September has been true to the accounts as a historically weak period for cryptocurrencies. Bitcoin (BTC) ended the month with a loss of about 7%. However, October can please the bulls, as bitcoin has risen in six of the last eight years and only fell in 2014 and 2018.
The Bulls started the month in a positive way as Bears rushed to close their short positions. The data shows that over 270 million dollars in short positions were closed in a few minutes. Bitcoin’s enthusiasm was shared by many of the coins that have grown today.
Market indicators for daily cryptocurrency. Source: Coin360
Bitcoin has been closely following the prediction of the PlanB-to-Flow model for the past two months. If PlanB is lucky enough to be right for the third time, Bitcoin’s price could rise to $ 63,000, which is the model’s prediction for October.
Even if the start of the month was strong, will the bulls be able to maintain momentum and push the crypto prices further, or will higher levels attract bearish sales?
Let’s examine the charts of the 10 best cryptocurrencies to find out.
BTC / USDT
The bears’ repeated failure to push bitcoin below the 100-day single-moving average ($ 41,470) in recent days could have triggered purchases from bulls and short positions from short-term traders.
BTC / USDT daily chart. Source: TradingView
Bullish momentum recovered October 1 after the bulls pushed the price above the 20-day exponential moving average (EMA) ($ 44,485). Ongoing purchases pushed the price above the 50-day simple moving average ($ 46,604).
If the price continues to be above the 50-day simple moving average, the bulls will try to push the BTC / USDT pair over the right shoulder to $ 48,843.20. This could open the door for an upward step towards the $ 52,920 serious resistance.
If the pair falls from the current level or upper resistance, but does not fall below the 20-day moving average, it will indicate that the mood has become positive and traders are buying in downturns. The bears must pull the price below the 20-day moving average to get the upper hand.
ETH / USDT
The long week on the Ether (ETH) candlestick on September 29 shows that the bears have sold at higher levels, but in a positive sign, the bulls have prevented the price from breaking below the 100-day single moving average ($ 2794). This indicates that the bulls have continued to accumulate at lower levels.
ETH / USDT daily chart. Source: TradingView
Aggressive buying in the last two days has pushed the price towards 50-day SMA (3290 dollars). The area between the 50-day SMA and the downtrend line is critical to protecting the bears, because if the bulls push the price above it, the ETH / USDT could rise to $ 3,676.28.
The 20-day EMA has leveled off and the relative strength index (RSI) is in positive territory, which indicates a return for the bulls. This impression becomes invalid if the price falls below the current level and falls below the 100-day single moving average.
ADA / USDT
Cardano (ADA) recovered from the $ 2.02 level on September 29, indicating that the bulls are trying to defend the range between the psychological $ 2 and 1.94 levels. The recovery could face severe resistance at the 20-day EMA ($ 2.26).
Daily ADA / USDT chart. Source: TradingView
If the price falls below the 20-day moving average, it will mean that the mood is still negative and traders are selling at the rally. The Bears will then make another attempt to push the price below the 100-day single moving average ($ 1.89).
Conversely, if the bulls move and keep the price above the 20-day moving average, this will indicate that demand exceeds supply. The ADA / USDT pair can then accumulate to the 50-day single moving average ($ 2.45), which is likely to be strong resistance again. A break and close over this resistance can trigger a higher bullish momentum.
BNB / USDT
The sharp rise in Binance Coin (BNB) over the past two days indicates that speculators’ buying and selling positions have been closed by aggressive bulls. Buyers broke the barrier at the 20-day EMA ($ 384) and it can now challenge the upside resistance of $ 433.
BNB / USDT daily chart. Source: TradingView
If the price falls from $ 433, but bounces off the 20-day EMA, it will indicate that the mood has become positive and traders are buying in the downturn.
A break and closing above $ 433 could pave the way for a potential rally to $ 518.90. The 20-day EMA began to rise and the RSI moved into positive territory, indicating that the bulls are trying to return.