levels to watch on the upside that could signal the start of a sustained recovery in Bitcoin and Altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

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USDT/BTC
Bitcoin broke above the 20-day exponential moving average ($19,410) on October 17, and the bulls are trying to extend the recovery above the area between the 50-day simple moving average ($19,691) and the downtrend line. .

BTC/USDT daily chart. Source: TradingView
If successful, the BTC/USDT pair could rally to the stiff resistance at $20,500. This level has been a strong barrier since September 14. Therefore, a breakout and close above $20,500 could indicate that the selling pressure can ease. After that, the pair could quickly rally to $22,800 as there is no major resistance in the middle.

This positive view could be invalidated in the short term if the price turns below the downtrend line and falls below $18,843. Such a move will indicate that the bears will continue to sell at higher levels. After that, the pair could fall into the strong support zone between $18,125 and $17,622.

EUR/USD
of ether
ETH

to mark
$1,531

the recovery has reached the breakout level of the triangle. The 20-day exponential moving average ($1,323) sits near this level. Therefore, the bears are expected to defend the level aggressively.

ETH/USDT daily chart. Source: TradingView
If the price declines from the current level and falls below $1,263, the ETH/USDT pair may retest the intraday low of October 13 at $1,190. A break below this level could take the pair to the support line of the descending channel.

Conversely, if buyers push the price above the overhead resistance at the 20-day EMA, the pair could rally to the downtrend line of the channel. This is a big hurdle for the bulls to overcome if they want to signal a possible trend reversal.

USD/USDT
bnb
bnb

to mark
$376

it has consolidated between $258 and $300 for the last few days. The bulls will try to push the price above the moving averages on October 17th.

BNB/USDT daily chart. Source: TradingView
If they can pull it off, the BNB/USDT pair may attempt a rally to the $300 range resistance. The Bears will probably defend this level with all their might. A strong rejection at this level will indicate that the pair will remain locked in the row for some time.

The bears need to sink the price below $258 to gain an advantage. If they do, the pair could fall to the next support at $216. Conversely, if buyers push the price above $300, the pair could rally to $338.

USD/XRP
The price action of the last few days has formed a large symmetrical triangle for XRP
XRP

to mark
for 0.45 US dollars

. The buyers tried to push the price to the resistance line of the triangle on October 14, but the long wick of the candle indicates aggressive selling at higher levels.

The graph of changes in XRP and the US dollar is constantly updated. Source: TradingView
If the price holds below the 20-day EMA ($0.47), the XRP/USDT pair may slide to the support line of the triangle. This level could attract buyers, and a strong bounce suggests that the pair will continue to trade in the triangle. On the other hand, a break below the support line could sink the pair to $0.4.

Source: CoinTelegraph

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