Bitcoin price shows strength near the $35,000 level. Will ETH, APT, QNT and RUNE follow?
) exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors.
Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.Bitcoin pulled back from $35,280 on Oct. 24, indicating that higher levels are attracting selling by traders. The bears tried to start a deeper pullback on Oct. 27 but the long tail on the candlestick shows solid buying at lower levels.
On the contrary, if the price turns up and rallies above $35,280, it will indicate that the current consolidation was a continuation pattern. The pair could then skyrocket toward $40,000.) climbed above the $1,746 resistance on Oct. 23 and reached $1,865 on Oct. 26. This level attracted selling by short-term traders which pulled the price back toward the breakout level of $1,746.The bulls successfully defended the retest to $1,746, indicating that the level may act as a new floor.
Instead, if the price turns down from $7, it will suggest that the bears remain active at higher levels. The pair may then spend some more time inside a tight range between $7 and $6.20. A break below this support could signal the start of a deeper correction.The pair has been finding support at the 20-EMA but the negative divergence on the RSI suggests that the bullish momentum may be slowing down.
Instead, if bulls sustain the price above the 20-EMA, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive the price above $110 and start the next leg of the up-move.) broke and closed above the overhead resistance of $2 on Oct. 23, completing a bullish inverse head and shoulders pattern.Both moving averages are sloping up and the RSI is in the overbought zone indicating that bulls remain in command.
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