Bitcoin (BTC) has experienced a strong recovery after dropping below $60,000 earlier in the week, but buyers are finding it challenging to maintain higher levels. The pattern of buying on dips and selling on rallies suggests that a tight range is forming in the short term.
A positive development is the strong demand seen at lower levels. After three days of outflows, US-based spot Exchange-traded Bitcoin funds saw an inflow of $253.6 million on October 11.
Bitcoin continues to trade sideways, but some analysts are starting to turn bullish on altcoins. Based on certain metrics, analysts believe that the altcoin markets may be entering an ‘up-only season’. If Bitcoin stays above $60,000, traders may start focusing on selecting altcoins. Let’s take a look at the top 5 cryptocurrencies that are showing promise on the charts.
In Bitcoin’s price analysis, the cryptocurrency broke above the 20-day exponential moving average on October 11 but failed to push towards the overhead resistance at $65,000. Sellers are now attempting to push the price below the 20-day EMA, with potential support at the 50-day simple moving average.
The 4-hour chart for Bitcoin shows the price falling from the resistance line of a descending channel pattern but finding support on the moving averages. A break above the moving averages could lead to a rally towards $65,000, while a break below could indicate continued fluctuation within the channel.
Sui (SUI) saw a recovery from the 20-day EMA on October 11 and broke above the $2.18 overhead resistance on October 12. Bears are attempting to keep the price below $2.18, but if it remains above this level, it could signal a move towards $2.50 and $3.
The upward movement in Aptos (APT) is facing resistance near the $10.50 level. Buyers will need to keep the price above $9.50 to have a chance at a breakout above $10.50. A break below $9.50 could lead to a drop to the 20-day EMA.
Bittensor Token (BAO) has been on an upward trend, with bears trying to push the price below $530. A breakout above $680 could lead to a move towards $760, while a drop below the 20-day EMA could result in a decline towards $489.
Dogwifhat (WIF) successfully retested the breakout level on October 10, indicating a change in the short-term trend. Bears are trying to halt the upward move at $2.89, but a breach of this level could lead to a rise towards $3.58 and $4.
SOURCE