Key points:
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Bitcoin is attempting to get better from $80,600, which several analysts consider is a low point.
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Several altcoins are struggling to initiate a recovery, indicating a scarcity of demand from buyers.
Bitcoin (BTC) fell about 8% last week, but lower values attracted buyers. Bulls are aiming to push the value above $88,000 at the beginning of the brand new week. According to data from Farside Investors, $238.4 million inflows into spot BTC exchange-traded funds on Friday suggest bulls are back in motion.
Analysts at asset manager Swissblock said in a post on They added that easing selling pressure and a weaker second wave of selling would confirm a more reliable bottom.
Daily view of crypto market data. Source: TradingView
BitMEX co-founder Arthur Hayes said in a post on The former BitMEX boss expects the $80,000 mark to stay.
Could BTC and the main altcoins initiate a sustained recovery, or will higher levels attract sellers? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Price prediction for the S&P 500 index
The S&P 500 Index (SPX) pushed higher from support at 6,550 on Friday and bulls wish to extend the rally on Monday.
The recovery rally is predicted to be countered by selling in the world between the moving averages and the resistance line. If the value diverges from the overhead zone, the bears will again try to push the index below 6,550. If they succeed, the index could crash to the 6,350 level.
On the opposite hand, a break and shut above the resistance line indicates that the correction phase could also be over. The index could then retest the all-time high of 6,920.
US Dollar Index Price Prediction
The US Dollar Index (DXY) is facing resistance near the 100.50 level, but a positive sign is that the bulls haven’t lost much ground to the bears.
The steadily rising moving averages and the relative strength index (RSI) in positive territory suggest that the trail of least resistance is to the upside. If the value breaks the 100.50 level, the index could rise to the 102 level. An in depth above the 102 resistance completes a rounded bottom pattern and signals a possible trend reversal.
Sellers need to tug the value below the 20-day exponential moving average (99.62) to weaken the bullish momentum. The index could then fall to the 50-day easy moving average (98.81).
Bitcoin price prediction
BTC is attempting to get better after plunging to $80,600 on Friday, but higher levels are more likely to attract sellers.
The 20-day EMA ($94,620) is more likely to be a serious hurdle to the upside. If Bitcoin price drops sharply from the 20-day EMA, it indicates that sentiment stays negative and bears are selling on rallies. This increases the danger of a decline to the $73,777 level, where the bulls are expected to intervene.
Buyers must push and sustain the value above the 20-day EMA to achieve strength. The BTC/USDT pair could then rise to the psychological level of $100,000.
Ether price prediction
Ether (ETH) is attempting to initiate a recovery that would face significant resistance in the world between the 20-day EMA ($3,148) and $3,350.
If the value diverges from the overhead zone, the bears will try to proceed the downtrend. A break and shut below $2,623 will signal the beginning of the following downward move to $2,400 after which to the $2,111 level.
If buyers as an alternative push Ether price above $3,350, the ETH/USDT pair could reach the 50-day SMA ($3,659). An in depth above the 50-day SMA suggests that the bulls are back in the sport.
XRP price prediction
XRP (XRP) bounced off the support line on Saturday, suggesting that bulls are attempting to maintain the value inside the descending channel pattern.
The bears are unlikely to present up anytime soon and can attempt to stop the recovery rally on the moving averages. If the value diverges sharply from the moving averages, sellers will once more try to push the XRP/USDT pair to $1.61.
On the contrary, a break above the moving averages could push the value towards the downtrend line. Buyers need to interrupt XRP price and keep it above the descending trend line to signal a possible trend reversal.
BNB price prediction
BNB (BNB) is attempting a recovery after hitting $790 on Friday, but sellers are expected to enter at higher levels.
If the value abruptly drops from the $860 level, it’ll indicate that the bears have converted the extent into resistance. This increases the possibilities of a break below $790. The BNB/USDT pair could then crash to $730.
The 20-day EMA ($920) stays the important thing overhead resistance to observe out for. A break and shut above the 20-day EMA suggests that the market has rejected the break below $860. BNB price could then rise to $1,019.
Solana price prediction
Solana (SOL) is searching for support on the $126 level, however the shallow recovery suggests a scarcity of aggressive buying from bulls.
If the value moves lower from the present level or the 20-day EMA ($145), it’ll indicate that the bears are energetic at higher levels. The SOL/USDT pair then risks a decline below the $126 support. In this case, Solana price could fall to $110 after which to $95.
In contrast, a break and shut above the 20-day EMA suggests that bulls try a comeback. The pair could then attempt an increase to the 50-day SMA ($174).
Dogecoin price prediction
Dogecoin (DOGE) rebounded from the $0.15 support on Saturday, suggesting that bulls are defending this level.
The positive divergence on the RSI suggests that selling pressure is easing. Buyers must push Dogecoin price above the 20-day EMA (0.16) to signal strength. The DOGE/USDT pair could then rise to the 50-day SMA ($0.18).
However, if the value diverges significantly from the 20-day EMA, the bears will once more try to push the pair below $0.14. If they succeed, the pair could fall to the October 10 low of $0.10.
Cardano price prediction
Cardano (ADA) is attempting to achieve support at $0.38, however the weak bounce suggests bears are in no mood to let up.
If the value declines from the present level and breaks below $0.38, the ADA/USDT pair could resume its downtrend. Cardano price could fall to October 10 low of $0.27.
The $0.50 resistance is the crucial level to observe out for within the bullish move. If the value drops from $0.50, it’ll indicate that the bears remain on top of things. This poses a risk of falling below the $0.38 mark.
Conversely, an in depth above $0.50 suggests that the bears are losing their control. The pair could then rally towards the 50-day SMA ($0.60).
Bitcoin Cash price prediction
Bitcoin Cash (BCH) rebounded sharply from the $443 support on Friday and rose above the resistance line of the falling wedge pattern.
The bears are attempting to tug the value back into the wedge, however the bulls have held their ground. If the value rises and breaks above $568, it’ll signal the beginning of a brand new upward move to $615 after which to $651.
This positive view shall be invalidated within the short term if the value of Bitcoin Cash declines and falls below the moving averages. Such a move suggests that the break above the resistance line could have been a bull trap. The BCH/USDT pair could then retest the $443 support.
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.
