Bitcoin remains strong, with indicators pointing to a possible price break above $ 14,000. With these interpretations, most altcoins may perform relatively poorly in the short term.
ToReport Bitcoin Telegraph recorded 90% growth from last year and more than 190% from its $ 4,000 floor in March to its current price. This increase is gradual and without much fuss, and shows that those who bought bitcoins in 2020 are firm believers in this area.
Monthly candle closing price last month (October) at $ 13,798.99, slightly higher than the December 2017 candle closing at $ 13,789.68. The powerful performance of Bitcoin may attract trades waiting on the margins of the market or speculators.
In that case, the bitcoin move could accelerate again and surprise investors. This could lead to the relocation of investors from Altcoins to Bitcoin, and the Altcoin season seems to be over in the short term.
The crisis in the United States will be exacerbated by increasing restrictions due to the Corona virus and money laundering programs in Europe. With the US presidential election over the next two days, we are witnessing a political-geographical event that has usually endangered traditional markets in the past. At a time when the corona virus is angering American citizens and making everyday life difficult, markets are consciously watching the election results to identify the future policies of the US president. These consequences are not just social. Corona has taken the economy by storm in the early stages, with consequences for companies that are replacing bitcoin with cash with rapid inflation.
In three of the top five digital currencies listed in this analysis, there are likely to be upside opportunities. While the other two currencies may continue their downward trend. We examine the vital levels in these currencies that may lead to the beginning of a trend.
The price of Bitcoin on October 31 reached the resistance level of $ 13,973.50 and set a new price ceiling at $ 14,101.91. Although buyers failed to stabilize the price above this resistance, they did not allow the price to fall sharply.
This shows that traders are not in a hurry to close their positions, as they expect another attempt from buyers to push the price back above the resistance. The slope of both the 10-day moving average (EMA 10 – blue line in the picture) and the simple 50-day moving average (SMA 50 – red line in the picture) is bullish and the relative strength index (RSI) is in the saturation zone. We know that these factors lead to the superiority of buyers.
If the price of Bitcoin closes above $ 14,000, the next wave of uptrend could throw it up to $ 16,500. However, if cows fail to stabilize prices above this psychological resistance, short-term traders may close their positions and sellers may enter the market. The first sign of a downtrend will be below the 10-day moving average (EMA 10 – blue line in the picture) at $ 13,309. As prices continue to fall and stabilize below the key support of $ 12,460, the advantage will rotate in the favor of sellers.
The price is currently trying to stabilize above the 10-day moving average. If that happens and the price moves above the resistance level of $ 13,973.50 to $ 14,101.92, another uptrend is likely to start.
However, the negative divergence observed in the RSI indicates that the price acceleration on the uptrend is weakening. If sellers lower the price below the 10-day moving average, it could continue to fall to $ 13,000. The key price area of $ 12,750 to $ 13,000 will also be attractive for re-entry buyers.
Baines Coin (BNB)
Binance coin fell below its $ 28.50 support on October 30, but managed to jump again and stabilize above this level. However, the daily Dodge Kendall on October 31 shows a lack of certainty between buyers and sellers.
Vendors in the current situation are trying to gain market dominance. With prices falling below $ 27.50, it is likely to continue to fall to $ 24.86. The bearish slope of the 10-day moving average (EMA 10 – blue line in the picture) and the relative strength index (RSI) in its negative area are another confirmation of the possibility of this movement.
On the other hand, if the price changes direction and moves above $ 28.50, there is a possibility that the price will enter the consolidation phase for a few days.
The four-hour price chart shows that the recovery wave from $ 27.5111 is facing strong resistance on the 10-day moving average. Any break below $ 28 will challenge $ 27.50 support. Below this level is the next support at $ 26.50.
The slope of both moving averages is down and the relative strength index (RSI) is in the saturation zone. These factors lead to the dominance of market bears. The downside view of the price will be eliminated with the price turning and moving above $ 29. Such a move indicates the accumulation flow at low levels and the possibility of price growth up to $ 30.50.
The price of Cardano went below the uptrend on October 26 and pulled back to support at $ 0.08991. In the current situation, buyers are trying to push the price above the moving average at $ 0.988.
However, the bearish slope of the 10-day moving average (EMA 10 – blue line in the picture) and the relative strength index (RSI) below 43 indicate the dominance of sellers in the market. With these interpretations, the price jump is faced with the resistance of moving averages.
If the price moves down from the resistance, the bears will try to break the $ 0.08991 support. Such a move would open the way for the price to fall to the support of $ 0.0755. This downtrend will be eliminated by moving and stabilizing the price above the moving averages and may cause it to jump to $ 0.11.
Buyers in the four-hour timeframe have pushed the price above the 10-day moving average. Price growth is possible up to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 0.09997. At this level, there is a possibility that the’s will return to the selling position.
Although the slope of the 50-day simple moving average is still declining, the 10-day moving average is trying to rotate upwards and the Relative Strength Index (RSI) has reached the middle. Taking into account these factors, it can be said that the sales pressure has been reduced in the short run.
However, if the price moves down from the current levels or the simple 50-day moving average, market bears will once again try to bring the price down below the support of $ 0.08991. In this case, the next downward wave of prices will be possible.
Bitcoin Cache (BCH)
The price of bitcoin cache forms a symmetrical triangle pattern in daily timeframes. This pattern often serves as a continuous pattern. Since this pattern does not indicate the uncertainty between the buyer and seller groups, it is better for traders to wait for a valid price break above the pattern in order to enter trades.
The slope of both bullish moving averages is rising and the Relative Strength Index (RSI) is above 59. So in the current situation there is superiority with buyers. As the price moves above the pattern, it will be possible for the price to continue to rise to $ 280 and $ 296.87.
On the other hand, if the price goes below the triangle, the price will fall to the key support of $ 242. The 50-day moving average (SMA 50 – red line in the picture) at $ 239 is also supported by this pattern. Therefore, there will be a possibility of buyers entering with this price drop to this level.
In the four-hour chart, we see that buyers have moved the price to the top of the top of the triangle pattern, but failed to stabilize it, and the price has returned to the pattern.
If the price jumps above the 10-day moving average (EMA 10 – blue line in the picture) or the simple 50-day moving average (SMA 50 – red line in the picture), buyers will try again to move it to the top of the pattern. In the event of such a move, it is possible to grow up to $ 280. The uptrend will be eliminated by the price breaking below the moving averages and falling below the symmetrical triangle pattern.
Chainlink price has been trading within an uptrend over the past few days. Although the rate of price growth has been slow, the price has successfully built higher ceilings and floors.
The price is currently correcting from the $ 13 resistance. Both are moving horizontally and the relative strength index (RSI) is in the middle. The set of these factors shows the balance between supply and demand.
There will be a possibility of buyers entering with the price falling to the bottom of the channel. If the price jumps strongly from this dynamic support, buyers will try again to push the price above the $ 13 resistance.
The bullish view of the price is eliminated by violating the support of the channel floor and it is possible to continue the fall to $ 8.3817 and then to $ 7.2869.
Buyers are also trying to keep the price above the uptrend line (purple line) in the current situation, and if they manage to raise the price from it, the price growth will be possible up to the mentioned target in 13.
However, the 10-day moving average (EMA 10 – blue line in the picture) is horizontal and the relative strength index (RSI) is fluctuating in its negative area. These factors indicate the return of bears to the market in the short term. If these people manage to bring the price down below the uptrend line, the price will go down to the bottom of the channel. If buyers support the price at the bottom of the channel, there is a possibility of price growth up to this line.