Previous data suggests that October is a good month for Bitcoin bulls, and the push above $47,600 could be a signal of what’s to come for BTC and other altcoins.
September stayed true to its billing as a historically weak period for crypto currencies. Bitcoin closed the month with a loss of about 7%, but October may bring cheer to the bulls because Bitcoin has risen in six of the past eight years.
BTC
The repeated disaster of the bears to sink Bitcoin below the 100-day simple moving average of $41,470 in the past few days could have attracted buying from aggressive bulls and short-covering from short-term traders. The bullish motion picked up after bulls pushed the price above the 20-day exponential moving average of $44,485.
ETH
The long wick on Ether’s candlestick shows that bears sold at higher levels but a positive sign is that bulls did not allow the price to break below the 100-d Aggressive buying in the past two days has pushed the price to the 50-day SMA ($3,290). The zone between the 50-day SMA and the downtrend line is critical for the bears to defend because if bulls push the price above it, the ETH/USDT pair could rise to $3,676.28.ay SMA ($2,794). This shows that bulls continued to accumulate at lower levels.
ADA
ADA bounced off the $2.02 level on , indicating that bulls are attempting to defend the zone between the psychological level at $2 and $1.94. The recovery could face stiff resistance at the 20-day EMA ($2.26).
If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the price below the 100-day SMA of $1.89.
BNB
The sharp rally in Binance Coin in the past two days suggests short-covering by the bears and buying by the aggressive bulls. The buyers have cleared the hurdle at the 20-day EMA of $384 and may now challenge the overhead resistance at $433. If the price turns down from $433 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips.
