Following the failed rally in September, bitcoin seems to be recovering momentum, with price action showing signs of an uptrend since the turn of the new month.
We saw a 10% plus increase after the price moved from a low of $41000 on the last day of September to a high of $48000 on the 1st of October.
Interestingly, historical-based sentiments are projecting a bullish jump in October; the coast isn't exactly clear as some indicators have shown lower volumes in exchanges which could mean a short-to-mid-term bearish slide.
Lest we forget, September began on a good note, and price got to a quarterly high of $52,900, and then we hit a $39,600 bottom.
So can recent price action be another burst, or are we set for another bullish rally?
From history, Bitcoin prices have mostly maintained an uptrend in October; the question is will this play out again this month?
Beyond fundamentals, let's see what the indicators are saying.
In the last week, BTC has demonstrated amazing strength, closing above minor support and resistance levels of $40k - $44k, holding and surpassing the important 200-day moving average of $45.2k, and generating a bullish engulfing candle.
Price opened for the new month at $43,820, and since then, we have maintained relative highs on the daily time frame.
Today we retested the $50,000 levels, and all roads seem clear for more upsides, especially in the immediate short-term.
However, there is currently a strong resistance around the $51,000 - $52,000 price levels, and the bulls would be gearing to break this for more upside, but the bears are still very active.
Failure to break the resistance in the coming days would see another drop to the $45,000 support level and maybe below.
The key levels to note are $52k and $45k; we want to see the price move comfortably above $52,000, and we don't want the price to go below the $45,000 mark anytime soon.
The MACD index is projecting an upward price movement with the MACD line crossing above the signal line on the daily T.F., but we are expecting a cross to happen in the weekly T.F.
The MACD histogram is also showing good positivity. As at publishing, the RSI index is at a good place (63), signalling a possible uptrend in the short term.
After dropping by a massive 13% in September, which is one of the worst monthly depreciation in recent times, Ethereum quickly regained value by adding 9% in the last five days.
After breaching the local support of mid-September to the upside, the price is now more bullish, and we can expect additional rallies from this point.
The rapid price movements and ongoing recovery signify a possible uptrend in the coming days, especially if the possible resistance level of $3,500 is held and comfortably surpassed.
The 24 hrs price action has been between the $3,270 and $3,473 levels. Projections are that price may hit the resistance of $3,500 before the close of the daily T.F.
At the hit of the resistance levels, we may see minor dumps for a price retest or an immediate breakout.
Market activities, however, reveal that the bears are not giving up yet, and still want to put up a fight for lower prices.
If they succeed, the ETH/USD pair might fall to the 20-day EMA ($3,194).
This is a critical level to hold because a fall below it might entice more fear-induced selling.
We may now see more dumps to around $2,800 - $2,500 levels.
The market currently seems bullish, so if it breaks resistance here, more upward movement is predicted.
The MACD on the daily is showing healthy signs for the ETH / USD pair. We expect that the current momentum will be maintained while we also watch out for the close of the 3D T.F. The RSI index currently at 55 also signifies some more upward movement.
With price bouncing off from the dips of mid-September, BCH has had quite a good recovery on the three days T.F. insinuating a bullish run to previous price regions from the 1st quarter bull run.
Although we expect that price breaks the new resistance around $580 - $600 in the short term. A break above this price range would occasion more uptrends.
However, if the bulls fail to hold the price above the resistance, we may see BCH retest the $530 - $550 levels, further breaking downwards may see prices fall below $480.
In the short - midterm, though, if bullish momentum is sustained and we see more accumulation in the volume, we may see price hit above $600 - $750 ranges.
The daily MACD index shows upward price movement with the MACD line crossing above the signal line. The RSI at 49.8 also indicates more upsides in the coming days.
Like most other altcoins, LTC began the new month running and breaking the previous local resistance zone.
From a low of $139 in September, we have seen prices hit the upper $100 levels. At the moment, we are encountering resistance at $174.
We look to be developing a value range of $165 to $174. A closer look at the charts indicates some strong resistance near the highs and will require some momentum to go above.
At the moment, we see a little of a rally, but $174 still holds as a local resistance in the shorter time frame.
If we can break above this zone conveniently, there won't be any strong resistance until at least the $184 levels.
The bulls would have to sustain the current build-up for a potential breakout to the upside.
The MACD index for LTC from the shorter time frame signifies more upward price movements. With an RSI index of 53, both indicators are aligned for the bulls.
The turn of the month (October) saw Ripple break into the $1 mark again, and for four days running, it has maintained price action around the range without breaking below.
The bulls have attempted to push the price above the $1.08 mark without any success, implying a price barrier around the $1.09 - $1.10 levels.
Although there are still possibilities of downward movements, there seems to be a fine balance between supply and demand levels.
This strongly signifies a more upward surge in the coming days. However, the price should go above and maintain the 50-day Simple Moving Average for this to play out.
A reversal in supply-demand balance may see Ripples go below the $1 mark again.
With the MACD index at =12, Ripple is healthy for another leg upward. The RSI also indicates a demand-supply equilibrium which also suggests more upward movements.
The aftermath of the September price decline saw Cardano hit a monthly low of$1.9 after an upward rally that saw price above $3.
Coming into October and ADA is slowly trying to pick up momentum; price action has been quite sluggish, with the bulls fighting hard to maintain $2.25 price levels.
The general outlook doesn't look so bullish yet as the bears still seem to have a stronghold over price action.
Price would need to stay strongly above the support level of $1.94, or we may see more dumps down to $1.50.
Notwithstanding, if prices can surge well above $2.56 towards the $3 mark, a bullish divergence may be confirmed.
The MACD index is not so convincing for a bullish movement, but across above the signal line is on the verge of occurring, which would be good for uptrends.
The RSI at 45 is quite neutral, with little signs of positivity.
Dogecoin bounced to reclaim critical price levels of $0.22 on the 1st of October following the late September dumps. Since then, market activity has been sluggish,
But there are signs of good momentum building up, which may mean a big move is around the corner.
For now, the $0.25 - $0.26 price range remains major short-term support, and the bulls will be looking to break above this level for more upsides and possible retests of the $0.31 price range.
On the flip side, Doge is holding support at $0.21, which is critical to ensure that we don't lose the current momentum.
Breaking below the support will drive the price down to $0.18 and possibly $0.15 and below.
The MACD favours the bulls as there are healthy indications for a move to higher regions.
RSI also aligns to support a move up for DOGE / USD.
