Key points:
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For the first time in seven years, Bitcoin is in danger of ending October in the red.
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Many altcoins have fallen to crucial support levels, indicating selling on the rallies.
Bitcoin (Bitcoin) The bulls are trying to keep the price above $110,000, but the bears continue to put pressure. This increases the risk of recording BTC for it First ever October red lockdown In seven years. After October’s dismal performance, all eyes are on November, which has an average return of 46.02%, according to CoinGlass data.
Many analysts are turning bearish on BTC, indicating this Possible cycle peak Based on a four-year half cycle. However, a few others, such as BitMEX’s Arthur Hayes, believe that BTC’s four-year cycle is over.
It is difficult to predict with certainty whether the four-year cycle has ended or not, however Net outflows: $959.1 million of BTC spot exchange-traded funds in the past two days, according to data from Farside Investors, suggests that institutional investors are cautious in the near term.
What are the critical support levels to watch for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price forecast
BTC rebounded from the bottom of the range near $107,000 on Thursday, suggesting that the bulls are aggressively defending this level.
The relief rally is expected to face a sell-off at the 20-day EMA ($111,557). If the price drops sharply from the 20-day EMA, this increases the probability of a breakout below $107,000. If this happens, the BTC/USDT pair will complete the double top pattern and may fall to $100,000.
Conversely, a breakout and close above the 20-day moving average suggests that Bitcoin price may remain within the $107,000 to $126,199 range for a longer period.
Ethereum price prediction
ether (Ethereum) bounced off the support line of a descending channel pattern on Thursday, indicating buying at lower levels.
The recovery may face selling at the moving averages. If this happens, the bears will once again try to sink the Ether price below the support line. If they can achieve this, the price of the ETH/USDT pair could drop to $3,350.
Buyers will have to push the price above the moving averages to keep the pair inside the channel. The next phase of the upward movement is likely to begin with a breakout and close above the resistance line.
BNB price forecast
National Bank of Bahrain (BNB Bank) is witnessing a tough battle between the bulls and the bears at the 50-day SMA ($1,084).
If the price falls from the 20-day EMA ($1,113) and closes below the 50-day SMA, this indicates the beginning of a deeper correction. BNB/USDT could fall to $1,021 and later to $932.
Conversely, if the price closes above the 20-day EMA, this indicates that the bulls are trying to make a comeback. BNB price could then rise to the 38.2% Fibonacci retracement level at $1,156, which could attract sellers. A close above $1,156 paves the way for a rise to the 61.8% retracement level at $1,239.
XRP price prediction
ripple(XRP) fell below the 20-day EMA ($2.54) on Thursday, suggesting bears are trying to hold the advantage.
Sellers will try to strengthen their position by pulling the XRP price to the support zone from $2.32 to $2.19. Buyers are expected to defend the support area strongly, as a close below it could intensify the selling. The XRP/USDT price may then fall to $1.90.
Time is running out for bulls. They will have to quickly push the price above the moving averages to gain strength. A potential trend change will be indicated by a close above the downtrend line.
Solana price forecast
Solana (Sol) is trading within a symmetrical triangle pattern, indicating indecision about the next trend move.
If the price slips below the uptrend line, the SOL/USDT pair could pull back to the strong support level at $155. Buyers are expected to strongly defend the $155 level, as a break below it could send the pair down to $140.
If the price rises from the uptrend line and breaks above the 20-day EMA ($194), this indicates that the pair may stay inside the triangle for some time. Buyers will be back in the driver’s seat after they push Solana’s price above the resistance line.
Dogecoin price forecast
Buyers are trying to hold Dogecoin (Doug) is above $0.17 support, but the shallow bounce suggests that the bears continue to apply pressure.
If it breaks the $0.17 level, the DOGE/USDT pair may fall to the $0.14 support level. Buyers will try to keep Dogecoin price within the range by defending the $0.14 level, but if they fail in their endeavors, the pair may fall to the $0.10 level.
The first sign of strength will be a breakout and close above the general resistance of $0.21. The pair may then rise to the 50-day simple moving average ($0.22) and later try to rise to the strong overall resistance at $0.29.
Cardano price prediction
cardano (Ada) continued its decline and broke below the $0.59 support level on Thursday, indicating that the bears are still in control.
If the price remains below the $0.59 level, the ADA/USDT pair may fall to the strong support level at $0.50. Buyers are expected to strongly defend the $0.50 level, as a break below it could start a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) indicates that the bears are losing their grip. Cardano price could then rise to the breakdown level at $0.75 and then to the downtrend line.
Related to: XRP price continues to decline despite the upcoming Ripple Swell event
Excessive liquids price forecast
Sellers once again thwarted the bulls’ attempts to push the price of Hyperliquid (HYPE) above the overhead resistance of $51.50 on Thursday. This brought the price down to the 20-day EMA ($43.10).
Buyers are trying to defend the 20-day EMA, but bears have continued selling pressure. If the price breaks below the 20-day EMA, HYPE/USDT could pull back to the neckline and then to $35.50.
This negative sentiment will be invalidated in the near term if Hyperliquid price rises and crosses the $51.50 level. The pair could then rise to an all-time high of $59.41.
Chainlink price prediction
Buyers tried to push Chainlink (connection) above the 20-day EMA ($18.24) on Wednesday, but the bears held their ground.
Bearish moving averages and the RSI in negative territory indicate that the bears are still in control. Chainlink price could then fall to the $15.43 support level, where the bulls are expected to intervene.
Buyers will have to push the price and maintain it above the 20-day EMA to indicate strength. The LINK/USDT pair could then climb to the resistance line, which is a critical level to pay attention to.
Bitcoin Cash price prediction
Bitcoin Cash (Biosafety Clearing-House) is stuck between the 20-day EMA ($530) and the resistance line for the past few days.
The bulls will have to push and maintain the price of Bitcoin Cash above the resistance line to indicate a possible trend change. BCH/USDT could then rise to $615 and later to $651.
Alternatively, if the price declines and breaks below the 20-day EMA, this indicates that the pair may remain within the falling wedge pattern for a few more days. The pair may slide to $500 and then to $475.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
