On October 15, news emerged that a Bitcoin Exchange Traded Fund (ETF) (BTC) could start trading as early as next week, that the price of Bitcoin was $ 62,933, but attendance has declined since then.

Some market participants believe that traders who have believed the Bitcoin ETF product approval rumors may be selling the news. Cryptocurrency exchange QCP Capital said in an update that the approval of futures ETFs is unlikely to provide a long-term rise in bitcoin prices as it did in the fourth quarter of 2020.

While higher volatility in the short term cannot be ruled out, investors should focus on the underlying trend and not succumb to minor corrections that are part of the path to new all-time highs.

See daily cryptocurrency market data. Source: Coin360
According to Foxbit founder Joao Canhada, his daughter earned 6,500% of the profits from the only bitcoin gift she received when she was born in 2017. Although she couldn’t trade the coin at such a young age, the profit shows sick investors. which is not worried about a small drop, it can end up with a big income.

Could Bitcoins Rise to the New High Rally Altcoins? Let’s take a look at the charts of the top 5 cryptocurrencies to outperform in the short term.

On October 15, Bitcoin rallied above the $ 58,000 resistance and the $ 60,000 psychological mark. The bears are trying to stop the bullish move at $ 62,933, but in a positive sign, the bulls have not given up much of the territory. This indicates that traders are not closing their positions after the last rally because they are expecting a new rally.

BTC / USDT daily chart. Source: TradingView
Both moving averages slope upward and the Relative Strength Index (RSI) is overbought, indicating that the bulls are in control. If the price rises from the current level and goes beyond the resistance range of $ 62,933 to $ 64,854, the BTC / USDT pair could rise to $ 75,000.

Immediate support to look at the downside is $ 58,000. A break and close below this level could force short-term traders to take profits, causing the price to drop to the 20-day exponential moving average ($ 54,336).

A rejection of the 20-day moving average would indicate that sentiment is still positive and traders are buying on the dip. The bulls will then make another attempt to resume the uptrend. Conversely, a break and close below the 20-day EMA would indicate weakening bullish momentum.

4-hour BTC / USDT chart. Source: TradingView
This pair is rising in a steady uptrend on the 4-hour chart. The bears failed to move down and keep the price below 50 simple EMAs as the pair broke through the symmetrical triangle.

If the price bounces off the 20-EMA, the likelihood of a break above $ 62,933 could increase as this would indicate that traders are not looking for a deeper correction to buy. This bullish assumption would be wrong if the bears dip and keep the pair below the 50-SMA. Such a move could open the way for a drop to $ 54,000 and then to $ 52,290.

The break and stop of Ether (ETH) on the neck on October 14 completed the inverse head and shoulder pattern. The long wick on the October 16 candlestick indicates that the bears are trying to stop the upward movement around $ 4,027.88.

ETH / USDT daily chart. Source: TradingView
If the price falls below the current level, the ETH / USDT pair could fall to the neck breakout level. This is an important support to protect the bulls. If the price bounces off this level, the bulls again try to remove the upper barrier.

A break and close above $ 4027.88 could pave the way for the event to an all-time high of $ 4372.72, which is close to the model’s target of $ 4657. In contrast, a break below the moving average could push the price down to $ 3,257. The bears will gain the upper hand if this support is broken.

4-hour ETH / USDT chart. Source: TradingView
Björner defends psychological resistance from $ 4,000 as the bulls try to hold the price above the 20-EMA. The RSI fell near its midpoint and the 20-EMA is flattening, indicating the possibility of short-term consolidation.

A break and close above $ 4,000 could signal a renewed bullish move. Conversely, a crack under the neck ring of the set will be the first indication that momentum may be weakened. The pair could then drop to $ 3,400.

Solana (SOL) broke the downtrend line and closed on Oct 15, which is the first sign that the bulls are trying to get back. On October 16, the bears tried to push the price below the downtrend line, but to no avail.

Source: CoinTelegraph