It has been proven that October is a stable month for Bitcoin (BTC), as prices have already surpassed the 2023 high of $31805. Generally speaking, the main resistance level will not be cleared first, as bears will fully attack to defend that level
It has been proven that October is a stable month for Bitcoin (BTC), as prices have already surpassed the 2023 high of $31805. Generally speaking, the main resistance level will not be cleared first, as bears will fully attack to defend that level. Therefore, a slight decline is expected, but this should not be seen as the beginning of negative emotions.
Bitcoin Price Analysis
After struggling to maintain above $30000 in the past three days, bulls took decisive action on October 23rd, pushing the price to $35000.
The significant increase in the past few days has pushed the Relative Strength Index (RSI) into the overbought zone, indicating that there may be consolidation or correction in the short term. During the decline, if the bulls do not allow the price to fall below $30000, it indicates that they will be bought every time there is a slight decline. Subsequently, bulls will once again attempt to break through the $31000 barrier.
If they succeed, the BTC/USDT currency pair may rise to $35400. It is expected that bears will do their utmost to defend this level, as if the resistance level of $35400 is cleared, the currency pair may soar to $40000.
On the contrary, if the price drops significantly below $30000, it indicates that the trader is taking profits. This may cause the price to drop to the 20 day moving average ($28428).
Ethereum
Ethereum (ETH) broke its moving average on October 21, indicating that bulls continued to buy on dips until the strong support level of $1531.
The 20 day moving average ($1608) has started to rise, and the RSI is in a positive range, indicating that bears may be losing control. The ETH/USDT currency pair may rise to $1800, and bears will attempt to prevent an increase.
If the bulls do not retreat too much from this level, the likelihood of rebounding above $1800 will increase. Subsequently, the currency pair may rise to $1980. On the contrary, if the price drops significantly from $1746, it indicates that the range fluctuations may continue for several days.
BNB
BNB broke through and closed above the downward trend line on October 22, invalidating the bearish downward triangle pattern. The failure of bearish setting is a bullish signal.
The BNB/USDT currency pair has reached a horizontal resistance level of $223. If this obstacle is overcome, the currency pair may rebound to $243 and then rise to $250. It is expected that bears will effectively defend this area.
If bears want to make a comeback, they will have to quickly pull prices below the moving average. This may open the door to retesting the important support level of $203. Breaking below this level may initiate the next stage of decline, falling to $183.
XRP
(XRP) rose above the moving average on October 19th, and since then, bulls have been maintaining prices above that level.
Bulls will attempt to push prices above the resistance level of $0.56. Within a range, traders typically sell when resistance levels rebound. If the price drops significantly from $0.56, it indicates that the XRP/USDT currency pair may remain within this range for a period of time.
Both moving averages gradually tilt upwards, and the RSI has risen to a positive range, indicating that bulls have the upper hand. If the buyer pushes the price above $0.56, the currency pair may start to rebound to $0.66 and then rise to $0.71.
SOL
On October 22nd, Solana, bears attempted to begin a pullback on Solana (SOL), but bulls did not give up too many positions. This indicates that bulls are not in a hurry to close their positions as they expect the upward trend to continue.
On October 23rd, buying resumed and bulls began to move upwards towards the $32.81 target, but bears once again sold at higher levels. The significant increase in the past few days has pushed RSI into the overbought zone, indicating that there may be slight adjustments or consolidation in the short term. If the SOL/USDT currency pair continues to decline from its current level, bulls will attempt to stop the decline at $27.12, followed by a 20-day moving average of $24.56.
ADA
Caldano (ADA) rose significantly from $0.24 on October 19th and rose above the moving average on October 21st.
Buying further increased, with bulls attempting to push prices up to the upper range between $0.27 and $0.28. If this happens, the ADA/USDT currency pair will complete a triple bottom pattern, marking the beginning of a sustained recovery. The currency pair may rise to $0.32 and then to $0.38.
If bears want to stop this rise, they will have to pull prices back below the moving average. When breaking through and closing below $0.24, the advantage will shift to bearish positions.
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(PAGE) 10 22 50 0.06
20 0.06 RSI 50 PAGE/USDT 0.07 0.08
The important support level worth noting in the downward direction is $0.06. If this level is eliminated, it indicates that bears have regained their dominant position. Subsequently, the currency pair may slide towards a key support level of $0.055.
TON
Toncoin (TON) broke through the direct resistance level of $2.18 on October 22nd, indicating that the correction phase is about to end.
Both moving averages tilt upwards, with RSI in a positive range, indicating a slight advantage for bulls. The TON/USDT currency pair may rise to $2.31 and then to $2.59. This level may witness strong selling by bears.
In any downward trend, bulls may defend the moving average. Breaking below and closing below this support level will indicate that bulls may lose control. This may lower the price to $1.89.
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