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Key Points:
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For the first time in seven years, Bitcoin is in danger of ending October in the red.
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Several altcoins have dropped to their key support levels, indicating a sell-off in a rally.
Bitcoin (BTC) bulls are trying to hold the price above $110,000, but bears continue to apply pressure. This increases the risk that BTC will see its own the very first end of red October in seven years. After October’s dismal performance, 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 potential cycle peak based on its four-year halving cycle. However, several others, such as BitMEX’s Arthur Hayes, believe that the four-year BTC cycle is dead.
It is difficult to predict with certainty whether the four-year cycle has ended or not, but net outflow of $959.1 million of spot BTC exchange-traded funds over the past two days, according to data from Farside Investors, suggest that institutional investors are cautious in the near term.
What are the key support levels to watch in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC bounced off the bottom of the range near $107,000 on Thursday, suggesting bulls are aggressively defending the level.
The relief rally is expected to face selling at the 20-day EMA ($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 fall as low as $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 while longer.
Ether price prediction
ether (ETH) bounced off the support line of the descending channel on Thursday, signaling buying at lower levels.
The recovery could face selling at the moving averages. If this happens, the bears will again try to sink the price of Ether below the support line. If they succeed, the ETH/USDT pair could drop to $3,350.
Buyers will need to push the price above the moving average to keep the pair inside the channel. The next part of the move up is likely to start on a break and close above the resistance line.
BNB price prediction
BNB (BNB) is witnessing a fierce battle between bulls and bears at the 50-day simple moving average ($1,084).
If the price turns from the 20-day EMA ($1113) and closes below the 50-day SMA, it signals the start of a deeper correction. The BNB/USDT pair could drop to $1,021 and later to $932.
Conversely, if the price closes above the 20-day EMA, it indicates that the bulls are attempting a comeback. BNB price could then rise to the 38.2% Fibonacci retracement level of $1,156, which could attract sellers. A close above $1,156 clears the way for a rally to the 61.8% retracement level of $1,239.
XRP Price Prediction
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, signaling that the bears are trying to hold on to the advantage.
Sellers will look to strengthen their position by pulling XRP price down to the $2.32-$2.19 support zone. Buyers are expected to vigorously defend the support zone as a close below it could intensify selling. The XRP/USDT pair may then drop to $1.90.
Time is running out for the bulls. They will need to quickly push the price above the moving average to gain strength. A potential trend change will be signaled by a close above the descending trend line.
Solana price prediction
Solana (SALT) is trading inside a symmetrical triangle pattern, indicating indecision about the next directional move.
If the price breaks below the uptrend line, the SOL/USDT pair could collapse to solid support at $155. Buyers are expected to fiercely defend the $155 level as a break below it could sink the pair to $140.
If the price turns from the uptrend line and breaks above the 20-day EMA ($194), it suggests that the pair may remain inside the triangle for some time. Buyers will be back in the driver’s seat after pushing the Solana price above the resistance line.
Dogecoin price prediction
Buyers are trying to keep dogecoins (DOGE) above the $0.17 support, but a shallow bounce suggests bears are continuing to apply pressure.
If the $0.17 level is broken, the DOGE/USDT pair could drop to the $0.14 support. Buyers will try to keep Dogecoin price in a range by defending the $0.14 level, but if they fail in their efforts, the pair could fall to the $0.10 level.
The first sign of strength will be a break and close above the $0.21 overhead resistance. The pair may then climb to the 50-day SMA ($0.22) and later attempt a rally to the stiff overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued lower, breaking below $0.59 support on Thursday, signaling that the bears remain in control.
If the price remains below the $0.59 level, the ADA/USDT pair could collapse to solid support at $0.50. Buyers are expected to fiercely defend the $0.50 level as a drop below it could trigger a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) suggests that the bears are losing their grip. The price of Cardana could then climb to the $0.75 breakdown level and then to the descending trendline.
Related: XRP price continues to lose ground despite the upcoming Ripple Swell event
Hyperliquid price prediction
Sellers again thwarted bulls’ attempts to push the price of Hyperliquid ( HYPE ) above overhead resistance at $51.50 on Thursday. This pulled the price down to the 20-day EMA ($43.10).
Buyers are trying to defend the 20-day EMA, but the bears have kept up the selling pressure. If the price breaks below the 20-day EMA, the HYPE/USDT pair could drop to the line and then to $35.50.
This negative opinion will be canceled in the near future if the price of Hyperliquid rises above $51.50. The pair could then climb to an all-time high of $59.41.
Chain link price prediction
Buyers tried to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but the bears held on.
Falling moving averages and the relative strength index in negative territory suggest the bears remain in control. Chainlink price could then drop down to the $15.43 support where bulls are expected to enter.
Buyers will need to 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 out for.
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 will need to push and hold Bitcoin Cash price above the resistance line to signal a potential trend change. The BCH/USDT pair could then rise to $615 and later to $651.
Instead, if the price turns down and breaks below the 20-day EMA, it suggests that the pair may remain inside the descending wedge pattern for a few more days. The pair can move to $500 and then to $475.
This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.
