Key points:
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For the primary time in seven years, Bitcoin is liable to ending October within the red.
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Several altcoins have fallen to their crucial support levels, suggesting selling on rallies.
Bitcoin (BTC) bulls try to maintain the value above $110,000, but bears proceed to use pressure. That increases the chance that BTC sees its first red October close in seven years. After October's dismal performance, all eyes are on November, which has a median return of 46.02%, based on CoinGlass data.
Several analysts are bearish on BTC, signaling a possible peak of the cycle on account of the four-year halving cycle. However, some others, like BitMEX's Arthur Hayes, imagine that BTC's four-year cycle is dead.
Daily view of crypto market data. Source: Coin360
It is difficult to predict with certainty whether the four-year cycle is over or not, but net outflows of $959.1 million from spot BTC exchange-traded funds over the past two days suggest institutional investors are cautious within the near term, based on data from Farside Investors.
What are the crucial support levels to look at out for in BTC and major altcoins? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Bitcoin price prediction
BTC rebounded from the underside of the range near $107,000 on Thursday, suggesting that bulls are aggressively defending this level.
The recovery rally is anticipated to be countered by selling on the 20-day exponential moving average ($111,557). If the value drops sharply from the 20-day EMA, the possibilities of a break below $107,000 will increase. If that happens, the BTC/USDT pair will complete a double top pattern and will crash to $100,000.
Conversely, a break and shut above the 20-day EMA suggests that Bitcoin price could remain within the $107,000-$126,199 range for some time.
Ether price prediction
Ether (ETH) bounced off the descending channel pattern's support line on Thursday, signaling buying at lower levels.
The recovery might be counteracted by selling on the moving averages. If that happens, the bears will try again to push the Ether price below the support line. If they succeed, the ETH/USDT pair could crash to $3,350.
Buyers have to push the value above the moving averages to maintain the pair throughout the channel. The next leg of the upward move is prone to start with a breakout and shut above the resistance line.
BNB price prediction
BNB (BNB) is witnessing a tricky battle between bulls and bears on the 50-day easy moving average ($1,084).
If the value turns down from the 20-day EMA ($1,113) and closes below the 50-day SMA, it can signal the beginning of a deeper correction. The BNB/USDT pair could fall to $1,021 and later to $932.
On the contrary, if the value closes above the 20-day EMA, it suggests that the bulls try a comeback. BNB price could then rise to the 38.2% Fibonacci retracement level at $1,156, which could attract sellers. A detailed above $1,156 opens the best way for a rebound to the 61.8% retracement level at $1,239.
XRP price prediction
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, suggesting that bears try to retain the advantage.
Sellers will try to strengthen their position by pulling the XRP price towards the $2.32-$2.19 support zone. Buyers are expected to vigorously defend the support zone as a detailed below it could reinforce selling. The XRP/USDT pair could then fall to $1.90.
The cops are running out of time. You have to push the value above the moving averages quickly to realize strength. A possible trend change is signaled by a closing price above the downward trend line.
Solana price prediction
Solana (SOL) is trading inside a symmetrical triangle pattern, indicating indecision regarding the subsequent directional move.
If the value slips below the uptrend line, the SOL/USDT pair could fall to the solid support at $155. Buyers are expected to vigorously defend the $155 level as a break below could send the pair right down to $140.
If the value diverges from the uptrend line and breaks above the 20-day EMA ($194), it can suggest that the pair could remain throughout the triangle for a while. Buyers can be in charge again in the event that they push Solana price above the resistance line.
Dogecoin price prediction
Buyers try to maintain Dogecoin (DOGE) above the $0.17 support, however the shallow bounce suggests bears proceed to use pressure.
If the $0.17 level is broken, the DOGE/USDT pair could fall to the $0.14 support. Buyers will try to maintain the Dogecoin price throughout the range by defending the $0.14 level, but when their endeavor fails, the pair could fall to the $0.10 level.
The first sign of strength can be a break and shut above the overhead resistance at $0.21. The pair could then climb to the 50-day SMA ($0.22) and later attempt a recovery to the stiff overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued to say no and broke below the $0.59 support on Thursday, signaling that bears remain on top of things.
If the value holds below the $0.59 level, the ADA/USDT pair could fall to the solid support at $0.50. Buyers are expected to vigorously defend the $0.50 level as a decline below it could trigger a brand new downtrend.
On the opposite hand, a break and shut above the 20-day EMA ($0.66) suggests that the bears are losing their control. Cardano price could then climb to the breakout level of $0.75 after which to the descending trend line.
Hyperliquid price prediction
Sellers again thwarted bulls' attempts to push Hyperliquid (HYPE) price above overhead resistance at $51.50 on Thursday. This caused the value to fall to the 20-day EMA ($43.10).
Buyers try to defend the 20-day EMA but bears are maintaining selling pressure. If the value breaks below the 20-day EMA, the HYPE/USDT pair could decline to the neck line after which to $35.50.
This negative view can be invalidated within the near term if the Hyperliquid price rises and breaks above $51.50. The pair could then rise to the all-time high of $59.41.
Chainlink price prediction
Buyers attempted to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but bears held their ground.
The falling moving averages and the Relative Strength Index in negative territory suggest that bears remain on top of things. Chainlink price could then crash to the $15.43 support, where bulls are expected to intervene.
Buyers have to push and hold the value above the 20-day EMA to signal strength. The LINK/USDT pair could then climb to the resistance line, a critical level to look at out for.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($530) and the resistance line for the past few days.
Bulls have to push and hold Bitcoin Cash price above the resistance line to signal a possible trend reversal. The BCH/USDT pair could then rise to $615 and later to $651.
If the value as an alternative trends lower and breaks below the 20-day EMA, it can suggest that the pair could remain throughout the falling wedge pattern for a couple of more days. The pair could slide to $500 after which $475.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
