- November 1, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Bitcoin is struggling to clear the hurdle at $35,000, signaling the possibility of a short-term pullback.
Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward?
Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.
While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.
Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls tried to propel Bitcoin above $35,280 on Nov. 1 but the bears did not relent. This suggests profit-booking at higher levels.
The relative strength index (RSI) is still in the overbought zone, indicating that the consolidation may extend for a few more days. The important level to watch on the upside is $35,280 and on the downside is $33,390.
If the price breaks below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough battle between the bulls and the bears.
On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend. The pair may then climb to $40,000.
Ether price analysis
Ether (ETH) has been holding above the breakout level of $1,746 but the bulls are struggling to start the next leg of the uptrend. This suggests that the bears are trying to get back in the game.
The crucial level to watch on the downside is $1,746. If bulls flip this level into support, it will indicate that the sentiment has turned positive. That will enhance the prospects of a break above $1,865. The ETH/USDT pair may then surge to $2,000. The bears are expected to mount a strong defense at this level.
If bears want to gain the upper hand, they will have to tug the price back below the 20-day EMA ($1,723). That may catch the aggressive bulls on the wrong foot, leading to long liquidation. The pair may then slump to the 50-day SMA ($1,648).
BNB price analysis
The bulls are finding it difficult to maintain BNB (BNB) above $230, indicating that buying dries up at higher levels.
The BNB/USDT pair has turned down and reached the breakout level of $223. Buyers are likely to defend the zone between $223 and the 20-day EMA ($220). If the price rebounds off this zone, the bulls will again attempt to kick the pair toward the overhead resistance of $235.
On the contrary, if the price continues lower and breaks below the 20-day EMA, it will suggest that the bears are back in control. The pair may then tumble to the 50-day SMA ($214).
XRP price analysis
XRP (XRP) broke and closed above the overhead resistance of $0.56 on Oct. 30. This indicates the start of a new up-move.
The 20-day EMA ($0.54) has turned up and the RSI is in the overbought zone, indicating that the bulls have a slight edge. Buyers will try to build upon the advantage and push the price to $0.67.
Conversely, the bears will try to pull the price back below the breakout level of $0.56 and the 20-day EMA. If they manage to do that, the XRP/USDT pair may fall to the 50-day SMA ($0.52).
Solana price analysis
Solana (SOL) has been in a strong recovery. After hesitating for a few days near $34, the bulls asserted their supremacy and rose above the resistance on Oct. 30.
The buying continued and the bulls overcame the obstacle at the overhead resistance at $38.79 on Nov. 1. If buyers maintain the price above $38.79, the SOL/USDT pair could next attempt a rally to $48.
While the trend remains up, the overbought levels on the RSI suggest that the rally is overheated in the near term. That may make it difficult for the bulls to continue the up-move. A break and close below $38.79 may tempt short-term traders to book profits. That may sink the pair to $34.
Cardano price analysis
Cardano (ADA) turned down from the minor resistance at $0.30 on Oct. 31, indicating that the short-term traders are booking profits.
The nearby support on the downside is the 20-day EMA ($0.28). Buyers are expected to defend this level with vigor. If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying at lower levels. The ADA/USDT pair may then once again reach $0.30.
This view will be invalidated if the price continues lower and plummets below the 20-day EMA. Such a move will suggest that the pair may oscillate between $0.24 and $0.30 for a while longer.
Dogecoin price analysis
The bulls have been struggling to sustain Dogecoin (DOGE) above the $0.07 resistance, suggesting that higher levels are attracting sellers.
The bulls bought the dip to the 20-day EMA ($0.06) on Oct. 31 as seen from the long tail on the candlestick but they could not build upon this strength. Sellers are again trying to yank the price back below the 20-day EMA. If they succeed, it will suggest that bulls are losing their grip. The DOGE/USDT pair may then slump toward $0.06.
Alternatively, if the price once again rebounds off the 20-day EMA with strength, it will suggest that bulls are buying on dips. The bulls will then again try to clear the overhead hurdle at $0.07 and start the up-move to $0.08.
Related: Bitcoin crash pre-halving? Stablecoin metric that marked 2019 top flashes warning
Toncoin price analysis
Toncoin (TON) has formed a range between $1.89 and $2.31 for the past few days. The price turned down from $2.27 on Oct. 31 indicating that the bears continue to sell near the resistance.
The TON/USDT pair has slipped to the immediate support at the moving averages. If the price rebounds off this level with force, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. That will improve the prospects of a rally above the overhead resistance at $2.31. The pair may then surge to $2.59.
Contrarily, if the price continues lower and breaks below the moving averages, it will suggest that the range-bound action may continue for a few more days.
Chainlink price analysis
The bulls have been attempting to propel and sustain Chainlink (LINK) above the overhead resistance at $11.50 but the long wick on the candlesticks shows that the bears are active at higher levels.
The drop on Nov. 1, indicates that the bears are trying to pull the price to the 20-day EMA ($9.80), which is an important level to watch out for. If the price rebounds off this level, the bulls will again try to push the LINK/USDT pair above $11.50. If they do that, the pair may rise to $13.50 and then to $15.
On the other hand, sellers will be back in the driver’s seat if they sink and sustain the price below $9.50. That may open the doors for a further fall to the 50-day SMA ($8.06).
Polygon price analysis
Buyers tried to propel Polygon (MATIC) above the overhead resistance of $0.66 on Oct. 31 but the bears held their ground.
This suggests that the MATIC/USDT pair could consolidate in a tight range between $0.60 and $0.66 for some time. The rising moving averages and the RSI in the positive territory indicate advantage to the bulls.
If buyers shove the price above $0.66, the pair could start the next leg of the relief rally toward $0.77. However, the bears are likely to have other plans. They will try to sink the price back below $0.60 and trap the aggressive bulls.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
