Bitcoin (BTC) dominance has grown from 56% in early September to more than 63%. This indicates that market participants can convert the investment from alternative currencies to buy bitcoins. For this reason, many altcoins have either corrected or formed a selection.
As traditional markets look closely at the US presidential election, Grayscale CEO Barry Silbert believes that the price of bitcoin will rise regardless of the outcome as the next president continues to print more dollars.
Using data from CoinMetrics, Twitter user Julio Moreno recently confirmed that if Bitcoin can maintain more than $ 10,000 for another four days, 100 days will end above the critical level.
History shows that Bitcoin rally vertically after 100 days above a psychologically significant level. Bitcoin’s increase from $ 10 to $ 100, a tenfold increase, took only 122 days after spending 100 days over $ 10.
Similarly, the jump from $ 100 to $ 1,000 took place in two days, and the rally from $ 1,000 to $ 10,000 took place in 150 days. Therefore, investors are looking at whether Bitcoin continues to follow its priorities, or whether it chooses a new path.
Let’s examine the top 10 cryptocurrency charts to find the least resistance path.
Bitcoin / USD
The long tail of the last two candlesticks shows that bulls are accumulating on falls. However, the inability to hold Bitcoin (BTC) above $ 13,600 indicates that the Bears are trying to defend the resistance.
After a broad day on 28 October, price action can be suppressed for several days as both bulls and bears try to gain the upper hand.
Nevertheless, the bullish moving averages and RSI are still in the overbought zone, indicating that the path to least resistance is heading higher.
The bulls will once again try to push BTC / USD above $ 13,973.50, and if they succeed, the trend may continue.
Contrary to this assumption, if the index reverses from the current level and falls below the 20-day exponential moving average ($ 12,518), the trend may reverse in favor of the bears.
ETH / USD
Ether (ETH) is broken below the 20-day moving average ($ 385) today, but the bulls are trying to protect support at the 50-day SMA ($ 370). The uptrend line is also just below this level, and it is therefore likely that a reversal will be.
If the bulls manage to push the price down the downward line, the ETH / USD could rise to the upper resistance level of $ 420.50. A break above this level could increase the potential for the rally to $ 450 and then to $ 488,134.
On the other hand, if the bears fall the ETH / USD pair below the trend line, it could fall to $ 333 and then to $ 308,392.
Flat moving averages and RSI near the midpoint do not indicate an advantage for bulls or bears. Thus, the couple can stay in the area for several days.
XRP / US Dollar
After not staying above the $ 0.26-0.2295 range on October 22, XRP fell to support that range. However, the long tail of the candlestick today indicates that the bulls use this dip to buy.
It is difficult to predict the direction of a breakout from the area, so it is best to wait for the price to break above or below the area before investing heavily.
During the consolidation phase, the signals from the moving averages are unstable. The overbought levels of the RSI are seen as buying opportunities, and the overbought levels are used to make a profit because the range movement is expected to continue.
Directional movement can be expected if bears fall XRP / USD below support zone $ 0.2295 – $ 0.219712, while a break above $ 0.26 indicates that bulls are in control.
BCH / USD
The long week on the candle on October 28 shows that the bulls made a profit when Bitcoin Cash (BCH) failed to rise above $ 280. Although the bulls bought the lowest of October 29 against the 20-day moving average ($ 256), the price fell again today.
The RSI indicator went out of the symmetrical triangle, indicating that the bears are trying to return. If the bears manage to push the price below the 20-day EMA, it could fall to $ 242.