Originally published on: October 04, 2024
On October 4th, the crypto market saw a bounce off the critical $60,000 level for Bitcoin (BTC), indicating bullish sentiment. Experts like Lekker Capital’s Quinn Thompson suggest buying Bitcoin near $61,000 is a “no-brainer”. Furthermore, with rising geopolitical tensions and the upcoming US election, JPMorgan is optimistic about gold and Bitcoin.
Despite a recent dip to $60,000, sentiment remains mixed. Onchain analytics suggest traders are becoming bearish, with predictions of a possible drop to $52,000 if $60,000 support is breached.
Let’s dive into the top 10 cryptocurrencies’ charts to see if Bitcoin will hold its bounce or if bears will take control.
Bitcoin (BTC):
BTC is testing the 50-day simple moving average, signaling demand at lower levels. A push above the 20-day exponential moving average could pave the way for a rally to $66,500, while a break below the 50-day SMA could see a drop to $57,500.
Ethereum (ETH):
ETH is in a symmetrical triangle pattern with the 20-day EMA turning down. Bulls need to push above moving averages to target $3,409, or bears may aim for $2,000 support.
BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu are also showing interesting price movements. BNB struggles near $635, Solana eyes $116, XRP faces a challenge at $0.64, and Dogecoin looks to break out of a triangle pattern.
Toncoin’s struggle above moving averages indicates potential downside towards $4.72, while Cardano is range-bound between $0.31 and $0.40. Avalanche nears crucial support at the 50-day SMA, while Shiba Inu battles near the 20-day EMA.
Investors should conduct their own research before making any decisions, as every investment involves risk. Stay tuned for more updates on these cryptocurrencies’ price movements.
