Bitcoin prices and most altcoins have traded lower and are looking to retest underlying support levels.
The lack of a decisive catalyst and the strength of the US dollar index (DXY) kept the rally in risk assets in check. Bitcoin

to mark

Stay stuck in a tight area, looking for that elusive breakout. The longer Bitcoin spends in the range, the bigger the eventual breakout.

The short-term uncertainty in cryptocurrencies does not seem to have changed the long-term view of institutional investors. BNY Mellon CEO Robin Vince said that a survey commissioned by the bank showed that 91% of institutional investors were willing to invest in some form of tokenized assets in the coming years.

Cryptocurrency market daily performance. Source: Coin360
Although some believe that institutions are slow to move into crypto, Coinbase Senior Advisor John D’Agostino thinks otherwise. Speaking in an interview with SALT, D’Agostino said that “institutional inertia is a very real thing,” but in the case of digital assets, institutional adoption is “moving very, very quickly.”

What are the key support levels that bulls should defend to avoid a breakdown of bitcoin and choose altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

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The bears successfully defended the 50-day simple moving average (SMA) ($19,659) on October 17-18. Failure to clear this hurdle may have aggressive bulls trying to book profits and bears to initiate short positions, which lures the market. the price returned below the 20-day exponential moving average (EMA) ($19,384) on October 18.

BTC/USDT daily chart. Source: TradingView
The sellers are once again trying to challenge the immediate support at $18,843. If this level is broken, selling may increase and the BTC/USDT pair could fall to the critical support zone between $18,125 and $17,622. The bears are expected to defend this zone with all their might, as a break below it could initiate the next leg of the downtrend.

The first sign of strength will be a breakout and close above the downtrend line, which may attract more buying and take the price to $20,500. The bulls need to overcome this hurdle to signal a possible short-term trend reversal. After that, the pair was able to rally to the next resistance at $22,800.


to mark

It re-entered the symmetrical triangle pattern on October 17, but the bulls could not sustain the rally. The price was dropped on October 18 and the bears are trying to push the price up to $1263.

ETH/USDT daily chart. Source: TradingView
The gradually falling 20-day EMA ($1,320) and the RSI in negative territory suggest that the bears have a marginal advantage. If the price falls below $1,263, the ETH/USDT pair may fall to $1,190.

On the contrary, if the price rises from the current level or the support at $1263, it will indicate that the lower levels will attract buyers. The bulls are trying to push the price above the resistance line of the triangle.

If they manage to do so, the pair could rally to the downtrend line of the descending channel. A break above this resistance could suggest the end of the downtrend.

Although BNB

to mark

It has consolidated between $258 and $300 for the last few days, the bears are trying to gain the upper hand by defending the moving averages.

BNB/USDT daily chart. Source: TradingView
The sellers are now trying to push the price to the $258 range support. Repeated testing of a support level within a short period of time tends to weaken it. If this level gives way, the BNB/USDT pair may plummet to the next support at $216. The gradually falling 20-day EMA ($275) and the RSI near 45 suggest that the bears have a slight advantage.

Contrary to this assumption, if the price rises and breaks above the moving averages, the pair could extend its stay in the range and rally to the overhead resistance at $300.


to mark
for 0.47 US dollars

it rallied and closed above the 20-day EMA ($0.47) October 17, but the bulls could not build on this advantage. This shows that the bears are selling on rallies.

The graph of changes in XRP and the US dollar is constantly updated. Source: TradingView

Source: CoinTelegraph