Bitcoin (BTC) has recovered after falling below $60,000, indicating a solid buy at a low level. CEO of CryptoQuant mentioned that investors used the market form to achieve $840 million worth of Bitcoin futures at a decrease of up to $60,000.
This indicates that analysts are in a positive mood for the rest of the year and predict that the growth rate will continue. TechDev considers that the price action of Bitcoin in 2021 will pursue the same curve as in 2017. If that happens, Bitcoin could prepare for a sharp turnaround for the rest of the year.
It is suggested that Mastercard will announce the addition of crypto services to payment partners for banking partners and merchants. Mastercard has partnered with Bakkt’s platform to enable US-based users to buy, sell and store cryptocurrencies through wallets.
Has the Bitcoin adjustment been completed, and can it be increased to the new maximum of all time? If that happens, will the Altcoins resume uptrends? Let’s dive in.
The bulls are trying to maintain significant support for $60,000. Bitcoin has proceeded with its move and will now try to assert the battle area from $64,854 to $67,000.
The expanding 20-day aggressive moving mediocre and relative strength index in the positive area suggests that bulls are in control. The growth momentum could be even higher if the BTC/USDT pair closes above $67,000. This could open the door for $75,000 for a possible stock and $85,756.75 for a later target.
This growth vision will be canceled if the price falls again and falls below the 20-day EMA. This can cause short-term traders to panic sales and bring the price down to a 50-day moving average.
Ether fell to $4,027.88 on October 22, but the Bears failed to take advantage of that. The Bulls quickly regained the level on October 23, indicating a substantial decline in the buyout. The bulls thwarted another bear attempt to bring the price down to $4027.88 on October 24. If the bulls keep the price above $4,027.88, the ETH/USDT pair may rise to an all-time high of $4,375.
Breaking and closing above this resistance can start the readiness to a significant level up to $5000. If the price falls below the current level, the bears will try to bring the pair below the 20-day EMA. This is the first sign that the growth momentum may be weakening. The team could then fall to the 50-day SMA.
Dogecoin closed area trading amid the downtrend line, and the 20-day EMA rose on October 24. The strong momentum pushed the price above $0.27, though the bulls struggled to maintain higher levels. This suggests that bears provide upper resistance.
The DOGE/USDT pair may crash to the 20-day EMA. If the price recovers from this support, it indicates that the mood is upbeat, and traders are buying on the decline. This will increase the probability of a break of more than $0.28.
If that happens, the pair could rise to $0.32 and then to $0.35. If the bear falls below the moving average, the team may fall in the active support area from $0.21 to $0.19. Jumping out of this zone can keep the pair in the range for several days.
Solana’s October 24 figure reflects that traders were buying aggressively at low levels. Sustainable buying brought the price down to $218.93 on October 25. If the bulls keep the price above $216, the SOL/USDT pair can start moving up to $239.83. The rising 20-day EMA and RSI indicate that buyers have an advantage.
However, if the price falls below the current level, the bears are not in the mood. The pair may fall to $177.70 and stay between these levels for several days. A crack below $171.47 will be the early sign of failing, noted the pair to the trend line.
Cardano broke on October 24 and closed below the supporting line of the symmetrical triangle. This suggests that the uncertainty of the last few days may be resolved in favor of the bears.
If the bearish price falls below $1.09, the ADA/USDT pair may continue to move to solid support at $1.87. A marginally downward 20-day EMA and RSI below the midpoint indicate that sellers have a slight advantage.
This negative view will be canceled if the price rises above the current level and breaks above the triangle’s resistance line. As a result, the stock may rise to $2.47 and then to $2.80.
The LUNA traded up $45.01 on October 22. The 20-day EMA was down $40.03 on October 24, indicating that the price is hovering between the two levels. Slowly rising moving average and RSI indicate a slight advantage for buyers. If the bulls move above $45.01 and maintain the price, the LUNA/USDT pair could move up to the $49.54 all-time high.
A drop under $40 could put the team in a vital support area from $34.86 to $32.50. If this zone is cracked, sales may accelerate.
XRP fell down the 20-day EMA on weekends; that suggests that bulls are buying at a lower level. Buyers will manage to push the price above the downtrend line.
If they succeed, it means a change in the short-term trend. The XRP/USDT pair could reach $1.24, where the bears could further strengthen their resistance. If the price drops below this level, the pair could stay in the $1.24 to $1 range for several days.
Breaking and closing below $1 can take advantage of the tilt favoring the bears, causing a solid support zone to fall from $0.88 to $0.85. Conversely, breaks and closures above $1.24 could push the pair up to $1.41.
A DOT correction from $46.39 suggests that bulls are not in a hurry to exit. Rising moving averages and RSIs above 63 indicate bull dominance Buyers will now try to push the price above $46.39 and set an all-time high of $49.78. Breaking and closing this resistance may mark the start of a new uptrend with a target of $53.90.
If the price falls below the current overhead resistance level, it indicates that demand is falling to a higher level. The bears will then try to bring the DOT/USDT pair down $38.77. If this happens, the decline could extend to the 50-day SMA.