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Price analysis 10/7: BTC, ETH, XRP, BCH, BNB, DOT, LINK, LTC, CRO, BSV

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Crypto prices may be in a rut but that doesn’t mean product development and acquisitions cease to occur. This week Japanese financial firm SBI Holdings acquired a 100% stake in TaoTao cryptocurrency exchange. 

With the latest acquisition, SBI now owns two cryptocurrency trading platforms. This suggests that the financial conglomerate is betting on an increase in cryptocurrency trading in Japan and is positioning itself to benefit from it.

While countries like China and South Korea have not fully embraced digital currencies, they are racing ahead in testing the feasibility of a central bank digital currency. The South Korean central bank recently announced that it will start the final build and distribution phase of the CBDC pilot scheme next year. However, the central bank has not revealed any plans to launch the CBDC yet. 

Daily cryptocurrency market performance. Source: Coin360

In other news, the United Kingdom’s Financial Conduct Authority believes that retail traders could lose money if they trade in cryptocurrency derivatives products and exchange-traded notes. Therefore, the regulator has banned these products for retail consumers. 

At the moment, it seems that negative news is dominating the crypto sector and prices, along with investor sentiment is suffering as a result. One positive is, with depressed prices at least comes the opportunity to open new long positions. 

Let’s take a look at the charts to see what opportunities exist.

BTC/USD

Bitcoin (BTC) is currently stuck in a tight range as seen from the narrowing of the Bollinger Bands. Previous instances of similar tightening resulted in strong trending moves. There was an up-move toward the end of July, and a downside break in early September.

BTC/USD daily chart. Source: TradingView

Although it is difficult to predict the direction of the breakout from the Bollinger bands, the relative strength index may provide some insight as it is considered a leading indicator for anticipating price movements.

Currently, the RSI is in a symmetrical triangle, which shows indecision among the bulls and the bears. If the RSI breaks and sustains above the triangle, it will signal a possible breakout in the price above $11,200. 

Conversely, if the RSI breaks and sustains below the symmetrical triangle, it will increase the likelihood of a retest of the critical support at $9,835.

ETH/USD

Ether (ETH) again turned down from the middle band, which is the 20-day simple moving average. This suggests that the bears are selling on relief rallies to this resistance level.

ETH/USD daily chart. Source: TradingView

If the bears sink the price below the lower band and the critical support at $308.392, the ETH/USD pair could start a downtrend that may result in a fall to $240. The RSI has been trading below the 50 level for the past few days, which shows advantage to the bears.

However, the lower band is currently flat and the bulls are likely to buy a dip to this support. The first sign of strength will be a break and close (UTC time) above the downtrend line. A break above the upper band may signal the resumption of the uptrend. 

XRP/USD

XRP attempted to rise above the upper band on Oct. 6 but the bulls could not sustain the breakout. However, a positive sign is that the buyers purchased the dip to the middle band at $0.240 and are again attempting to push the price above the upper band.

XRP/USD daily chart. Source: TradingView

The bands are currently flat and the RSI has risen into positive territory, which suggests that selling pressure has reduced and a few days of range-bound action is likely.

However, if the bulls push the price above the upper band and $0.26, it will increase the possibility of a rally to $0.303746. This level might act as stiff resistance but if the bulls can drive the price above it, the XRP/USD could retest $0.326724.

BCH/USD

Barring the period between July 25-Sep. 3, Bitcoin Cash (BCH) has largely remained range-bound since April. The narrowing Bollinger Bands suggest that the price is again stuck in a tight range.

BCH/USD daily chart. Source: TradingView

The bulls pushed the price above the middle band on Oct. 6 but they could not sustain the higher levels and the price again dipped back into the lower half of the Bollinger Bands.

The RSI has been trading below the 50 level for the past few days, which suggests that the bears have the upper hand. If the bears can sink the price below the lower band at $209 and the long-term support at $200, a downtrend to $140 is possible.

This negative view will be invalidated if the bulls can push the price above the upper band at $235 and the overhead resistance at $242. Above this level, the BCH/USD pair could rally to $296.87.

BNB/USD

Binance Coin (BNB) turned down from just below the $29.5646 resistance on Oct. 5, which suggests that the bears are selling on rallies. However, a positive sign is that the bulls are buying the dips to the middle band at $26.68. 

BNB/USD daily chart. Source: TradingView

The flattening of the Bollinger Bands and the RSI near the midpoint suggests further consolidation for the next few days.

If the BNB/USD pair rebounds off the current levels, the bulls will make one more attempt to break above the $29.5646 resistance and the upper band at $30.43. If they succeed, it could suggest the resumption of the uptrend with the first target at $33.3888 and above it $39.

Contrary to this assumption, if the bears sink the price below the middle band, a drop to the lower band at $22.94 is possible. 

DOT/USD

Polkadot (DOT) turned down sharply on Oct. 7 and has dropped close to the critical support at $3.5321. The bulls are currently attempting to buy the drop to the lower band at $3.61.

DOT/USD daily chart. Source: TradingView

However, if the bulls fail to push the price above the resistance line within the next few days, the bears will make one more attempt to sink the DOT/USD pair below $3.5321. If they succeed, the pair will complete the descending triangle.

Although the pattern target of the bearish setup is much lower, the bulls will try to arrest the decline at $2.60 and below it at $2. 

The price has been trading in the lower half of the Bollinger Bands for the past few days and the RSI has dropped close to 39, which suggests that the path of least resistance is to the downside.

This bearish view will be invalidated if the pair rises from the current levels and breaks above the resistance line.

LINK/USD

Chainlink (LINK) turned down from the middle band on Oct. 6 and that has kept the price in the lower half of the Bollinger Bands. The RSI has been trading in the negative zone for the past few days, which suggests that the advantage is with the bears. 

LINK/USD daily chart. Source: TradingView

The bears will now try to sink the LINK/USD pair below the lower band at $8.05 and the critical support at $6.95. If they succeed, the downtrend could extend to the next support at $4.30.

However, the bulls are currently attempting to defend the lower band. If they can push and sustain the price above the middle band, it will suggest that the selling pressure has reduced.

The lower band is flat and the width of the bands is narrowing gradually, which suggests that the pair could enter a period of consolidation.

LTC/USD

The Bollinger Bands are narrowing and the RSI has risen close to the center, which suggests that Litecoin (LTC) could consolidate in a tight range for a few days. The altcoin could oscillate between the upper and the lower band during this period.

LTC/USD daily chart. Source: TradingView

This neutral view will be invalidated if the bulls can push and sustain the price above the upper band at $48.56. Such a move could result in a move to $52.50, where the bulls are likely to face stiff resistance.

However, if the bulls can push the price above $52.50, the uptrend could pick up momentum and rally to $64.

The trend will turn in favor of the bears if they can sink the LTC/USD pair below the lower band at $43.11 and the critical support at $39.

CRO/USD

Crypto.com Coin (CRO) rebounded off the $0.144743 support and turned down from $0.149853 on Oct. 6. This signals a lack of demand at these levels because the bulls are not confident that the correction is over.

CRO/USD daily chart. Source: TradingView

The lower band is flat and is placed just below the critical support at $0.144743. The bears will have to break below the lower band at $0.140 to intensify the selling and complete a descending triangle that has a target objective of $0.10607.

This view will be invalidated if the CRO/USD pair rises from the current levels or rebounds off the lower band and breaks above the resistance line of the descending triangle. Above this level, a move to the upper hand at $0.164 is possible.

BSV/USD

The upper and lower bands are flat and the RSI is close to the midpoint, which shows that Bitcoin SV (BSV) is range-bound and is likely to remain so until the bulls push the price above $180 or the bears sink the price below $143.

BSV/USD daily chart. Source: TradingView

The price action of the past few days has formed an inverse head and shoulders pattern that will complete on a breakout and close (UTC time) above $180. 

If that happens, the BSV/USD pair could start a move to the pattern target of $217. Above this level, the uptrend could extend to $235.

On the downside, a break below the critical support zone of $143–$135 could intensify the selling and result in a drop to $100.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 10/7: BTC, ETH, XRP, BCH, BNB, DOT, LINK, LTC, CRO, BSV

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Price analysis 10/2: BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, BSV, LTC

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The shallow pullback in Bitcoin (BTC) following the news of the CFTC’s regulatory crackdown on BitMEX and the late announcement that U.S. President Donald Trump tested positive for coronavirus shows that the underlying sentiment is still bullish.

Generally, most damage during such periods of negative news flow is caused by the squaring up of leveraged positions. Data shows that Bitcoin futures volume and open interest has been dropping since hitting the peak in early September. 

This means that there were fewer long positions that had to be squared up in a hurry and it also may explain why a sharper crash was avoided.

Daily cryptocurrency market performance. Source: Coin360

Even though Bitcoin has largely been range-bound for the past few weeks, on-chain data shows a sharp inflow of new participants. Analysts view this user growth as positive because it suggests that new traders consider Bitcoin as a store of value.

Traders can look for the cryptocurrencies that bounce back quickly from the current weakness because that shows strong buying on dips. Let’s analyze the top-10 cryptocurrencies to spot the critical support and resistance levels. 

BTC/USD

Bitcoin once again reversed direction from close to $11,000 on Oct. 1, which shows that the bears are aggressively defending the zone between the 20-day exponential moving average ($10,704) and the 50-day simple moving average ($11,017).

BTC/USD daily chart. Source: TradingView

The price action of the past few days has formed a symmetrical triangle pattern, which shows indecision among the bulls and the bears about the next directional move. This uncertainty could resolve after the price breaks above or below the triangle.

The gradually downsloping moving averages and the relative strength index in the negative territory suggest that bears have a slight advantage.

If the BTC/USD pair breaks and closes (UTC time) below the triangle, it will suggest that the bears have overpowered the bulls. The sellers will then try to break the critical support at $9,835 and if they succeed, a drop to $9,000 could be on the cards.

However, the long tail on today’s candlestick shows that the bulls are accumulating on dips to the uptrend line. They will now try to push the price above the resistance line of the triangle. 

If they succeed, the pair may face minor resistance at $11,178 but if the bulls can push the price above this level, a rally to $12,460 is possible. 

It is difficult to predict the direction of the breakout with certainty, hence, it is better to wait for the breakout to happen before taking large bets.

ETH/USD

The bulls had pushed Ether (ETH) above the downtrend line on Oct. 1, but they could not sustain the higher levels. This may have attracted profit-booking by short-term traders that pulled down the price back below the 20-day EMA ($358).

ETH/USD daily chart. Source: TradingView

The gradually downsloping moving averages and the relative strength index in the negative zone suggests that sellers have the upper hand.

However, the previous two sharp bounces off the $308.392 support zone show that the bulls aggressively accumulate closer to this level. Hence, the buyers may again use the current dips to buy. 

A breakout of the 20-day EMA will be the first indication that the correction could be over. Conversely, a break below $308.392 may signal the start of a deeper correction to $240.

XRP/USD

XRP’s failure to rise above the 20-day EMA ($0.241) could have attracted profit-booking by the aggressive bulls and shorting by the bears. The downsloping moving averages and the RSI in the negative zone suggest that the sellers have the upper hand.

XRP/USD daily chart. Source: TradingView

If the bears sink the XRP/USD pair below the $0.2295–$0.219712 support zone, the downtrend could resume. The next support on the downside is at $0.19.

However, the bulls are likely to defend the support zone aggressively and make one more attempt to push the price above the 20-day EMA and the downtrend line. If they succeed, it could signal a possible change in trend. 

BCH/USD

Bitcoin Cash (BCH) turned down from just below the downtrend line on Oct. 1 and has continued its downward march towards the critical support at $200.

BCH/USD daily chart. Source: TradingView

The repeated retest of a support level within a short interval tends to weaken it. A breakdown and close (UTC time) below $200 could lead to panic selling and increase the possibility of a deeper fall to $140.

Contrary to this assumption, if the price turns up from the current levels or rebounds sharply from the $200 support, it will suggest that bulls are accumulating at lower levels. 

A breakout and close (UTC time) above the downtrend line will be the first sign of strength and a break above $242 will increase the possibility of a rally to $280.

BNB/USD

Binance Coin (BNB) turned down from just above the 61.8% Fibonacci retracement level of $29.0886 on Oct. 1. However, the positive sign is that the bulls have not allowed the price to sustain below the 20-day EMA ($26.37)

BNB/USD daily chart. Source: TradingView

The upsloping moving average and the RSI in the positive zone suggest that the advantage is with the bulls. If the buyers can push the BNB/USD pair above the downtrend line and the overhead resistance at $29.5646, the uptrend could resume.

Contrary to this assumption, if the bears sink the BNB/USD pair below the moving averages, it will increase the possibility of a deeper correction to $22.20.

DOT/USD

The bulls attempted to push Polkadot (DOT) above the 20-day EMA ($4.49) on Oct. 1 but failed. This has dragged the price down to the critical support zone of $3.90–$3.5321.

DOT/USD daily chart. Source: TradingView

The downsloping 20-day EMA and the RSI in the negative zone suggest that the path of least resistance is to the downside. 

If the bears can sink the DOT/USD pair below the support zone, a decline to $2.782 and below it to $2 is possible.

However, if the pair rebounds off the support zone, the bulls will make one more attempt to push the price above the 20-day EMA and the overhead resistance at $4.6112. If they succeed, it will open up the doors for a move to $5.5899.

LINK/USD

Chainlink (LINK) has broken below the $9.3771 support and if the bears can sustain the lower levels, a retest of $6.90 is possible. The downsloping moving averages and the RSI close to 40 suggests that the path of least resistance is to the downside.

LINK/USD daily chart. Source: TradingView

If the bears sink the price below $6.90, the downtrend could resume and the next support is at $5.70.

The bulls will have to break the lower high and lower low formation by pushing the price above $11.1990 to signal a possible change in trend. 

If they are able to achieve this, the LINK/USD pair may start a new uptrend above the downtrend line.

CRO/USD

The bears are attempting to sink and sustain Crypto.com Coin (CRO) below the critical support at $0.144743. If they succeed, it will complete a descending triangle pattern, which is a reversal setup.

CRO/USD daily chart. Source: TradingView

The down sloping 20-day EMA ($0.154) and the RSI below 40 suggest that the path of least resistance is to the downside. Below $0.144743, the CRO/USD pair may fall to $0.124129 and then to the pattern target of $0.10607.

This bearish view will be invalidated if the pair rebounds off $0.144743 and rises above the moving averages. The failure of a bearish setup is considered as a bullish sign, hence, above the 50-day SMA, a retest of the $0.183416–$0.191101 zone is likely.

BSV/USD

Bitcoin SV (BSV) climbed above the downtrend line on Sep. 30 and Oct. 1 but on both days, the bulls could not clear the 50-day SMA ($178), which suggests that the bears are defending this resistance.

BSV/USD daily chart. Source: TradingView

The failure to clear the hurdle at the 50-day SMA could have attracted profit booking by the short-term traders and shorting by the aggressive bears. 

As a result, the BSV/USD pair has again dipped back below the 20-day EMA. The bears will now once again try to challenge the $146.20–$135 support zone. 

If they are able to sink the price below this zone, the pair may decline to $100. This bearish view will be invalidated if the pair turns up and sustains above $180.

LTC/USD

Litecoin (LTC) broke above the 20-day EMA ($46.83) on Oct. 1 but could not rise above the downtrend line. This could have led to profit booking by the short-term traders and has pulled the price back below the 20-day EMA.

LTC/USD daily chart. Source: TradingView

However, the long tail on today’s candlestick suggests that the bulls are buying on dips. The buyers will once again try to push the price above the downtrend line. 

If they succeed, the LTC/USD pair could move up to the 50-day SMA ($52.51) and if this level is scaled, the rally may extend to $64.

This bullish view will be invalidated if the pair turns down and breaks below the $41.6298–$39 support zone. Such a move could start a new downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 10/2: BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, BSV, LTC

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Price analysis 9/25: BTC, ETH, XRP, BCH, DOT, LINK, BNB, CRO, LTC, BSV

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According to a study by researchers at the Cambridge Centre for Alternative Finance, the number of people who own Bitcoin (BTC) and other digital assets has surged from about 35 million in 2018 to over 100 million. This is a positive sign because the growth continued even when the crypto markets were not in a secular bull trend. 

The allure of digital currencies is likely to increase further if the U.S. Securities and Exchange Commission approves a Bitcoin ETF, but only Commissioner Hester Peirce is supportive of such a move. 

Peirce recently said that the SEC was closely watching recent regulatory changes such as the approval by the Treasury bank regulator which allows banks to hold “stablecoin ‘reserves’ as a service to bank customers.” 

Daily cryptocurrency market performance. Source: Coin360

Billionaire and Bitcoin bull Tim Draper believes that crypto adoption will happen because it is “important for the world.” Draper recently provided insight into his holdings, revealing that he also holds several altcoins in his portfolio.

Most top 10 cryptocurrencies have rebounded off their recent lows but does this indicate that the downtrend is over or is the current action just a dead cat bounce? Let’s study the charts to find out.

BTC/USD

Bitcoin turned up from $10,137 on Sep. 23 and broke above the 20-day exponential moving average ($10,705) on Sep. 24. However, the bulls have not been able to sustain the price above the 20-day EMA, which shows that the bears have not thrown in the towel yet.

BTC/USD daily chart. Source: TradingView

Currently, the bears are shorting at the 20-day EMA but they will gain an upper hand only after they sink the price below the uptrend line. 

The flat moving averages and the relative strength index close to the midpoint suggest a balance between supply and demand. If the RSI can rise above the 55–60 resistance zone, the bullish momentum is likely to pick up.

If the bulls can push the price above the 20-day EMA, they might again face stiff resistance at $11,178 and then at the downtrend line. A breakout of this resistance will signal a possible end to the correction.

This bullish view will be invalidated if the BTC/USD pair turns down from the current levels and plummets below the uptrend line and the $9,835 support.

ETH/USD

Ether (ETH) has rebounded sharply from the critical support at $308.392 and the bulls will now try to push the price above the downtrend line and the overhead resistance at $395. If they succeed, it will suggest that the correction has ended.

ETH/USD daily chart. Source: TradingView

However, the bears are unlikely to give up their advantage easily. They will try to stall the relief rally at the downtrend line and the moving averages. If the ETH/USD pair turns down from either resistance, the bears will try to sink the price below $308.392.

The downsloping moving averages and the RSI just below the midpoint suggest that the bears still hold a slight advantage, but if the bulls can again buy the next dip to $308.392, the pair might remain range-bound for a few days.

The next trending move is likely to start after the bulls either push the price above $395 or the bears sink the pair below $308.392.

XRP/USD

The bears have frequently used pullbacks to the 20-day EMA to initiate short positions in a downtrend and they are likely to attempt the same in XRP. If the price turns down from the 20-day EMA ($0.24), the bears will try to resume the downtrend.

XRP/USD daily chart. Source: TradingView

The sellers will succeed in their endeavor if they can sink the price below the Sep. 24 low of $0.219712. If this level cracks, the decline can extend to $0.19.

However, if the bulls can propel the XRP/USD pair above the 20-day EMA, a move to the 50-day simple moving average ($0.26) is likely. A breakout of this resistance may result in a rally to $0.303746.

Traders can keep an eye on the RSI because if it rises above the 50–60 resistance zone then the momentum might change in favor of the bulls.

BCH/USD

Bitcoin Cash (BCH) rebounded off the critical support at $200 on Sep. 23 and the bulls will now try to push the price above the 20-day EMA ($228). 

BCH/USD daily chart. Source: TradingView

If they succeed, it will suggest that the selling pressure has reduced. The bulls can then push the price to the 50-day SMA ($259) and above it to $280.

However, the downsloping moving averages and the RSI in negative territory suggests that the bears have the upper hand. This means bears will probably try to short the relief rally to the 20-day EMA.

If the BCH/USD pair turns down from this resistance, the bears will again try to sink the price below $200.

DOT/USD

The failure of the bears to sustain the price below the $4 support attracted buying by bulls on Sep. 24. Traders will now try to push Polkadot (DOT) above the 20-day EMA at $4.67.

DOT/USD daily chart. Source: TradingView

If they succeed, the DOT/USD pair can move up to $4.921 and then to $5.5899. A break out of this resistance will signal that the correction might be over.

However, if the price turns down from $5.5899, the pair could remain range-bound for a few days.

Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will again try to sink the pair below the $4.00–$3.5321 support zone. 

LINK/USD

A strong rebound off a critical support is a positive sign as it shows that the bulls are accumulating aggressively at that level. This was seen in Chainlink (LINK) when it surged from close to the $6.90 support on Sep. 24 and broke above the downtrend line.

LINK/USD daily chart. Source: TradingView

However, the bears are unlikely to give up their advantage easily and will defend the 20-day EMA ($10.82) aggressively. If the price dips back below the downtrend line, the sellers will make one more attempt to break the $6.90 support and extend the decline to $4.50.

However, if the bulls do not allow the price to dip below the downtrend line and the $8.908 support, it will suggest a possible change in trend. The LINK/USD pair may then rally to $13.28.

Currently, both moving averages have flattened out and the RSI is just below the midpoint, which suggests a balance between supply and demand. The pair might consolidate for a few days before starting a strong trending move.

BNB/USD

The bears attempted to resume the correction on Sep. 23 but could not break below the Sep. 21 intraday low at $22.10. This shows that the bulls were accumulating Binance Coin (BNB) between $22.10 to $23.

BNB/USD daily chart. Source: TradingView

This resulted in a sharp rebound on Sep. 24 that broke above the downtrend line, but the bulls are facing resistance at the 20-day EMA ($25.12). If the BNB/USD pair fails to rise above this resistance, the bears will again try to resume the correction.

If the sellers can sink the price below the $22 support during the next decline, the pair can drop to $20 and then to $18. This bearish view will be invalidated if the bulls can push the price above the 20-day EMA. 

CRO/USD

The bulls purchased the dip to the $0.144743 support on Sep. 24 and will now try to push Crypto.com Coin (CRO) above the downtrend line. If they succeed, it will suggest a likely end to the correction.

CRO/USD daily chart. Source: TradingView

If the CRO/USD pair sustains above the downtrend line, the bulls will attempt to resume the uptrend and push the price above the $0.183416–$0.191101 resistance zone.

However, if the pair turns down from the downtrend line, the bears will again try to sink the price below the $0.144743 support. A close (UTC time) below this level will complete a bearish descending triangle pattern. The target objective of this negative setup is $0.10607. 

The downsloping 20-day EMA ($0.15) and the RSI in the negative territory suggest that the bears have a slight advantage.

LTC/USD

The failure of the bears to capitalize on the sharp drop on Sep. 21 and sink the price to $39 shows that the bulls had been buying close to $42 levels. Litecoin (LTC) can now move up to the 20-day EMA ($47.91) where the bulls are likely to encounter stiff resistance. 

LTC/USD daily chart. Source: TradingView

The downsloping moving averages and the RSI in the negative zone suggest that the bears are likely to sell on rallies to the 20-day EMA. 

If the price turns down from this resistance, the bears will once again attempt to resume the downtrend and sink the LTC/USD pair to the critical support at $39.

However, if the bulls can arrest the next decline above $42 and then push the price above the 20-day EMA, it will signal a possible change in trend. Above this resistance, the pair can move up to $51.

BSV/USD

Bitcoin SV (BSV) is trading inside the large $146.20–$227 range for many months. A breakdown of this range will be a huge negative as it will show that the indecision among the bulls and the bears has resolved in favor of the bears.

BSV/USD daily chart. Source: TradingView

Currently, the bulls are attempting to defend the $146.20–$135.00 support zone aggressively. However, buying dries up at higher levels and the bulls have not been able to push the price above the downtrend line.

The failure to rise above the downtrend line will attract selling and the bears will try to sink the BSV/USD pair below the support zone. If they succeed, a new downtrend is likely to begin.

This bearish view will be invalidated if the bulls can push the price above the downtrend line and the $180 resistance. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 9/25: BTC, ETH, XRP, BCH, DOT, LINK, BNB, CRO, LTC, BSV

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