Bitcoin’s BTCUSD recovery attempt on October 22nd was met with solid selling pressure from the bears, and the price fell to nearly $66,000 on October 23rd. Bitcoin’s pullback led to a net outflow of $79.1 million from US-based Bitcoin exchange-traded funds on October 22nd. This is the first net negative inflow since October 10, according to data from Pharside Investors.
Despite the short-term correction, analysts are bullish on Bitcoin’s rally following the US presidential election. David Rowant, head of research at FalconX, told Bloomberg that Bitcoin is “likely to do well” regardless of the election outcome.
Veteran investor Paul Tudor Jones told CNBC that after the U.S. election, “all roads lead to inflation,” and that he had “a small basket of gold, Bitcoin, commodities, and the Nasdaq.” “There is,” he said.
Will Bitcoin’s short-term support hold? Could altcoins begin a recovery? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price analysis
Bitcoin has returned to its 20-day exponential moving average ($65,526), providing notable short-term support.
A strong bounce off the 20-day EMA indicates aggressive buying on the push and suggests bullish sentiment. The buyer will then make another attempt to push the BTCUSDT pair above $70,000. If they can pull it off, the rally could stretch to $72,000. Sellers are expected to pose strong challenges in the $72,000 to $73,777 zone.
On the downside, a close below the 20-day EMA will weaken the positive momentum. After that, the pair could fall to the 50-day simple moving average ($62,295). This suggests that range-bound action will continue for the next few days.
Ether price analysis
Ether (ETH) re-entered the symmetrical triangle on October 22nd, indicating that the market rejected the breakout.
The selling accelerated on October 23rd and the price fell below the 20-day EMA ($2,568). There is small support at the 50-day SMA ($2,487), but if this level cannot be sustained, the ETHUSDT pair could fall to $2,400 and then $2,330.
If, contrary to this assumption, the price rebounds from the 50-day SMA, it would suggest demand at lower levels. The bulls will once again try to push the price back up to $2,850, but this is likely to act as a strong barrier.
BNB price analysis
BNB (BNB) is below the 20-day EMA ($585), which is an important support to watch in the short term.
If the price closes above the 20-day EMA, it would indicate that the bulls are defending the level. If this happens, it will likely rise to the resistance level above $635, which is likely to act as a strong barrier.
Alternatively, if the price closes below the 20-day EMA, it would suggest that the bulls are locking in profits. The BNBUSDT pair may then fall to the 50-day SMA ($565) and then to solid support at $527. Such a move would suggest the pair to extend its stay within the $460-$635 range.
Solana price analysis
Solana (SOL) is sustaining above the $164 breakout level, but the bulls are having trouble initiating an upward move. If the price cannot push above $172, the bears could strengthen.
Sellers will then try to push the price back inside the triangle and trap the aggressive bulls. If this happens, the SOLUSDT pair could fall to the 20-day EMA ($155). If the price bounces off the 20-day EMA, the bulls will once again try to push the pair above $172 and start an upward move. If it is successful, the pair could rise to $189.
Conversely, if the price falls below the 20-day EMA, the bears will try to drag the pair to the uptrend line.
XRP price analysis
XRP (XRP) broke below the uptrend line on October 22nd, indicating that the bears are trying to take control.
The XRPSDT pair could fall to the strong support at $0.50. This is an important level for bulls to defend, as a break below and close could result in a further decline to $0.46.
On the upside, the bulls will need to push the price above the 50-day SMA ($0.55) and sustain it to show strength. Thereafter, the pair may attempt a rally to the overhead resistance level at $0.64.
Dogecoin price analysis
The bears are attempting to pull Dogecoin (DOGE) towards the breakout level from a symmetrical triangle pattern.
An uptrend at the 20-day EMA ($0.12) and an RSI in overbought territory points in favor of buyers. If the price moves up from current levels or rebounds strongly from resistance, it is a signal to buy on the edge. This will increase the chances of a rally above $0.15. The DOGEUSDT pair could rise to $0.17 and then $0.19.
This optimism will likely be negated in the short term if prices fall and re-enter the triangle. After that, the pair could fall to the 50-day SMA ($0.11).
Toncoin price analysis
Toncoin (TON) continues to trade below its moving average, indicating a lack of demand at higher levels.
The $5 level should be watched as support for the time being. If this level breaks, the TONUSDT pair may test the $4.72 to $4.44 support zone. A break below the support zone will complete a bearish head-and-shoulders pattern, so we expect buyers to defend the support zone vigorously.
If the bulls want a comeback, they will need to push the price above the moving averages. The pair will then attempt a rally to $7. Sellers will try to halt the recovery at $6, but that level is likely to be exceeded.
Cardano price analysis
Cardano (ADA) continues to trade within a narrow range of $0.33 to $0.37, suggesting a tough battle between bulls and bears.
The flat moving average and RSI near 50 suggest that the ADAUSDT pair may spend some more time in the range. If the price falls below the moving averages, the bears will try to build an advantage by pushing the pair below $0.33. If that happens, the pair could fall to the key support at $0.31.
On the other hand, if the price moves up from the moving averages, the bulls will try to overcome the $0.37 barrier. If successful, the pair could reach $0.40 and sellers are likely to take solid defensive measures.
Avalanche price analysis
Avalanche (AVAX) continues to trade within a symmetrical triangle pattern, showing some indecision between bulls and bears.
The flat 20-day EMA ($27.52) and RSI just below the midpoint do not indicate a clear advantage for either bulls or bears. The AVAXUSDT pair may test the support line if the price falls below the 50-day SMA ($26.27).
Bulls are expected to buy a dip to the support line. If the price rises sharply from the support line, it indicates that the pair may remain inside the triangle. Conversely, a break below the support line will open the way for a fall to $20 and then $17.
Shiba Inu price analysis
The failure of the bulls to initiate a rebound from Shiba Inu (SHIB)’s 20-day EMA ($0.000018) has increased the risk of a breakdown.
If the price closes below the 20-day EMA, the SHIBUSDT pair could plummet to the 50-day SMA ($0.000016). This suggests that the pair may remain within the $0.000012 to $0.000020 range for some time.
If buyers want to maintain their advantage, a rebound from the 20-day EMA will need to start quickly. Thereafter, the pair is likely to rise to $0.000020 and the bears are expected to sell aggressively.
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 decisions.
