Bitcoin (BTC) has recovered from its drop below $60,000, indicating buying strength at the lower levels. CryptoQuant CEO Ki Yong Joo said that investors used market orders to buy $840 million worth of bitcoin futures, which dropped to $60,000.
This indicates that analysts are positive for the rest of the year and expect the bullish gains to continue. The TechDev analyst believes that Bitcoin price dynamics in 2021 will follow the same path as in 2017. If that happens, Bitcoin may be ready for a strong upward move before the end of the year.
Daily performance in the cryptocurrency market. Source: Coin360
Mastercard is expected to announce that bank partners and merchants in payment networks may soon add cryptocurrencies, which could increase crypto adoption. Mastercard has joined forces with Bakkt to allow its customers in the United States to buy, sell and store cryptocurrency through custodial wallets.
Is Bitcoin’s correction complete and could it make a new all-time high? If this happens, will altcoins resume trends? Let’s check out the charts of the top 10 cryptocurrencies to find out.
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BTC / USDT
The long tail on the October 23 and 24 candlestick indicates that the bulls are trying to defend the important psychological support of $60K. Bitcoin has resumed its rally and will now attempt to challenge the upper resistance area between $64,854 and $67,000.
BTC/USDT daily chart. Source: TradingView
The rise in the 20-day EMA and the RSI ($58,794) in positive territory indicates that the bulls are in control. Bullish momentum may intensify if BTC/USDT closes above $67,000.
This could open the door to potential growth to $75,000 and then a target of $85,756.75.
This uptrend will become invalid if the price drops again from the upper resistance level and falls below the 20 day moving average. This could lead to panic selling on the part of the short-term traders and could push the price down to the 50-day simple moving average (SMA) ($51,160).
ETH / USDT
Ether (ETH) fell below $4,027.88 on October 22, but the bears were unable to capitalize on that. The bulls quickly returned to the level on October 23, indicating buying strength in the fall.
ETH/USDT daily chart. Source: TradingView
The bulls prevented the bears from trying to push the price below $4,027.88 on October 24, as seen in the long tail of today’s candle. If the bulls maintain their price above $4,027.88, the ETH/USDT pair could rise to an all-time high of $4,375.
Stopping and closing this resistance could start the pair’s journey towards the psychologically important $5,000 level.
Contrary to this assumption, if the price falls below today’s level, the bears will attempt to pull the pair below the 20-day moving average ($3826). This is the first indication that the bullish momentum may be weakening. Then the pair may drop to the 50-day moving average ($3473).
BNB / USDT
Bulls are buying on the dip to the 20-day moving average ($461), which indicates that sentiment remains positive. Binance Coin (BNB) may now climb to the harsh resistance level at $518.90.
BNB/USDT daily chart. Source: TradingView
A breakout and a close above $518.90 signal the start of a new bullish move. The BNB/USDT pair may then attempt to accumulate the pattern target at $554. A break above this level could push the pair towards $600.
The 20-day bullish moving average moving average and the RSI in positive territory indicate that the path to least resistance is to the upside. This bullish opinion will be invalid if the price breaks down from the current level or upper resistance and breaks below the 50-day simple moving average ($423).
ADA / USDT
Cardano (ADA) broke and closed on October 24th below the norm of the symmetrical triangle pattern. This indicates that the uncertainty of recent days may be resolved in favor of the bears.
ADA/USDT daily chart. Source: TradingView
If the bears break below $1.09, the ADA/USDT pair may start its journey south towards the strong support at $1.87. The slight dip in the 20-day moving average and the RSI just below its mid-point indicates that the sellers have a slight advantage.
This negative view will be nullified if the price rises from the current level and breaks the triangle resistance line. It could hunt violent bears, leading to a rally to $2.47 and then the pattern’s target at $2.80.