Price Analysis: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI

The ProShares Bitcoin Strategy exchange-traded fund (ETF) will enter the history books when it begins trading on the New York Stock Exchange under the ticker symbol BITO on October 19.

Market participants are likely to keep a close eye on the ETF's trading volumes to gauge institutional investor participation. If the reaction is tepid for a few days, short-term traders may try to lock in profits, but if demand remains strong, the bullish momentum could pick up further.

The latest CoinShares report, as of Oct. 17, showed institutional money flowing into crypto products, bringing total assets held by institutional managers to a new record of $72.3 billion. Of the total inflows of $80 million for the week, bitcoin products attracted the lion’s share of $70 million.

Will the Launch of a New ETF Boost Sentiment, Push Bitcoin to a New All-Time High, or Will Short-Term Traders Take Profit? Is Now the Time for Money to Flow Out of Bitcoin and Into Altcoins? Let’s take a look at the chart of the top 10 cryptocurrencies.

BTC/USDT

Bitcoin’s long shadow on Oct. 17 shows strong buying on dips. The bulls tried unsuccessfully to push the price above the Oct. 15 high of $62,933 on Oct. 18. This shows that the bears are aggressively defending the area between $62,933 and $64,854.

If the sellers sink the price below $58,963, BTC/USDT could drop to the 20-week exponential moving average (EMA) ($55,118). A strong bounce off this support would indicate that market sentiment remains positive and traders are buying on dips.

The bulls will then make another attempt to clear the hurdle overhead. If they succeed, BTC/USDT could start the next phase of the uptrend, possibly reaching $70,000 and then $75,000.

If the 20-day EMA support breaks, BTC/USDT could drop to the breakout level of $52,920. This is an important support level to watch because if it breaks, BTC/USDT could plunge to the 50-day simple moving average (SMA) ($49,270).

ETH/USDT

The bulls managed to defend the neckline of a reversed head and shoulders (H&S) pattern on October 17, but they were unable to sustain the upward momentum. This suggests that demand has dried up at higher levels. The bears pulled Ethereum (ETH) to the neckline again on Oct. 18.

A break below the neckline could lead to a drop to the 20-day EMA ($3,563). The rising moving averages and relative strength index (RSI) are in positive territory, suggesting buyers have the upper hand.

If the price rebounds strongly off the 20-day EMA, it will indicate that traders continue to accumulate on the dip. The buyers will then make another attempt to clear the $4,027.88 overhead hurdle.

If they can do this, ETH/USDT could retest the all-time high of $4372.72. Alternatively, if the bears sink the price below the moving averages, ETH/USDT could correct towards $3,200.

BNB/USDT

BNB is struggling to take off after completing a head-and-shoulders reversal pattern on October 13, but a small positive is that the bulls have not let the price sustain below the neckline.

The 20-day EMA ($439) is rising and the RSI is above 64, suggesting that the path of least resistance is to the upside. If the bulls push the price above $484.70, BNB/USDT could rise to $518.90.

This level may act as rigid resistance, but if the bulls overcome this barrier, BNB/USDT may rise towards the pattern target of $554.

Contrary to this assumption, if the price turns lower and breaks below the moving averages, it will indicate that the bears are back in the game. Then BNB/USDT could drop to $392.20.

ADA/USDT

Cardano (ADA) is trading within a symmetrical triangle pattern, which shows that bulls and bears are indecision about the next directional move.

The 20-day EMA ($2.20) is gradually sloping down and the RSI has dropped to around 43, suggesting that bears have little advantage. If the sellers pull it below the support line of the triangle, ADA/USDT could drop to $1.87.

This level is likely to attract strong buying from the bulls. A breakout and close above the triangle resistance line will show that the bulls have absorbed the supply and mounted a strong counterattack.

ADA/USDT could then rise to $2.47, which could act as a resistance, but if the bulls overcome this hurdle, the upward movement could extend to $2.80.

XRP/USDT

XRP attempted to rise above the overhead resistance at $1.24 but ended at $1.18 on October 16. This likely attracted profit-taking from short-term traders, leading to a break below the moving average on October 17.

The long shadow of the day shows that the bulls are aggressively defending the psychological level of $1. Both moving averages have flattened out and the RSI is close to the median, suggesting a range-bound move in the short-term.

XRP/USDT may consolidate between $1 and $1.24 for a few days. A breakout and close above $1.24 could clear the way for an upside move to $1.41, while a break below $1 could drag XRP/USDT down to $0.85.

SOL/USDT

Solana (SOL) has been holding above the downtrend line for the past three days, but the bulls are struggling to initiate an upward movement. This shows that the bears have not thrown in the towel and are selling into rallies.

If the bears pull and sustain the price below the 50-day SMA ($151), SOL/USDT could drop to $137.61. A break below and a close above this support could clear the way for a further decline towards the important $116 level.

Conversely, if the price bounces off the current levels and sustains above $167.65, it will indicate that buyers are back in the game. Thereafter, SOL/USDT may rally to the 61.80% Fibonacci retracement level at $177.80.

DOT/USDT

DOT broke overhead resistance at $38.77 on Oct. 13, but the bulls failed to capitalize on this strength. This shows that the bears are not willing to let up, selling every time it rises.

The first sign of weakness will be a decline and a close below the breakout level of $38.77 and the 20-day EMA ($36.64). DOT/USDT could then drop to the 50-day SMA ($33.05).

The rising 20-day EMA and the RSI in the positive zone suggest that the path of least resistance is to the upside.

If the price bounces off current levels, or $38.77, and breaks above $44.78, it will indicate that the bulls are back in the game. Then DOT/USDT may retest the all-time high of $49.78.

DOGE/USDT

On Oct. 17, the bears pulled the price below the 20-day EMA ($0.23), but the long shadow on the day suggested accumulation at lower levels. Strong buying on October 18 pushed Dogecoin (DOGE) above the downtrend line.

The long wick from October 18 shows that the bears are aggressively defending the downtrend line. If the bulls fail to sustain the price above the downtrend line, DOGE/USDT could drop to $0.21 again.

A bounce off this strong support will see DOGE/USDT linger between $0.21 and the descending trendline for the next few days.

If buyers sustain the price above the downtrend line, it will indicate that the correction may be over. Then, DOGE/USDT may rebound to $0.32 and then move up to $0.35.

LUNA/USDT

Terra protocol’s LUNA token has failed to break above the 20-day EMA ($38.13) over the past few days, which suggests that sentiment has turned negative and bears are selling on the rally.

The bears will now attempt to sustain the price below the 50-day SMA ($36.38). The moving averages are about to cross, indicating that the trend is in favor of the bears.

If the price falls below $34.86, LUNA/USDT could drop to $32.34. This is an important support level to watch because if it gives way, the sell-off could intensify. Then LUNA/USDT could drop to $25.

The bulls will have to push and sustain the price above the 20-day EMA to signal that the correction may be over.

UNI/USDT

Uniswap (UNI) broke out and closed above the neckline on Oct. 16, but the breakout proved to be a bull trap as the bears quickly pulled the price back below the neckline on Oct. 17.

If the bears sink the price below the moving averages, UNI/USDT could drop to $22.15. If this support is breached, the sell-off could accelerate and LUNA/USDT could drop to $18 next.

The moving averages are flat and the RSI is slightly above the median, suggesting a balance between supply and demand.

If the bulls push and sustain the price above the neckline for a few days, the balance could tip in favor of the bulls. Thereafter, UNI/USDT could rise to $31.41, and if this resistance is breached, the rally could reach the pattern target of $36.98.