Bitcoin (BTC) Bounces Off $60,000
Bitcoin (BTC) bounced off the critical $60,000 level on October 4, signaling that bulls are attempting to form a higher floor. Lekker Capital’s Chief Investment Officer, Quinn Thompson, stated on X that buying Bitcoin near the $61,000 level is a “no-brainer.”
JPMorgan also made a bullish call for Bitcoin, indicating that rising geopolitical tensions and the upcoming U.S. election may favor both gold and Bitcoin. They noted, “The ‘debasement trade’ will likely reinforce this trend.”
Despite this, recent on-chain analytics from Santiment show a decline in mentions of “Uptober,” indicating a bearish sentiment among traders. Analysts suggest that if the $60,000 support level is violated, Bitcoin could drop to $52,000.
Bitcoin Price Analysis
The bulls are currently defending the 50-day simple moving average (SMA) at $60,461, indicating demand at lower levels. To improve prospects for a rally towards $66,500, buyers need to push and maintain the price above the 20-day exponential moving average (EMA) at $62,195.
If the price turns down and breaks below the 50-day SMA, the bears could gain control, leading the BTC/USDT pair to potentially skid to $57,500 and then to solid support at $54,000.
Ether (ETH) Price Analysis
Ether (ETH) has been trading within a symmetrical triangle pattern, indicating uncertainty about its next move. The 20-day EMA at $2,504 is turning down, with the RSI in negative territory, suggesting a slight advantage for the bears.
If the price drops from the 20-day EMA, bears may try to push the ETH/USDT pair below the uptrend line. To signal a comeback, bulls need to drive the price above the moving averages, which could allow the pair to reach the resistance line at a pattern target of $3,409.
BNB Price Analysis
BNB (BNB) fell below the 50-day SMA on October 1 but has not sunk below $527. The bulls are attempting to push the price back above the moving averages. If successful, the BNB/USDT pair could rally towards $635, where strong selling is anticipated.
If the price turns down from the moving averages, a drop below $527 could clear the path to $460.
Solana (SOL) Price Analysis
Solana (SOL) fell below the 50-day SMA on October 2, suggesting the price may remain stuck between $116 and $164 for a while. Bulls will aim to push the price back above the moving averages, but failing to do so could see the SOL/USDT pair slide to strong support at $116.
If buyers manage to push the price above the moving averages, a move towards $164 could occur, potentially completing an inverted head-and-shoulders pattern with a target of $208.
XRP Price Analysis
XRP (XRP) fell below the moving averages and uptrend line on October 2, indicating a loss of bullish momentum. The 20-day EMA at $0.57 is turning down, with the RSI in negative territory, suggesting that bears are in control. If minor support at $0.50 breaks, the XRP/USDT pair may drop to $0.46.
Bulls need to push the price back above the moving averages to signal a potential recovery, targeting $0.64 as a key hurdle.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has formed a symmetrical triangle pattern, reflecting indecision in the market. The moving averages are flattish, and the RSI is neutral, providing no clear advantage to either bulls or bears.
If the price sustains below the 50-day SMA at $0.10, bears may aim to push DOGE/USDT below support, potentially falling to $0.08. Conversely, if buyers push the price above the 20-day EMA at $0.11, a rally towards resistance could commence.
Toncoin (TON) Price Analysis
Toncoin (TON) is struggling to move above the moving averages, indicating a lack of demand at higher levels. Bears may try to push the price towards solid support at $4.72. If this level breaks, it could complete a bearish head-and-shoulders pattern and trigger a downtrend towards $3.50.
To avoid this decline, buyers must quickly push the price above $6.14, allowing a potential rally to $7.
Cardano (ADA) Price Analysis
Cardano (ADA) has been range-bound between $0.31 and $0.40, indicating a pattern of buying on dips and selling on rallies. If buyers push the price above the moving averages, the ADA/USDT pair could rise to $0.40, where aggressive selling is expected.
To signal a new upward movement, buyers must overcome this barrier and aim for $0.45 and then $0.50. On the downside, bears need to sink and sustain the price below $0.31 to continue the downtrend.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) is testing the 50-day SMA at $24.66, an important near-term support level. A bounce from this level and a break above the 20-day EMA at $26.42 could push the AVAX/USDT pair towards the $31 to $33 overhead zone.
However, if the price drops below the 50-day SMA, it may indicate that bears have taken control, leading to a slide towards solid support at $19.50.
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) is currently engaged in a tough battle between bulls and bears near the 20-day EMA at $0.000016. If the bounce holds, it suggests bulls are trying to form a higher low, with a target price of $0.000022, where strong selling is expected.
Conversely, if the rebound fails, it may indicate a lack of demand from bulls, increasing the likelihood of a drop below the moving averages and potentially sliding to $0.000012.
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.
Ecosystem
Research
News Network
About