Since the past two days, Bitcoin (BTC) has been trading above $33,600, indicating that the bulls are not rushing to exit. If the price does not give up much ground after a sharp rally, it may lead to Fear of Missing Out (FOMO) and trigger another round of buying. However, such rallies are often short-lived and Bitcoin may eventually drop to $32,000.
Bitcoin’s dominance in the market has risen to 54%, its highest level in 30 months. This indicates that Bitcoin is leading the charge higher, which is a positive sign. Traders are favorably viewing the cryptocurrency space, suggesting that select altcoins may soon join the rally.
Veteran trader Peter Brandt believes that Bitcoin’s bottom is in, but new all-time highs may not be reached until the third quarter of 2024. He predicts that Bitcoin will enter a “chop fest” for now.
It is uncertain whether Bitcoin will enter a corrective phase or continue its upward march in the next few days. To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin is currently facing resistance at $35,000, but the bulls have not given up much ground, indicating a potential resumption of the up-move. However, the relative strength index (RSI) remains in the overbought area, suggesting the possibility of a minor correction or consolidation. If the price drops below $33,679, Bitcoin could retest support levels at $32,400 and $31,000.
Ether (ETH) has shown bullish signs with a long wick on the Oct. 26 candlestick, indicating aggressive defense by bulls. If the price turns up from current levels and breaks above $1,855, it may soar toward $2,000.
BNB turned down from $235, suggesting bearish activity at that level. However, buyers are fiercely defending the support at $223. If the price rebounds from this level, BNB may attempt another rise toward $250 and $265.
XRP has been battling between bulls and bears near the overhead resistance of $0.56. If the price rebounds off the 20-day exponential moving average (EMA) of $0.52, it may try to breach $0.56 and reach $0.71. However, if the price falls below the 50-day simple moving average (SMA) of $0.51, it may enter a range-bound action between $0.46 and $0.56.
Solana has been trading near its pattern target of $32.81, and bulls have not given up ground, indicating they anticipate another leg higher. If the price remains above $30, it may rally to $38.79. However, if the support at $30 is breached, bears may push the price to the 20-day EMA of $27.20.
Cardano has been trading above $0.28, but the bulls have not started a strong rally. If the price turns up from $0.28 and rises above $0.30, it may march toward $0.32 and $0.38. However, a slide below $0.28 could cause the price to slump to the 20-day EMA of $0.26.
Dogecoin has been recovering strongly, indicating aggressive buying. If the price turns up from $0.07, it may reach $0.08. However, if it falls below $0.07, the price may slide to the 20-day EMA of $0.06.
Toncoin has found support at the moving averages, but bears have prevented a strong rebound. The TON/USDT pair may consolidate between $1.89 and $2.31 for a few days, but a sharp turnaround may lead to a break above $2.31 and a surge to $2.59.
Chainlink has faced selling pressure near $