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Bitcoin bulls buy up every dip as peak after peak falls to the widely anticipated Q4 bull run finale.
In so doing, Bitcoin effectively fully canceled out the impact of China’s mining debacle and subsequent redistribution of hash rate around the world.
Amid a celebratory mood among analysts, predictions broadly centered on a run to a six-figure peak initiating sooner rather than later.
“All data science models suggest that BTC will peak much higher than $100,000 in this cycle,” trader and analyst Rekt Capital added on the day.
Even at current prices, BTC/USD has only been higher 38 days in its lifetime, Morgan Creek Digital co-founder Anthony Pompliano noted.
That could be assisted by a unique macro-environment further adding to Bitcoin’s allure as a finite-supply investment, Bloomberg said.
In the latest of his frequent bullish Bitcoin tweets, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, highlighted upcoming turmoil over United States fiscal policy.
“Relative to rising US debt and tensions over a potential default, Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply,” he tweeted.
The concerns failed to worry the dollar at the start of the week, however, with the U.S. dollar currency index (DXY) climbing once more above the 94 support.
Read full article at Cointelegraph
11 October, 2021 - 11:21am
Bitcoin could pick up momentum above $56,100 and that could attract buying in DOT, UNI, LINK, and XMR.
This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone. Although this indicator suggests that markets may have run up quickly in a short time, it does not necessarily signal a confirmed short-term top.
History suggests that traders who sold their Bitcoin positions on this metric alone could have missed strong gains before the correction set in, as highlighted by Cointelegraph Marke analyst Marcel Pechman.
Could bulls extend the up-move and push the price closer to the all-time high in Bitcoin? If that happens, select altcoins may rally to the upside. Let’s study the charts of the top-five cryptocurrencies that could remain strong in the short term.
Bitcoin soared above the stiff overhead resistance at $52,920 on Oct. 6 and the bulls have held the price above the breakout level since then. This is a positive sign as it indicates that buyers may be holding on to their positions expecting higher levels in the short term.
The moving averages have completed a bullish crossover and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside.
If buyers push the price above $56,100, the uptrend could resume and the BTC/USDT pair may rally to $60,000. Above this level, a retest of the all-time high at $64,854 is possible.
Contrary to this assumption, if bears pull the price below $52,920, the pair could drop to the 20-day exponential moving average ($49,504). This is an important support for the bulls to defend because a break below it could signal a change in the short-term sentiment.
The pair could then drop to the 50-day simple moving average ($47,578) and next to $40,000.
The bulls are facing selling in the $55,750 to $56,100 zone but a positive sign is that buyers have not allowed the price to dip below the 20-EMA. This indicates that bulls anticipate a break above the overhead zone.
If that happens, the pair could resume its uptrend. The first sign of weakness will be a break and close below the 20-EMA. The RSI is forming a negative divergence, signaling that the momentum may be weakening.
A break and close below the 20-EMA could pull the price to the 50-SMA. A break below this support could start a deeper correction.
Polkadot (DOT) has been gradually moving higher toward the overhead resistance at $38.77. The RSI has broken out of the downtrend line and the 20-day EMA ($32.15) has started to turn up, indicating an advantage to buyers.
If bulls thrust the price above $38.77, it will invalidate the head and shoulders pattern. The failure of a bearish setup is a bullish sign as it may trap the aggressive bears who then try to cover their positions, resulting in a short-squeeze.
The DOT/USDT pair could then start its journey toward $49.78. Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, the pair could drop to $28.60.
A bounce off this support could keep the pair range-bound for a few days. The bears will have to pull the price below the neckline to signal their supremacy.
Both moving averages are sloping up and the RSI is in the positive territory, suggesting that buyers are in control. The pair could drop to the 20-EMA, which is likely to act as a strong support. If the price turns up from this support, the bulls will try to push the pair to $38.77.
This level may again act as a stiff resistance but if bulls do not give up much ground from it, the possibility of a break above it increases.
Conversely, if bears pull the price below the 20-EMA, the pair could drop to the 50-SMA. A break and close below this support could result in a decline to $31 and then $29.
Uniswap (UNI) has been holding above the 20-day EMA (24.55) for the past few days, which shows that bulls are trying to defend this support. However, the bears are in no mood to relent as they have not allowed the price to rise above the neckline.
The buyers will have to push and close the price above the neckline to complete an inverse H&S pattern. This bullish reversal setup has a pattern target at $36.98 but the rally may not be linear as bears will try to defend the level at $31.41.
The 20-day EMA is gradually rising and the RSI is just above the midpoint, suggesting that bulls have a slight edge. This advantage will be lost if the price breaks and closes below the 20-day EMA.
In such a case, the UNI/USDT pair could drop to $22. This level may act as a support but if bears sink the price below it, the pair could extend the decline to $17.73.
The 4-hour chart shows that the price has roughly been consolidating in a tight range between $24 and $26 for some time. Usually, such tight ranges result in the start of a directional move.
If buyers drive and sustain the price above $26, the possibility of a break above the neckline increases. That could start the march toward the next overhead resistance at $30 and then to $31.
On the other hand, if the price breaks below $24, the short-term trend may turn in favor of bears. The pair could then drop to $22.
Chainlink (LINK) broke above the downtrend line on Oct. 1, but the bulls have not been able to capitalize on this move. The altcoin has been stuck in a tight range between $25.20 and $26.19 for the past few days.
Both moving averages are flat and the RSI has been trading just above the midpoint, suggesting a balance between supply and demand. This equilibrium will tilt in favor of buyers if the price breaks and closes above $28.19.
The LINK/USDT pair could then rally to $32.11 and later challenge the stiff overhead resistance at $35.33.
Alternatively, a break and close below $25.20 could signal that supply exceeds demand. The pair could then drop to the $22 to $20.82 support zone.
The price turned down from the overhead resistance and bears have pulled the price below the moving averages. If sellers sustain the lower levels, the pair could drop to the support at $25.20. A break below this level could signal that bears are back in command.
Conversely, if the price turns up from the current level and rises back above the moving averages, it will suggest that traders are buying on dips. The bulls will have to push and sustain the price above $28.19 to signal that they are back in the driver’s seat. Thereafter, the pair could rally to $32.11.
Monero (XMR) rose above the 50-day SMA ($271) on Oct. 5 and reached the downtrend line on Oct. 6. The bears are aggressively defending the downtrend line for the past few days but a minor positive is that bulls have not allowed the price to dip back below the 50-day SMA.
The 20-day EMA ($263) is sloping up gradually and the RSI is in the positive zone, indicating a minor advantage to buyers. A break and close above the psychological mark at $300 could open the doors for an up-move to $325 and then to $339.70.
On the contrary, if the price turns down and breaks below the 20-day EMA, it will suggest that short-term traders may have dumped their positions. That could pull the price down to $250 and later to $225.
The bulls have repeatedly pushed the price above the downtrend line but the bears have not allowed the pair to sustain above it. The 20-EMA has flattened out and the RSI is close to the center, suggesting a balance between supply and demand.
If the price breaks below the 50-SMA, the short-term bulls may rush to the exit. That could pull the price down to $260 and next to $250.
Conversely, if bulls push the price above $286.8, the pair could rise to $296.80. The bullish momentum may pick up if bulls thrust the price above this resistance.
11 October, 2021 - 11:21am
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11 October, 2021 - 09:51am
BTC managed to make a strong weekly close above $52.9k, the highs from September, further validating the bear trap to $39.6k. After holding the higher low at $40.7k, a level we have been watching closely, BTC successfully followed through higher by printing a second weekly candle higher.
This validates the previous week’s bullish engulfing candle, adding strength to near-term technical momentum and structure. Although last week’s technical conditions were slightly overbought, BTC managed to follow the ideal scenario by consolidating sideways while holding the $55k level as support.
It is important for BTC to continue holding above $52.9k this week and follow-through higher. It is now heading deeper into the major resistance zone between $55k to $58k, an area with heavy technical and on-chain resistance.
Many buyers earlier this year who purchased BTC above $50k are likely looking to break even. This could add near-term selling pressure between $55k to $58k, making it very important for the bulls to step in and absorb incoming supply on the market. Once the supply is exhausted, we can expect BTC to push above $58k and head towards retesting the all-time highs at $64.8k as there is less technical and on-chain resistance above $60k.
Despite BTC entering a heavy resistance zone between $55k to $58k, on-chain metrics continue to show no signs of major distribution from long-term holders and miners, further suggesting bull market continuation. During last week’s consolidation, spot exchanges registered a slight increase in inflows, mainly as some whales and traders took profit after BTC quickly rallied more than 35% from the lows.
Most of the selling came from short-term holders, which was confirmed by the UTXO Age Distribution metric showing selling from 3-month-old coins or younger and an uptick in the STH SOPR.
Despite consolidation and near-term profit-taking, the Mean Coin Age by CryptoQuant continued to trend higher, making new all-time highs. This firmly shows long term holders have not been selling this rally and continue to HODL their BTC.
BTC has continued to outperform the SPX even with global risk-off and a rising dollar. With the SPX forming a double bottom with multiple consecutive daily closes higher, money flowing out of long-term bonds, and the dollar flat, the market is showing potential signs of the risk on trade resuming.
Once investors get past the near-term uncertainties, we can expect the trillions of dollars in liquidity to flow back into risk assets, especially BTC. For now, BTC bulls will continue to fight the bears as the price is now testing the critical $57.1k to $58.3k resistance zone.
With the strong trend in fundamentals and on-chain metrics, it’s looking more likely that BTC is on its way to making new all-time highs later this month or in November.
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10 October, 2021 - 07:19pm
A mixed start to the day saw Bitcoin fall to an early morning intraday low $54,114.0 before making a move.
Steering clear of the first major support level at $53,939, Bitcoin rose to a late intraday high $56,450.0.
Bitcoin broke through the first major resistance level at $55,736 before falling back to sub-$55,000 levels and into the red.
Late in the day, the second major resistance level at $56,504 pegged Bitcoin back.
The near-term bullish trend remained intact, supported the latest return to $56,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a bearish day on Sunday.
Chainlink slid by 6.52% to lead the way down.
Binance Coin (-6.14%), Chainlink (6.94%), and Polkadot (-5.42%) led the way down.
Cardano’s ADA (-2.78%) and Ethereum (-0.15%) also struggled.
It was a bullish week for the rest of the majors, however.
Bitcoin Cash SV jumped by 19.28% to lead the way.
Crypto.com Coin (+6.24%), Litecoin (+2.49%), and Ripple’s XRP (+7.67%) also joined Bitcoin in the green.
In the week, the crypto total market fell to a Monday low $2,009bn before rising to a Friday high $2,425bn. At the time of writing, the total market cap stood at $2,287bn.
Bitcoin’s dominance fell to a Tuesday low 42.52% before rising to a Wednesday high 45.62%. At the time of writing, Bitcoin’s dominance stood at 44.97%.
At the time of writing, Bitcoin was down by 0.40% to $54,473.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,681.0 before falling to a low $54,461.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 1.32% to lead the way down.
Bitcoin would need to move through the $55,085 pivot to bring the first major resistance level at $56,056 into play.
Support from the broader market would be needed for Bitcoin to break back through to $56,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $56,450.0 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,000 levels before any pullback. The second major resistance level sits at $57,421.
Failure to move through the $55,085 would bring the first major support level at $53,720 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,749 should limit the downside.
This article was originally posted on FX Empire
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