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Key points:
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For the first time in seven years, Bitcoin is at risk of ending October in the red.
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Several altcoins have fallen to their crucial support levels, indicating selling in rallies.
Bitcoin (BTC) the bulls tried to keep the price above $110,000, but the bears continued to exert pressure. That increases the risk of BTC registration first closed red October in seven years. After the unfortunate performance of October, all eyes are on November, which has an average return of 46.02%, according to CoinGlass data.
Several analysts are turning bearish on BTC, signaling a loop potential peak based on its half cycle of four years. However, a few others, such as BitMEX’s Arthur Hayes, believe that BTC’s four-year cycle is dead.
It is difficult to predict with certainty whether the four-year cycle is over or not, but the net flows of $959.1 million from spot BTC exchange-traded funds in the past two days, according to data from Farside Investors, indicating that institutional investors are cautious in the near term.
What are the crucial support levels to watch for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price forecast
BTC bounced off the bottom of the range near $107,000 on Thursday, indicating that bulls are aggressively defending the level.
The relief rally is expected to face selling at the 20-day exponential moving average ($111,557). If the price drops sharply from the 20-day EMA, it increases the probability of a break below $107,000. If this happens, the BTC/USDT pair will complete a double top pattern and may dive to $100,000.
Conversely, a break and close above the 20-day EMA suggests that the price of Bitcoin may remain in the range of $107,000 to $126,199 for a longer time.
Ether price forecast
ether (ETH) bounced off the support line of the descending channel pattern on Thursday, signaling buying at lower levels.
The recovery could hurt sales to the mobile media. If this happens, the bears will again try to sink the price of Ether below the support line. If they can pull it off, the ETH/USDT pair could hit $3,350.
Buyers have to push the price above the moving averages to keep the pair in the channel. The next stage of the movement is likely to start on a break and close above the resistance line.
BNB price forecast
BNB (BNB) is witnessing a tough battle between bulls and bears at the 50-day simple moving average ($1,084).
If the price drops from the 20-day EMA ($1,113) and closes below the 50-day SMA, it signals the beginning of a deeper correction. The BNB/USDT pair could drop to $1,021 and later to $932.
On the contrary, if the price closes above the 20-day EMA, it suggests that the bulls have tried to recover. The BNB price could then rally to the 38.2% Fibonacci retracement level of $1,156, which could attract sellers. A close above $1,156 clears the path for a rally to the 61.8% retracement level of $1,239.
XRP price forecast
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, signaling that the bears are trying to hold on to the lead.
Sellers will try to strengthen their position by pulling the XRP price to the support zone of $2.32 to $2.19. Buyers are expected to defend the support zone with vigor, as a close below could intensify the sale. The XRP/USDT pair may then drop to $1.90.
Time is up for the bulls. They must quickly push the price above the moving averages to gain strength. A potential trend change will be signaled on a close above the downtrend trend line.
Solana price forecast
Solana (SOL) was traded in a symmetrical triangle pattern, indicating indecision about the next directional move.
If the price skids below the uptrend line, the pair SOL / USDT could tumble to the solid support at $155. Buyers are expected to fiercely defend the level of $155, as a break below can sink the pair to $140.
If the price returns from the uptrend line and breaks above the 20-day EMA ($194), it suggests that the pair can stay in the triangle for a little longer. Buyers will be back in the driver’s seat after pushing the Solana price above the resistance line.
Dogecoin price forecast
Buyers try to keep Dogecoin (DOGE) above the $0.17 support, but the shallow bounce suggests that the bears will continue to exert pressure.
If the $0.17 level cracks, the DOGE/USDT pair could drop to the $0.14 support. Buyers will try to keep the price of Dogecoin in the range by defending the level of $0.14, but if they fail in their effort, the pair could fall to the level of $0.10.
The first sign of strength will be a break and close above the resistance above $0.21. The pair may then climb to the 50-day SMA ($0.22) and later try a rally to the stiff resistance above $0.29.
Cardano price forecast
Cardano (ADA) continued lower and broke below the $0.59 support on Thursday, signaling that bears remain in control.
If the price remains below the $0.59 level, the ADA/USDT pair could dive to the solid support at $0.50. Buyers are expected to fiercely defend the $0.50 level, as a drop below may start a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) suggests the bears are losing their grip. Cardano price could then climb to the $0.75 breakout level and then to the downtrend trend line.
Related: XRP price continues to lose ground despite the upcoming Ripple Swell event
Hyperliquid price prediction
Sellers rebuffed bulls’ attempts to push the Hyperliquid (HYPE) price above the $51.50 overhead resistance on Thursday. That pulled the price to the 20-day EMA ($43.10).
Buyers are trying to defend the 20-day EMA, but bears are maintaining selling pressure. If the price breaks below the 20-day EMA, the HYPE/USDT pair could fall to the neck and then to $35.50.
This negative view will be invalidated shortly if the price of Hyperliquid returns and breaks above $51.50. The pair could then rise to an all-time high of $59.41.
Chainlink price forecast
Buyers tried to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but the bears are holding their ground.
Downsloping moving averages and relative strength indices in negative territory suggest that the bears remain in control. The price of Chainlink could then hit the $15.43 support, where the bulls are expected to move.
Buyers should push and hold the price above the 20-day EMA to signal strength. The LINK/USDT pair could then climb to the resistance line, which is a critical level to watch.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($530) and the resistance line for the past few days.
Bulls need to push and hold Bitcoin Cash price above the resistance line to signal a potential trend change. The BCH/USDT pair could then rally to $615 and later to $651.
Instead, if the price goes down and breaks below the 20-day EMA, it suggests that the pair can stay in the falling wedge pattern for a few more days. The pair can drop to $500 and then to $475.
This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.
