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Bitcoin (BTC) price breaks the ATH level of 66,930. Its $39 renewal brought its overall market cap to an all-time high. According to analyst Rakesh Upadhyay, increased capitalization for the expected altcoin rally points to a bullish trend. Should it happen, buyers can be uploaded to order books for higher prices to be felt throughout the market. Therefore, we take a look at the technical levels to watch for the coming weeks. Let’s start with developments across the market…

Bitcoin (BTC) price renewed its April peak

Bitcoin price continued to find buyers at the ATH level on October 20, closing close to $67,000. In Ethereum, it started walking towards the ATH level, accompanied by BTC. This brought the total value of the cryptocurrency market to an all-time high of over $2.64 trillion. In triggering this rally, the successful launch of ProShares’ Bitcoin Strategy exchange-traded fund (BITO) acted as a trigger to boost sentiment in the crypto space. On the first day of the launch, ProShares’ ETF trading volume exceeded $1 billion, making it the second most successful ETF startup in terms of the first day’s trading volume.

Moving towards the last months of the year, BTC price predictions also point to strong fundamentals for $100,000. A panel of 50 fintech industry experts commissioned by Finder believes that strong on-chain fundamentals, a favorable macro environment, and approval of the Bitcoin ETF could send Bitcoin to $80,000 by the end of the year. Can Bitcoin price increase the bullish sentiment and continue its upward march due to the successful launch of the ETF? How might altcoin prices react to this move? We take a look at analyst Rakesh Upadhyay’s technical analysis to answer…

BTC bulls surpass April ATH

Bitcoin (BTC) bulls broke above the $62,933 resistance on October 19, followed by another sharp rise on October 20. The price rallied above $64,854, the previous ATH level made on April 14. If BTC bulls can sustain the price above the $64,854 breakout level, the bullish momentum could increase. BTC could then rise to the overhead resistance at $75,000. The sharp rise of the last few days pushed the relative strength index (RSI) above 78, indicating that the rally may be overextended in the short term. This could result in a few days of consolidation or a minor correction.

If the bulls do not pull back too much from the current level, this will increase the strength and expectation for the continuation of the uptrend. The critical level to watch on the downside is $60,000. A break and close below this support would be the first sign that traders are aggressively booking profits at higher levels.

Ethereum bulls protect $4,000 after BTC rally

Ethereum (ETH) bounced off the neckline of an inverted head and shoulders pattern on October 19, indicating that the bulls are buying on dips to this support. Daily buying pushed the price above the $4,027.88 resistance on Oct. 20. On the technical side, the rising MAs and the RSI in the positive zone are giving the bulls an edge. If buyers can hold the price above $4,027.88, ETH price could rally to the ATH level of $4,372.72. This level could act as a stiff resistance again, but if the bulls break the hurdle, ETH could hit the formation target at $4,657 and then challenge the psychological level at $5,000. The analyst says this positive scenario will be invalidated with a drop below $3,200.

Binance Coin bulls failed to hold $500 in BTC rally

Cryptocoin. com

The price of Binance Coin (BNB), which we quoted as , has gradually increased towards $518.90, which has acted as a tough hurdle in the previous two cases. Therefore, the bears may try to defend this level strongly again. If the price drops from $518.90, the initial target for BNB bears will be $450. A strong rebound from this level will show sentiment turning positive and traders buying the dips. This will increase the likelihood of a breakout and a close above $518.90. BNB could then begin its upside targets with the $554 formation target. This bullish view will be invalidated if the price declines and drops below the right shoulder at $392.20.

Cardano (ADA) bulls attempt to complete triangle pattern

Cardano (ADA) price is trying to bounce off the support line of the symmetrical triangle formation. If the bulls protrude above $2.19, ADA could rally towards the resistance line of the triangle. A breakout and a close above the triangle will signal that the uncertainty has been resolved in favor of the buyers. According to the analyst, the ADA price could rise to $2.47 later, and if this level is exceeded, the upside could reach $2.80. Alternatively, if the price breaks from the current level or overhead resistance and dips below the triangle, it will indicate that supply has exceeded demand. It could decline to the critical support at $1.87 later.

Ripple (XRP) bears approach $1 support

Ripple (XRP) formed an intraday candlestick pattern on October 18 and 19, signaling indecision between the bulls and bears. This uncertainty was reversed with a break above $1.10 on October 20. The bulls will now try to push the price above the downtrend line. If they do, the XRP price could rally to $1.24, and if this resistance is overcome, the next stop could be the critical $1.41. If the price drops from the downtrend line, XRP could drop back to $1. A break and close below this support would complete a bearish descending triangle formation that could result in a drop to $0.85.

Solana (SOL) technical analysis

Solana bulls have been successfully defending the MA line for the past few days and trading at lower levels confirms strong accumulation. Buyers will now try to push Solana (SOL) above the overhead resistance zone between $171.47 and $177.79. A close above $177.79 will complete an ascending triangle formation with a target of $226.94. The rally may not be linear as the bears are expected to pose a fierce challenge at psychological $200 followed by ATH at $216. On the other hand, if the price drops from the current level, it will indicate that the bears are selling aggressively in the rallies. A break and close below the trendline will invalidate the bullish setup. SOL price could decline to the critical $116 support later on.

Polkadot (DOT) prepares for November 11 parachain auctions

DOT price remained above the $38.77 breakout level for the past few days. This indicates that the bulls are in a strong accumulation phase as they expect the rally to continue. On the technical side, the ascending MAs and the RSI just below the overbought zone indicate that the buyers have the upper hand. If the DOT stays above $44.78 and closes, it could reach the ATH level of $49.78. On the other hand, if the price drops from the current level and sinks below the 20-day EMA ($37.84), it will indicate that the bears are making a strong comeback. The DOT could then drop to the 50-day SMA ($33.63).

Dogecoin (DOGE) technical analysis

Dogecoin bulls broke above the downtrend line on October 18, but the day’s long wick shows that higher highs are not being surpassed. Buyers tried to break through the overall hurdle at the downtrend line on Oct. 19, but failed again. After failing twice, the bulls are again attempting and sustaining the price above the downtrend line on October 20. Such a move would invalidate the developing descending triangle pattern, clearing the way for a possible rally to $0.32 and then $0.35. Contrary to this assumption, if the price breaks from the downtrend line and breaks below the 20-day EMA ($0.23), it indicates that the bears are aggressively defending the downtrend line. If the bears sink the price below the 20-day EMA, DOGE price could drop into the strong support zone between $0.21 and $0.19.

Terra (LUNA) technical analysis

LUNA price declined below $36.66 on October 17, but the bears were unable to pull the price below the critical support at $34.86. Failing to do so seems to have tempted buying from aggressive bulls who pushed the price above the overhead resistance at $39.75 on Oct. The price could now rally higher to $45.01, where the bears could form a stiff resistance. If the price drops from this level but returns to $39.75, it will show that the bulls have the upper hand. A break and close above $45.01 could take LUNA price to the ATH level at $49.54. Conversely, if the price declines from the current level and dips below $39.75, it will signal a strong sell on the higher levels. The price could drop to $34.86 later.

Uniswap (UNI) technical analysis

Uniswap (UNI) is trading between the neckline of a complete head-and-shoulder formation and $25.32 (20 EMA). This shows the direction is uncertain and the indecisive struggle between the bulls and bears. A break and close above the neckline will complete the bullish setup. UNI price could then rise to $31.41 and if this level is breached, the upward move could reach the pattern target of $36.98. Conversely, if the price drops and dives below the MAs, the downside momentum could deepen to $22. It is important for the bulls to defend this level because a golden break of these levels threatens the UNI price at $18.

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