Bitcoin (BTC) is still in a correction phase, but Ethereum (ETH) attracted strong buying that pushed it to a new all-time high on October 29th. It seems that the successful upgrade of the Altair Beacon network has boosted the mood and also made a positive impact on the situation. way. a way to merge with the main Ethereum network and switch to Proof of Stake.
In the meantime, MicroStrategy continues to grow its already impressive Bitcoin pool. The company’s third quarter report shows that it added 8,957 bitcoins, reaching 114,042 bitcoins on September 30, and was bought at an average price of $ 27,713.
So far, the software company’s appetites have not been satisfied, and CEO Michael Sailor said the company will “continue to consider raising additional capital to implement” its bitcoin strategy.
Daily performance in the cryptocurrency market. Source: Coin360
It seems that the upward trend in the crypto sector has increased the demand for employees with experience with cryptocurrency or blockchain. A recent report by LinkedIn editor Devin Banerjee cited data from a group of LinkedIn financial charts that showed job postings that include terms such as “blockchain” or “cryptocurrency” were up 615% in August over the previous year.
Could a sharp rise in ether be the beginning of a new Altson? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
On October 27, Bitcoin fell below the 20-day exponential moving average ($ 59,389), but the bears failed to hold the lower levels. The price recovered quickly and climbed above the 20-day moving average on October 28, indicating strong buying on the downside.
BTC / USDT daily chart. Source: TradingView
Price action in recent days has formed a bullish flag pattern that completes the breakout and close above the resistance line. This movement will signal the resumption of the trend. The first upside resistance is the all-time high of $ 67,000.
If the bulls cross this upper obstacle, the BTC / USDT pair could begin its march north towards the target of the $ 89,476.12 pattern.
Bullish moving averages and Relative Strength Index (RSI) in positive territory indicate bullish advantage. Bears need to pull the price and keep it under the flag to reverse the bullish sentiment. In this case, the pair could fall to $ 52,920.
ETH / USDT
Ether rebounded sharply from the 20-day moving average ($ 3,953) on October 28, indicating that buyers in the downturn were using the recent pullback to build up. On October 29, the largest altcoin rallied to a new all-time high, signaling a renewed trend.
ETH / USDT daily chart. Source: TradingView
The bullish 20-day EMA and RSI are in positive territory, indicating that the bullish team is in control. If buyers keep the price above $ 4,375, ETH / USDT could start towards the $ 4,657 target model and then rise to $ 5,000.
Contrary to this assumption, if the price does not stay above $ 4375, it would mean that demand at higher levels is declining. The pair could then consolidate between $ 4375 and $ 3888 for several days. An eruption and a close below this area would signal the start of a deeper retracement.
BNB / USDT
On October 27, the bulls successfully defended the neck of the upside-down head and shoulders, which is a positive sign. This could lead to buying from traders who pushed Binance Coin (BNB) above the upper resistance level of $ 518.90.
BNB / USDT daily chart. Source: TradingView
The 20-day moving average ($ 470) is falling higher and the RSI is in positive territory, indicating that buyers are in control. If the bulls keep the price above $ 518.90, BNB / USDT could resume the bullish trend towards the $ 554 target pattern.
Conversely, if the price does not stay above $ 518.90, it signals that traders are ordering profits at higher levels. The pair can then fall onto the neck, which is an important support to protect the bull.
ADA / USDT
Bulls have defended strong support at $ 1.87 on Oct 27, but return is lacking. This indicates that traders are reluctant to buy Cardano (ADA) at higher levels.
Daily ADA / USDT chart. Source: TradingView
Both moving averages are sloping downward and the RSI is in negative territory, indicating that the path of least resistance is downward.
If the price falls from the current level or from the 20-day moving average ($ 2.12), the bears will again try to break and close the ADA / USDT pair below the support of $ 1.87. Such a move could signal the beginning of a deeper correction to $ 1.58.