Bitcoin Charts Point To Bottom: Will Altcoins Follow? – Crypto News

Key points:

• Bitcoin is attempting a recovery from $80,600, which several analysts believe to be a bottom. 

• Several altcoins are struggling to start a rebound, indicating a lack of demand from buyers.

Bitcoin (BTC) dropped roughly 8% last week, but lower levels attracted buyers. The bulls are striving to push the price above $88,000 at the start of the new week. Inflows of $238.4 million into spot BTC exchange-traded funds on Friday, according to Farside Investors’ data, indicate that the bulls are again becoming active.

Analysts at wealth manager Swissblock said in a post on X that the sharply declining risk-off signal indicates a reduction in selling pressure, suggesting that the “worst of the capitulation” may be over for now. They added that fading selling pressure and a weaker second selling wave will confirm a more reliable bottom.

BitMEX co-founder Arthur Hayes said in a post on X that BTC may chop below $90,000 and possibly fall into the low $80,000 levels. The ex-BitMEX chief executive expects the $80,000 level to hold.

Could BTC and the major altcoins start a sustained recovery, or will higher levels attract sellers? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) turned up from the 6,550 support on Friday, and the bulls are attempting to extend the recovery on Monday.

The relief rally is expected to face selling in the zone between the moving averages and the resistance line. If the price turns down from the overhead zone, the bears will again try to pull the index below 6,550. If they can pull it off, the index could plummet to the 6,350 level.

On the other hand, a break and close above the resistance line indicates that the corrective phase may be over. The index could then retest the all-time high at 6,920.

US Dollar Index price prediction

The US Dollar Index (DXY) has been facing resistance near the 100.50 level, but a positive sign is that the bulls have not ceded much ground to the bears.

The gradually upsloping moving averages and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside. If the price breaks above the 100.50 level, the index could surge to the 102 level. A close above the 102 resistance will complete a rounding bottom pattern, signaling a potential trend change.

Sellers will have to pull the price below the 20-day exponential moving average (99.62) to weaken the bullish momentum. The index could then drop to the 50-day simple moving average (98.81).

Bitcoin price prediction

BTC is attempting a recovery after having plunged to $80,600 on Friday, but higher levels are likely to attract sellers.

The 20-day EMA ($94,620) is likely to act as a major hurdle on the upside. If the Bitcoin price turns down sharply from the 20-day EMA, it suggests that the sentiment remains negative and the bears are selling on rallies. That heightens the risk of a drop to the $73,777 level, where the bulls are expected to step in.

Buyers will have to push and maintain the price above the 20-day EMA to gain strength. The BTC/USDT pair may then climb to the psychological level of $100,000.

Ether price prediction

Ether (ETH) is attempting to start a recovery, which may encounter significant resistance in the zone between the 20-day EMA ($3,148) and $3,350.

If the price turns down from the overhead zone, the bears will attempt to resume the downtrend. A break and close below $2,623 signals the start of the next leg of the downmove to $2,400 and then to the $2,111 level.

Instead, if buyers thrust the Ether price above $3,350, the ETH/USDT pair could reach the 50-day SMA ($3,659). A close above the 50-day SMA suggests the bulls are back in the game.

XRP price prediction

XRP (XRP) rebounded off the support line on Saturday, indicating that the bulls are trying to keep the price inside the descending channel pattern.

The bears are unlikely to give up easily and will try to halt the relief rally at the moving averages. If the price turns down sharply from the moving averages, the sellers will again attempt to pull the XRP/USDT pair to $1.61.

On the contrary, a break above the moving averages could push the price to the downtrend line. Buyers will have to pierce and sustain the XRP price above the downtrend line to suggest a potential trend change.

BNB price prediction

BNB (BNB) is attempting a recovery after hitting $790 on Friday, but the sellers are expected to enter at higher levels.

If the price turns down sharply from the $860, it suggests that the bears have flipped the level into resistance. That increases the possibility of a break below $790. The BNB/USDT pair could then plummet to $730.

The 20-day EMA ($920) remains the key overhead resistance to watch out for. A break and close above the 20-day EMA suggests that the market has rejected the break below $860. The BNB price may then rally to $1,019.

Solana price prediction

Solana (SOL) is trying to take support at the $126 level, but the shallow rebound suggests a lack of aggressive buying by the bulls.

If the price turns down from the current level or the 20-day EMA ($145), it suggests that the bears are active at higher levels. The SOL/USDT pair then risks a drop below the $126 support. If that happens, the Solana price could tumble to $110 and subsequently to $95.

Contrarily, a break and close above the 20-day EMA indicates that the bulls are attempting a comeback. The pair could then attempt a rally to the 50-day SMA ($174).

Related: Zcash down 30% from November’s top: Will ZEC price crash further?

Dogecoin price prediction

Dogecoin (DOGE) bounced off the $0.15 support on Saturday, indicating that the bulls are defending the level.

The positive divergence on the RSI suggests that the selling pressure is reducing. Buyers will have to drive the Dogecoin price above the 20-day EMA (0.16) to signal strength. The DOGE/USDT pair may then climb to the 50-day SMA ($0.18).

Alternatively, if the price turns down sharply from the 20-day EMA, the bears will again try to drag the pair below $0.14. If they succeed, the pair could collapse to the Oct. 10 low of $0.10.

Cardano price prediction

Cardano (ADA) is attempting to take support at $0.38, but the weak bounce suggests the bears are in no mood to let go.

If the price turns down from the current level and breaks below $0.38, the ADA/USDT pair could resume its downtrend. The Cardano price could descend to the Oct. 10 low of $0.27.

The $0.50 resistance is the crucial level to watch out for on the upside. If the price turns down from $0.50, it suggests that the bears remain in control. That puts the $0.38 level at risk of breaking down.

Conversely, a close above $0.50 indicates that the bears are losing their grip. The pair could then rally toward the 50-day SMA ($0.60).

Bitcoin Cash price prediction

Bitcoin Cash (BCH) turned up sharply from the $443 support on Friday and soared above the resistance line of the falling wedge pattern.

The bears are trying to pull the price back into the wedge, but the bulls have held their ground. If the price turns up and breaks above $568, it signals the start of a new up move to $615 and then $651.

This positive view will be invalidated in the near term if the Bitcoin Cash price turns down and breaks below the moving averages. Such a move suggests the break above the resistance line may have been a bull trap. The BCH/USDT pair could then retest the $443 support.

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.