Bitcoin and other altcoins are facing selling at higher levels, meaning that short-term traders may be booking profits after the latest rally. Bitcoin’s rally above $50,000 seems to have received a boost from institutional buyers who are looking to hedge their portfolio against increasing inflation.
BTC
Bitcoin saw profit-booking but the bears could not pull the price below the breakout level of $52,920, which is a positive sign. The bulls tried to resume the up-move on but the long wick on the candlestick suggests selling at higher levels. The first support on the downside is $52,920 but if bears pull the price below this level, BTC could drop to the psychological level at $50,000.
ETH
Ether’s recovery rose above the immediate resistance at $3,676.28 today but the bulls may find it difficult to sustain the price above it. The RSI is close to the downtrend line, which could act as a resistance. If the price turns down from the current level, the first support is at the 20-day EMA ($3,324). A strong rebound off this level will indicate that sentiment remains positive and traders are buying on dips.
BNB
The bulls are struggling to sustain Binance Coin above $433, suggesting that demand dries up at higher levels. The price slipped back below $433 on Oct. 8 and the bears will now try to pull the price below the 20-day EMA ($409). If they succeed, the BNB/USDT pair could slide to the 100-day SMA ($379). Such a move could increase the possibility of the pair remaining range-bound between $320 and $450 for the next few days.
ADA
After several failed attempts in the past few days, the bulls managed to push and closed ADA above the 20-day EMA of $2.25. However, the long wick on the day’s candlestick showed that bears are active at higher levels. The price action of the past few days has formed a symmetrical triangle pattern, indicating that the bulls and bears are undecided about the next directional move. The 20-day EMA and the 50-day SMA ($2.47) are flat and the RSI is close to 50, indicating a balance between supply and demand.
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