Important points:
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Bitcoin’s recovery faces a sell-off at high levels, showing that the bears are still in control.
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Several altcoins have fallen from overhead resistance levels, suggesting a sell-off on the bull market.
Bitcoin (BTC) recovery is facing a sell-off on the pullback, but a positive sign is that the bulls are attempting to form a low near $109,500. Following Monday’s net outflows, low levels are attracting buyers, as evidenced by net inflows into U.S. spot BTC and Ether exchange traded funds (ETFs) on Tuesday. According to SoSoValue data, the BTC ETF recorded net inflows of $102.58 million, while the ETH ETF recorded net inflows of $236.22 million.
Even after the recent turmoil, analysts expect BTC to perform well in October. Economist Timothy Peterson said on XPost that historically most of BTC’s October gains occur in the second half of the month.
Apart from seasonal factors, another positive sign in favor of the bulls is the possible end to quantitative tightening as suggested by Federal Reserve Chairman Jerome Powell. BitMEX co-founder Arthur Hayes said in a post on X that quantitative tightening is over and now is the time to buy aggressively.
Veteran trader Peter Brandt has warned that BTC could witness massive swings before reaching new highs again.
What are the important support and resistance levels to watch out for in BTC and major altcoins? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC fell from its 20-day exponential moving average ($115,945) on Tuesday, hinting at negative territory on which the rally is selling.
The bears will try to consolidate their dominance by pushing the price down to the $107,000 support. Buyers are expected to defend the $107,000 level with all their might. This is because a closing price below this will form a double top pattern. The BTC/USDT pair could fall to $100,000 and eventually to the pattern target of $89,526.
This negative view will be negated in the short term if Bitcoin prices rise and close above the moving averages. This suggests that the pair may hold in the $107,000 to $126,199 range for some time.
Ether price prediction
Ether (ETH)’s recovery is facing significant resistance at the 20-day EMA ($4,227), indicating that the bears have the upper hand.
Sellers are trying to push the Ether price down to the support line. If the price moves up from the support line and rises above the 20-day EMA, it would suggest that the ETH/USDT pair may remain within a descending channel pattern for some time.
On the upside, a break and close above the resistance line indicates that the correction phase may be over. The pair could retest the all-time high of $4,957 and then start the next leg of the uptrend to $5,665.
BNB price prediction
BNB (BNB)’s failure to sustain above $1,350 on Monday may have attracted short-term traders to take profits. This pushed the price down to the 20-day EMA ($1,155) on Tuesday.
Although the bulls are trying to protect the 20-day EMA, a bearish divergence pattern in the relative strength index (RSI) suggests that the bullish momentum is weakening. If BNB price closes below the 20-day EMA, it would indicate the beginning of a further correction towards the 50-day simple moving average ($1,008).
Conversely, if the price moves up from the 20-day EMA or $1,073, it would indicate demand at lower levels. This increases the possibility of range formation in the short term. The BNB/USDT pair could fluctuate between $1,073 and $1,375 for several days.
XRP price prediction
XRP (XRP)’s rally stalled around $2.69 on Monday, suggesting the bears are selling on the rebound.
The bears will try to push the price down to the $2.30 support, which is an important near-term level to watch. If the price falls below $2.30, the XRP/USDT pair could fall to $2.
The first sign of strength will be a close above $2.69. This suggests that selling pressure is decreasing. Thereafter, the XRP price may rise to the downtrend line, where the bears are expected to intervene.
Solana price prediction
Solana (SOL) once again entered a descending channel pattern on Monday, but the bears halted the rescue rally at the 20-day EMA ($210) on Tuesday.
The $190 level provides near-term support. If the price continues to decline and falls below $190, it will indicate that the bears are in control. After that, Solana’s price could fall to $168.
If, contrary to this assumption, the price rises and breaks above the moving averages, it would suggest that the bulls have taken control. The SOL/USDT pair could rise to $238 and then $260.
Dogecoin price prediction
Dogecoin (DOGE) continues to trade within a large range of $0.14 to $0.29, indicating buying near support and selling near resistance.
Price movements within a range can remain random and unstable. The downsloping 20-day EMA ($0.23) and RSI near 40 indicate that the bears have a slight advantage. If the price declines below $0.18, the DOGE/USDT pair could fall to $0.16. Buyers are expected to aggressively defend the $0.14 to $0.16 zone.
If the bulls push Dogecoin’s price above the moving average, the short-term advantage will tilt in their favor. After that, the pair could rise to $0.29.
Cardano price prediction
Cardano (ADA) recovery faces selling at the $0.75 breakdown level, indicating that the bears are active at higher levels.
Sellers will try to push the price down to the $0.60 support, which is likely to attract buyers. If the price rebounds from the $0.60 level, it would indicate that the bulls have not given up and are buying on the dip. The ADA/USDT pair may form a range of $0.60 to $0.75 for some time.
The bulls need to push the price above the 20-day EMA ($0.77) to weaken the bearish momentum. After buyers push the pair above the downtrend line, a new uptrend sign could be shown.
Related: Bitcoin to $74,000? Super Liquidity Whale Opens New 1,240BTC Short
Super liquidity price prediction
Hyper Liquid (HYPE) fell from its 20-day EMA ($43.88) on Tuesday, indicating a bull market is selling.
The $35.50 level is an important short-term support to watch. If the price sustains above $35.50, it suggests that selling pressure is decreasing. After that, the bulls will make another attempt to cross the overhead barrier at the 20-day EMA. If they are successful, Hyperliquid’s price could soar towards $52.
Conversely, a close below $35.50 indicates negative sentiment. After that, the HYPE/USDT pair could fall to $30.50.
Chainlink price prediction
Chainlink (LINK) entered a descending channel pattern again on Sunday, but the recovery is facing resistance near the 20-day EMA ($20.64).
Sellers are trying to push the price of Chainlink below the support line. If that happens, the selling could accelerate and the LINK/USDT pair could fall to $15.43. Such a move would result in a large range of $10.94 to $27 emerging.
Buyers will need to push the price above the resistance line to signal that the correction may be over. Thereafter, it could move towards the severe overhead resistance at $27.
Stellar price prediction
Stellar (XLM) is witnessing a tough battle between bulls and bears at the $0.34 breakdown level.
The XLM/USDT pair has formed an intraday candlestick pattern, showing indecision between bulls and bears. If the price declines below $0.31, sellers will take control. After that, the pair could start to fall to $0.25.
Conversely, a close above the moving averages suggests the bulls are back in the game. After Stellar price closes above the downtrend line, it may pick up upward momentum.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.