Price analysis 10/22: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

Bitcoin (BTC) and Ether (ETH) take both witnessed ambitious profit-booking after hitting their respective new best high. This suggests that traders who had bought on rumors of a Bitcoin substitution-traded fund booked profits following the successful launch of the ProShares' Bitcoin Strategy substitution-traded fund (ETF) (BITO).

The bulls tried to stage a recovery in Bitcoin afterwards the launch of the 2d BTC futures-linked ETF by digital nugget manager Valkyrie on Oct. 22 but met with strong selling pressure at higher levels. The selling has pulled the greed level on the Crypto Fearfulness and Greed Index from 84 on Oct. 21 to 75 on Oct. 22.

*Daily cryptocurrency market performance. Source:* *Coin360*

JPMorgan Chase strategists said in a notation that BITO was "unlikely to trigger a new phase of significantly more than fresh capital entering Bitcoin" and the hype in the product may wane subsequently a week. The strategists pointed out that majuscule was shifting away from gold ETFs into Bitcoin funds since September and that "supports a bullish outlook for Bitcoin into year-end."

Could Bitcoin and Ether witness a deep correction and what are the disquisitional support levels to watch out for? Permit's study the charts of the top ten cryptocurrencies to find out.

BTC/USDT

Bitcoin made a new all-fourth dimension loftier at $67,000 on October. xx merely the bulls could not sustain the breakout as bears pulled the price back below the breakout level at $64,854 on Oct. 21. This suggests that sellers are attempting to trap the aggressive bulls.

The bears tried to starting time a recovery on Oct. 22 simply the long wick on the day's candlestick shows that traders are selling on minor rallies. The potent back up to watch on the downside is the twenty-24-hour interval exponential moving average (EMA) ($57,778).

If the price rebounds off this support, information technology volition suggest that sentiment remains positive and traders are buying on dips. That volition increase the possibility of a break in a higher place the overhead resistance zone betwixt $64,854 and $67,000. The pair could then rally to $75,000.

On the other manus, if the toll breaks below the 20-24-hour interval EMA, the selling may accelerate and the BTC/USDT pair could drib to the 50-day simple moving average (SMA) ($50,496).

ETH/USDT

Ether broke and closed in a higher place the overhead resistance at $4,027.88 on October. 20. That was followed by another precipitous upwards-move on Oct. 21, which pushed the cost to $4,375, just above the previous best high at $4,372.72.

Still, the long wick and the negative close on October. 21 show that traders may accept sold aggressively near the best high. The bears are attempting to sustain the price below the breakout level at $4,027.88.

The upsloping 20-day EMA ($3,712) and the relative strength index (RSI) in the positive zone suggest that bulls remain in command. If the cost bounces off the current level, the bulls will brand one more try to thrust the ETH/USDT pair to a new all-time high.

A break and close below the neckline of the changed head and shoulders (H&Southward) pattern could betoken the possible start of a deeper correction to $3,200.

BNB/USDT

Binance Coin (BNB) turned down from $505.ninety, which shows that bears are defending the overhead resistance at $518.90. The altcoin could not drop to the 20-day EMA ($455), which is expected to human action as a potent support.

If the cost bounces off the 20-24-hour interval EMA, the BNB/USDT pair could make one more effort to clear the overhead hurdle at $518.90. If they manage to do that, the pair could rally toward the pattern target at $554.

The rising twenty-day EMA and the RSI in the positive zone indicate that bulls have the upper paw. This reward could shift in favor of the bears if the price turns down and slips below the moving averages. The selling could intensify farther on a break below $392.xx.

ADA/USDT

Cardano (ADA) broke to a higher place the 20-day EMA ($two.18) on Oct. 21 but the bulls could not push button the price to a higher place the resistance line of the symmetrical triangle blueprint. This indicates that bears are vigorously defending this level.

The sellers are currently trying to sink the price below the support line of the triangle. If they succeed, it will suggest that the equilibrium between the bulls and the bears has resolved to the downside.

The ADA/USDT pair could then slide to the strong support at $i.87. A break and close beneath this level could result in panic selling. The break and close above the triangle will be the offset indication that bulls are back in the game. The pair may then rally to $two.47 and pick upward momentum to a higher place this resistance.

XRP/USDT

Ripple (XRP) returned from the downtrend line on October. 21, indicating that bears are defending this level aggressively. On the downside, the bulls are attempting to sustain the price above the moving averages.

If the price rebounds off the electric current level, the bulls will again try to push the XRP/USDT pair in a higher place the downtrend line. If they manage to do that, the pair could rally to $1.41. A pause and close above this resistance could push the price to $1.66.

The flat moving averages and the RSI almost the midpoint suggest the pair may remain range-leap for a few days. A pause and shut below $1 will clear the path for a possible drop to the strong support at $0.85.

SOL/USDT

Solana (SOL) broke and closed above the overhead resistance zone between $171.47 and $177.79 on Oct. 21. This completed a bullish ascending triangle pattern, which has a target objective of $226.94.

The bears may pose a stiff challenge at the current all-time high at $216 but the strong momentum of the by three days shows that bulls are aggressively buying at college levels. A break and close above $216 volition signal the resumption of the uptrend.

Conversely, if the SOL/USDT pair turns downwards from $216, a retest of $177.79 is possible. If the price rebounds off this level, it will indicate that bulls continue to purchase on dips. The bulls will then again effort to resume the uptrend.

A intermission and close below $171.47 volition signal that the bullish momentum has perhaps weakened.

DOT/USDT

Polkadot (DOT) bankrupt above the immediate resistance at $44.78 on Oct. 20, indicating the possible resumption of the upwards-move. The bears tried to trap the aggressive bulls past pulling the price toward the breakout level at $39.02 on Oct. 21 but buyers had other plans.

The upsloping twenty-day EMA ($38.88) and the RSI near the overbought zone propose that bulls have the upper hand. If buyers sustain the price above $45, the DOT/USDT pair could retest the all-time high at $49.78.

This level may act as a stiff hurdle just if bulls practice not give up much footing, the pair could extend the upward-motility to $53.xc. The bears will have to pull the toll beneath the breakout level at $38.77 to turn the advantage in their favor. The pair could then decline to the l-twenty-four hour period SMA ($34.07).

Related: PayPal logs its largest Bitcoin volume since May BTC cost crash

DOGE/USDT

Dogecoin (DOGE) continues to face up strong resistance at the downtrend line, indicating that bears are defending this level aggressively. A small positive is that bulls accept not allowed the price to intermission and sustain below the xx-day EMA ($0.23).

If bulls fail to push and sustain the cost above the downtrend line, the likelihood of a break below the 20-day EMA volition increase. That could pull the cost to the stiff support zone at $0.21 to $0.nineteen. The bulls are expected to defend this zone vigorously.

A strong rebound off this support zone will point to a possible range-jump action between $0.19 and $0.27 for a few days. The trend volition tilt in favor of the bulls if the DOGE/USDT pair rises and closes in a higher place $0.27. The pair could thereafter ascension to $0.32 and then to $0.35.

LUNA/USDT

Terra protocol'southward LUNA token rallied close to the overhead resistance at $45.01 on Oct. 20 where bears attempted to stall the upwardly-move. The price turned downward from the overhead resistance only the bulls defended the breakout level at $39.75 on Oct. 21. This shows that the sentiment has turned positive and traders are ownership on dips.

If bulls thrust and sustain the toll to a higher place $45.01, the LUNA/USDT pair could retest the all-fourth dimension high at $49.54. This level may once again act as an obstacle but if bulls arrest the side by side reject to a higher place $45.01, the prospects of a new all-time high increase. The pair could and so rally to $60.57.

Reverse to this assumption, if the price turns downwardly from the current level or the overhead resistance and breaks below the xx-day EMA ($39.18), the reject could extend to $34.86. The selling could intensify below $32.l.

UNI/USDT

Uniswap (UNI) bankrupt and closed above the neckline of the inverse H&S pattern on Oct. 20 only the bulls could non build on this reward. The bears pulled the cost dorsum below the neckline on Oct. 21.

Withal, a minor positive is that bulls did not allow the price to slip below the 20-twenty-four hour period EMA ($25.46). This shows that buyers are accumulating on every minor dip. If bulls drive the cost above $28, the UNI/USDT pair could jump to $31.41.

This level may again act as a stiff resistance but if bulls overcome this barrier, the pair could rally to the pattern target at $36.98. Conversely, a break beneath the moving averages could pull the price down to the strong support at $22. The brusque-term tendency volition plough negative if this back up is breached.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves adventure. You should conduct your ain research when making a decision.

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