Cryptocurrency price analysis BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

Analysts say Bitcoin has begun a new climb towards an all-time high, and activity in  altcoins suggests traders are converting funds to BTC. Bitcoin (BTC) resumed its rally on October 11 and rose near $58,000.

This represents an almost 100% recovery after the May slump and shows that any regulatory action by China is only having a temporary effect. Bitcoin's strong rally in the past few days has boosted sentiment and analysts have come back with their six-figure forecasts. Jeffrey Kendrick, head of emerging markets currency research at Standard Chartered, expects the price of Bitcoin to rise to $100,000 by early next year.

David Gokhshtein, founder of Gokhshtein Media and PAC Global, was more optimistic as he expects Bitcoin to reach $100,000 before the end of the year. Analyst and trader Rekt Capital believes that Bitcoin will rise well above $100,000 in the current cycle.

Can Bitcoin break above the upper resistance?

Cruel and challenging the highest level ever, and will alternative digital currencies catch up with this rise? We'll study the charts of the top 10 cryptocurrencies to find out.

BTC / USDT  

The Bitcoin Long Indicator in the chart shows that on October 10, traders or investors “bears” sold at high levels, but their failure to pull the price below the breakout level at $52,920 has activated the bulls. BTC/USDT daily chart.

Source: TradingView  

Aggressive buying on October 11 pushed the price above the level it reached on October 10 at $56,561.31, paving the way for a potential rally to $60,000. A rising 20-day Exponential Moving Average (EMA) ($50,196) and the Relative Strength Index (RSI) in overbought territory indicate that investors or “bulls” are in control. If the “bulls” push the price above $60,000, the BTC/USD pair could challenge the all-time high of $64,854.

Bullish activity may increase further if buyers cross this barrier. The first sign of weakness will be a breakout and close below the $52,920 level. This will indicate that traders are booking profits at higher levels.

The “bears” will then sense an opportunity and attempt to pull the price below the 50-day simple moving average (SMA) ($47,727). ETH/USDT   The Ether (ETH) index fell sharply on October 10, but bulls bought the dip to the 20-day moving average ($3,369) on October 11.

This is a positive sign as it shows that sentiment is still bullish and traders are buying on  lower prices. ETH/USDT daily chart.

Source: TradingView   If the bulls push and close the price above the neckline, the inverse Head and Shoulders (H&S) pattern will complete. This reversal setup has a target for the pattern at $4657 but the bears will likely have other plans as they will try to form a strong resistance at $4027.88 and then the all-time high at $4372.72.

This uptrend will be invalidated if the price breaks from the overhead resistance and drops below the 50-day simple moving average ($3,351). The ETH/USDT pair could fall to the psychological support level at $3,000.

BNB / USDT  

Binance Coin (BNB) broke and closed below the 50-day SMA ($425) on October 8. The bulls tried to push the price back above the 50-day SMA on October 9 but failed, prompting selling by short-term traders.

BNB/USDT daily chart. Source: TradingView   The BNB/USDT pair fell below the 20-day moving average ($409) on October 10, but the bears were unable to capitalize on this opportunity.

Strong buying on the lows pushed the price back above the 20-day moving average on October 11. If the bulls push the price above the 50-day simple moving average, the pair could rise to the neckline. A break and close above this level will complete the inverse H&S pattern.

The pair may then rise to $518.90 and if this level is crossed, the rally may extend to the pattern target at $554. Conversely, if the price breaks from the 50-day SMA or neckline and drops below the 100-day SMA ($383), the next stop could be $320.

ADA / USDT  

Cardano (ADA) is trading within a symmetrical triangle, which generally acts as a continuation pattern. If the bears sink and keep the price below the triangle support line, the correction may resume. ADA/USDT daily chart.

Source: TradingView   The flat 20-day EMA ($2.24) and the RSI just below the midpoint do not give a clear advantage to the bulls or the bears. The bulls will try to stop the decline at $1.94, but if they fail, the selling may accelerate and ADA/USDT could fall to $1.60.

Alternatively, if the price bounces away from the triangle support line and rises above the 20-day moving average, the bulls will try to push the pair above the triangle resistance line. If they succeed, the pair could rise to $2.47 and then rise to $2.80.

XRP / USDT  

Ripple (XRP)'s narrow trading range resolved to the upside on October 9 with a breakout and close above the 50-day simple moving average ($1.08). However, the long wick of the October 10 candlestick shows that bears are defending secondary resistance at $1.24. XRP/USDT daily chart.

Source: TradingView   If bulls do not give up much ground from the current level, the probability of a break above $1.24 increases. The 20-day moving average ($1.06) is sloping slightly higher and the RSI is above 60, indicating an advantage for buyers.

A breakout and close above $1.24 could push the XRP/USDT pair to $1.41. This may be a difficult hurdle to overcome but if it is cleared, the pair could rise to $1.66. This uptrend will be invalidated if the price drops and breaks below the 20-day moving average.

This could take the price down to $1 and then to the 100-day simple moving average ($0.93). SOL/USDT   Solana's (SOL) weak bounce off the 20-day moving average ($151) on October 8 and 9 indicates a lack of aggressive buying by the bulls.

Supply exceeded demand on October 10 and the price fell below the 20-day moving average. SOL/USDT daily chart. Source: TradingView The bulls will now try to defend the 50-day simple moving average ($141).

They will have to push and maintain the price above the downtrend line to indicate that selling pressure is easing. Bullish momentum may pick up on a breakout and close above the 61.8% Fibonacci retracement level at $177.80. Conversely, if the price declines and breaks below the 50-day simple moving average, the SOL/USDT pair could fall to the strong support level at $116.

This is an important level for bulls to defend because if it breaks, the pair could fall to the 100-day SMA ($90). DOGE/USDT Although bulls defended the 100-day SMA ($0.24) on October 8 and 9, they were unable to push Dogecoin (DOGE) above the 50-day SMA ($0.24). This indicates that demand is drying up at higher levels.

Bears took advantage of this situation and pulled the price below the moving averages on October 10. DOGE/USDT daily chart.

Source: TradingView  

If the bulls fail to push the price back above the moving averages quickly, the DOGE/USDT pair could fall to the $0.21 to $0.19 support zone. Bears will have to break this support area to get the upper hand. Conversely, if the price rises and breaks above the moving averages, the bulls will make another attempt to push the price above the downtrend line.

If they succeed, the pair could start an upward movement to $0.32 and later to $0.35. DOT/USDT   Polkadot (DOT) has been range bound between $25.50 and $38.77 for the past several days.

The price is down from $37.45 on October 10, indicating that bears are defending the overall resistance. DOT/USDT daily chart. Source: TradingView  

Gradually rising moving averages and the RSI in positive territory indicate a modest advantage for buyers. A break and close above $38.77 will be the first signal for a resumption of the upward movement. The breakout target of the rectangle pattern is $52.04.

Alternatively, if the bears cut the price below the moving averages, it will indicate that the DOT/USDT pair may extend its stay within the range for a few more days. LUNA/USDT   The LUNA token from Terra Protocol fell from $48.56 on October 8, indicating that bears are aggressively defending the upper resistance at $50.

Failure to break above resistance may have prompted short-term traders to take profits. LUNA/USDT daily chart. Source: TradingView  

The LUNA/USDT pair declined and closed below the 20-day moving average ($39.64) on October 10. The bulls' efforts to reclaim the level were met with strong selling on October 11, indicating that sentiment had turned negative and traders were closing out. The positions in each march are minor.

The next support on the downside is the 50-day simple moving average ($35.58) and if it breaks below this level, the decline could extend to $32.50. Conversely, if the price breaks above the current level and rises above the 20-day moving average, the bulls may once again try to push the pair above the overhead resistance. UNI/USDT  

Uniswap (UNI) price crossed and closed below the 20-day SMA ($24.45) on October 10 but the bulls are trying to position themselves on the 100-day SMA ($23.76). Buyers will now attempt to move the price back above the 50-day SMA ($25.05). UNI/USDT daily chart.

Source: TradingView   If they succeed, the UNI/USDT pair could rise to the neckline of the inverse H&S pattern. Bullish activity can increase if buyers push and hold the price above this resistance.

The pair could then start climbing towards the pattern target at $36.98. Contrary to this assumption, if the bears pull the price below the 100-day simple moving average, the pair could fall to $22. This is an important level for bulls to keep an eye on because if they cross it, selling could increase and the pair could drop to $18.

The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You must be careful and research thoroughly when making a decision.

Market data was provided by the HitBTC exchange.