Investors are concerned about the stability of the cryptocurrency market after facing a flood of unfavorable news in recent days.

Fortunately, the markets have matured so much that negative news no longer causes the sharp price fluctuations that occurred in the early days of cryptocurrencies.

The current stability shows that institutional investors do not consider the recent KuCoin hack, the CFTC and Justice Department accusations against BitMEX, or even President Donald Trump’s coronavirus, serious enough to bring down the cryptocurrency market.

As such, there was no panic liquidation of Bitcoin (BTC) futures contracts after the news spread and the open interest remained stable.

To the upside, traders are using the price weakness caused by the dreaded reaction to increase their positions. If Bitcoin continues to remain above the psychological $ 10,000 critical level, more investors may consider adding their portfolios to their portfolios.

Despite the sideways movement in the Bitcoin price, some altcoins maintained an upward trend, while others are showing signs of a possible uptrend.

Let’s analyze the charts of the top 5 cryptocurrencies to find out the critical levels that could indicate the start of a trend.

Bitcoin / USD
The long-term trend in Bitcoin is bullish as the 200-day SMA is higher ($ 9,448). But in the short term, the 20-day fixed exponential moving average ($ 10682) and the RSI near its midpoint indicate an equilibrium between supply and demand.

The BTC / USD pair is currently stuck between $ 9,835 and $ 11,178 in recent days. A fracture above or below this area can initiate the exercise.

Between May and July, the couple was stuck in a confined space for about 80 days, and the current merger ended in about 30 days.

If the record repeats itself, the price can remain in the range for several days. Therefore, traders must be patient until the price moves out of the range.

A break of $ 11,178 can be combined with an initial target of $ 12,460, while a break below $ 9,835 and a 200-day SMA could increase sales as traders rush to close their positions.

The 4 hour chart shows that the price is trading inside a large symmetrical triangle. A half to three-fourths of the distance from the triangle to the top is reliable.

Thus, bulls and bears can try to break the triangle in the next few days. But if this does not happen and the price reaches the top of the triangle, the pattern is invalidated.

Cardano (ADA) (UTC) closed on September 23 during the 200-day simple moving average ($ 0.0837), but the bears failed to hold lows, and on September 24, the alt currency grouped above the long-term moving average.

This indicates that the bulls are aggressively defending the 200 day simple moving average. Price action in recent days shows the potential formation of an inverted head and shoulder pattern that will be completed with a breakout and close (UTC) above the neck.

The target for this install is $ 0.1331. This bullish trend will only take effect after price breaks through the throat.

Contrary to this assumption, if the ADA / USD pair falls from the current level or neckline and falls below the 200-day simple moving average, it will invalidate the pattern. This could attract strong sales with next support of $ 0.050.

The 4 hours chart shows that the bulls are struggling to push the price above $ 0.1040440 upper resistance. This indicates that the bears are increasingly selling for this resistance.

The bearish moving averages and the RSI in negative territory indicate that the bears have little advantage in the short term. If the price falls below $ 0.0898, the bears will try to push the price down to the important support level of $ 0.074.

On the contrary, if the bulls can press and keep the price above the moving average, they can move towards $ 0.1040440 and then the neckline.

Monero (XMR) broke $ 97.70 upper resistance on September 29th, and the breakout level was tested again on October 2nd.

Source: CoinTelegraph