Price Analysis October 6th, 2024 – BTC, ETH, SOL, BNB, and XRP
Bitcoin trended downward earlier this week following reports that Iran had launched an attack on Israel. However, it found support near $60,000, suggesting the buyers were determined to form a higher low, which would increase the prospects of a bullish movement.
When Bitcoin dropped below the $61,000 support on October 2nd, chief investment officer at Lekker Capital, Quinn Thomspon, urged his X followers to buy the dip, claiming that the coin might not retest lower levels in the next few months.
Meanwhile, JPMorgan analysts have said that investors are shifting their focus to Bitcoin and gold as they anticipated that the Federal Reserve will continue its dovish monetary policies, making traditional investments unattractive due to lower interest rates. Furthermore, these analysts say the upcoming US election will likely bolster the “debasement trade,” a bullish factor for crypto and gold.
While several analysts remain bullish in the long term, Sentiment has released a report showing that roughly 53% of crypto traders are pessimistic that “Uptober” will happen this month. For starters, October has been baptized to Uptober since Bitcoin has historically rallied significantly during that month. However, some traders say BTC may plummet to $52,000 before the month ends.
That said, let’s find the key areas on the lower side that must be monitored if Bitcoin drops below $60,000.
Bitcoin Price Analysis
Although BTC dropped below $60,354, the 50-day Simple Moving Average, the bulls didn’t allow the bears to pull the coin to the $59,548 support. As mentioned, BTC reversed from around $60,000, reaching $62,068 as of this writing.
If it crosses the 20-day Exponential Moving Average of $62,212 and the bulls intensify buying, a move to $66,487 becomes possible. Moreover, a break above that price could prompt a surge to $70,387. On the other hand, the possibility of a drop to the $54,000.55 support will increase massively if $60,000 gives way.
Ethereum Price Analysis
Despite the bears pulling Ethereum below the 50-day Simple Moving Average of $2,508.45 on October 3rd, they have yet to cause a breakout from the symmetrical triangle, meaning there is a strong bulls’ presence at lower levels.
The Relative Strength Index is now at 43. If it enters a negative territory (below 40), the bears could get a minor advantage, which they can use to drag ETH to the 2,300.47 support. Meanwhile, the bulls need to thrust Ethereum above $2,508.45 to gain the advantage. If they do so, a rally to $2,849.80 could occur.
BNB Price Analysis
BNB plummeted below the 50-day Simple Moving Average of $550.26 on October 1st but has surged to $562.37 at press time. If the 20-day Exponential Moving Average of $565.36 gives way, the bulls could try to push the coin to the $635.86 resistance, where a battle against the bears is anticipated.
Conversely, dragging and keeping BNB below $550.26 can help the bears cause a downtrend to $527.65 and later to $460.28.
Solana Price Analysis
Like BNB, Solana’s 50-day Simple Moving Average ($141.85) was violated earlier this week. However, the bulls have pushed the price to $144 at the time of publishing. Furthermore, the Relative Strength Index (46.33) is rising, enhancing the possibility of a move above the 20-day Exponential Moving Average of $145.27. If this eventually comes to pass, Solana could rally to $207.96 after surging past a minor obstacle at $164.38.
On the bearish side, SOL may dip to the $120.78 support if the bears are allowed to pull and keep the asset below $141.85.
XRP Price Analysis
XRP began its downtrend on October 2nd after the US Securities and Exchange Commission announced that it had filed an appeal against a ruling that favored the token’s issuer, Ripple. The digital asset has now crossed below the uptrend line, thus boosting the chances of a dip to $0.5073.
However, if the bulls push XRP above the $0.5435 resistance, a surge to the 50-day Simple Moving Average of $0.5738 is likely.
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