October has been a strong month for Bitcoin (BTC), with the price approaching the 2023 high of $31,805. However, it's important to note that major resistances are not easily cleared, and a minor dip is expected before further buying triggers a rally.
While the cooling of the United States dollar index (DXY) is a positive sign, the weakness in the S&P 500 Index (SPX) presents a negative sign. Additionally, the surging 10-year Treasury yield poses a risk to the rising cryptocurrency markets.
S&P 500 Index price analysis
The S&P 500 Index has faced resistance from bears, who successfully held the retest of the neckline of the head and shoulders pattern. The failure to push the price above the 50-day simple moving average has attracted aggressive selling by the bears.
The index is currently trying to halt its decline and any recovery attempt will face strong selling at the 20-day exponential moving average and then at the 50-day SMA. To signal that the correction may be over, the price will need to surpass 4,400.
U.S. dollar index price analysis
The U.S. dollar index is witnessing a battle between bulls and bears. The price attempted to reach the local high of 107.35, but the bears held their ground.
If the bears sustain the price below the breakout level of 106, profit booking may occur and the index could tumble to the 50-day SMA and then to 104.50. However, a rebound from this zone could push the index above 107.35 and eventually to 111.
Bitcoin price analysis
Bitcoin has made a decisive move, pushing the price above $31,000. However, the relative strength index (RSI) is in the overbought territory, suggesting a possible consolidation or correction in the short term.
If the price remains above $30,000, it will indicate that every minor dip is being purchased by the bulls. In this case, the bulls will attempt to clear the hurdle at $31,000. On the other hand, a sharp decline below $30,000 may suggest profit booking by traders, potentially sinking the price to the 20-day EMA.
Ether price analysis
Ether (ETH) broke above the moving averages, indicating that bulls are continuing to buy dips to the strong support at $1,531.
The 20-day EMA has started to turn up and the RSI is in the positive zone, suggesting that the bears may be losing their grip. If the price rises above $1,746, a rally to $1,880 could occur. However, a sharp decline from $1,746 could indicate continued range-bound action.
BNB price analysis
BNB broke above the downtrend line, invalidating the bearish descending triangle pattern. This failure of a bearish setup is a bullish sign.
If the price overcomes the horizontal resistance at $223, a rally to $243 and eventually $250 could occur. However, a quick decline below the moving averages may open the doors for a retest of the support at $203.
XRP price analysis
XRP rose above the moving averages and is attempting to push the price to the overhead resistance at $0.56.
If the price turns down sharply from $0.56, it will suggest that the XRP/USDT pair may continue to trade within the range. However, if buyers push the price above $0.56, a rally to $0.66 and subsequently $0.71 could occur.
Solana price analysis
Solana is experiencing a minor correction or consolidation after a sharp rally. The RSI is in the overbought territory, indicating a possible short-term correction.
If the price continues to decline, the bulls will try to halt the decline at $27.12 and then at the 20-day EMA.
Cardano price analysis
Cardano turned sharply from $0.24 and rose above the moving averages, indicating a potential sustained recovery.
If the price rises above the overhead zone between $0.27 and $0.28, the ADA/USDT pair will complete a triple bottom pattern and could rise to $0.32 and then $0.38. However, a break below $0.24 would shift the advantage to the bears.
Dogecoin price analysis
Dogecoin broke above the 50-day SMA, signaling the start of a relief rally.
If the price sustains above the 50-day SMA, the DOGE/USDT pair could rise to $0.07. However, if the price falls below $0.06, it would suggest that the bears are back in control.
Toncoin price analysis
Toncoin broke above the immediate resistance at $2.18, indicating the end of the corrective phase.
The TON/USDT pair could rise to $2.31 and then $2.59. However, a break and close below the support may suggest the bulls are losing their grip and could pull the price down to $1.89.
Please note that this article does not contain investment advice or recommendations. Readers should conduct their own research before making any decisions.
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