Bitcoin’s indecisiveness could drive investors to SUI, APT, TAO, and WIF
2024.10.13 15:30
Bitcoin (BTC) recovered sharply from the drop below $60,000 during the week, but the buyers are struggling to sustain the higher levels. Buying on dips and selling on rallies signals the formation of a tight range in the near term.
A minor positive is that lower levels are showing solid demand. After three days of outflows, United States-based spot Bitcoin exchange-traded funds witnessed $253.6 million in inflows on Oct. 11.
Crypto market data daily view. Source: Coin360
Bitcoin remains stuck in a sideways price action, but some analysts seem to be turning bullish on altcoins. Based on specific metrics, analysts believe that altcoin markets could enter an “up-only season.”
If Bitcoin stays above $60,000, traders may gradually shift focus to select altcoins. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin broke above the 20-day exponential moving average ($62,119) on Oct. 11, but the bulls could not push the price to the overhead resistance of $65,000.
BTC/USDT daily chart. Source: TradingView
Sellers are trying to pull the price back below the 20-day EMA. If they manage to do that, the BTC/USDT pair could slide to the 50-day simple moving average ($60,727). The support zone between the 50-day SMA and $60,000 is crucial for the bulls to defend because a break below it could open the doors for a drop to $57,500.
Contrary to this assumption, if the price rebounds off the 20-day EMA with strength, it will suggest that the bulls are buying on minor dips. The pair could then rally to $66,500. This level may pose a solid challenge again, but if the bulls prevail, the up move could reach $70,000.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price has turned down from the resistance line of the descending channel pattern but is finding support at the moving averages. If the price turns up from the moving averages, the bulls will try to propel the pair above the channel, starting a rally to $65,000.
On the contrary, if the price breaks and maintains below the moving averages, it will signal that the pair may oscillate inside the channel for some more time. The pair could then drop to $60,000.
Sui price analysis
Sui (SUI) rebounded off the 20-day EMA ($1.82) on Oct. 11 and skyrocketed above the $2.18 overhead resistance on Oct. 12.
SUI/USDT daily chart. Source: TradingView
The bears will try to pull and sustain the price below the breakout level of $2.18 and trap the aggressive bulls. If they can pull it off, the SUI/USDT pair may correct to the 20-day EMA, which remains the critical support to watch out for. A break below the 20-day EMA could start a deeper correction to $1.60.
Conversely, if the price remains above $2.18 on a closing basis, it will suggest that the bulls are trying to flip the level into support. That could start the next leg of the uptrend to $2.50 and thereafter to $3.
SUI/USDT 4-hour chart. Source: TradingView
The $2.18 level is likely to witness a tough battle between the bulls and the bears. If the price breaks below $2.18 but rebounds off the 20-EMA, it will suggest that dips are being purchased. That will increase the likelihood of an upside breakout and the resumption of the uptrend.
Alternatively, if the price breaks below the 20-EMA, it will suggest that the short-term bulls are booking profits. The pair may then slump to the uptrend line. A break below this support could drag the pair to $1.60.
Aptos price analysis
The up move in Aptos (APT) is facing selling near the overhead resistance of $10.50, indicating that bears remain active at higher levels.
APT/USDT daily chart. Source: TradingView
Buyers will have to maintain the price above $9.50 to improve the prospects of a breakout above $10.50. If they do that, the APT/USDT pair could accelerate toward $14.50, where profit-booking might set in.
On the downside, if the price breaks below $9.50, the pair may decline to the 20-day EMA ($8.48). A strong bounce off the 20-day EMA could see another attempt to push the pair above $10.50, but a break below the 20-day EMA will signal that the bears are attempting a comeback.
APT/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are trying to protect the $10.50 level, but a minor positive is that the bulls have not given up much ground. This suggests that the buyers anticipate the pair to move higher. A break and close above $10.50 could clear the path for a rally to $12.
Instead, if the price turns down and breaks below the 20-EMA, it will suggest that the bulls have given up and are booking profits. That may sink the pair to the 50-SMA.
Related: Gate Ventures, Movement Labs, Boon Ventures to launch $20M crypto fund
Bittensor Token price analysis
Bittensor (TAO) has been in an uptrend for the past few days. The bears tried to pull the price below the breakout level of $530, but the bulls held their ground.
TAO/USDT daily chart. Source: TradingView
The sellers are trying to halt the up move at $680, but the likelihood of a breakout increases if the bulls do not give up much ground. The TAO/USDT pair could then travel to the overhead resistance at $760.
Although the upsloping moving averages suggest advantage to buyers, the negative divergence on the RSI signals weakening momentum. If the price skids below the 20-day EMA ($560), the pair may plunge to $489.
TAO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the formation of a bearish rising wedge pattern. If the price slips below the moving averages, the bears will try to pull the pair below the support line. If they succeed, the pair may descend to $489 and subsequently to the pattern target of $433.
Contrarily, if the price rebounds off the moving averages, it will increase the likelihood of a breakout above the resistance line. The failure of a bearish pattern is a bullish sign, and that could start a rally to $760.
Dogwifhat price analysis
Dogwifhat (WIF) successfully retested the breakout level on Oct. 10, indicating a change in the short-term trend.
WIF/USDT daily chart. Source: TradingView
The bears are trying to stall the up move at $2.89, but the level is likely to be crossed. If buyers maintain the price above $2.89, the WIF/USDT pair could surge to $3.58 and eventually to $4.
The crucial level to watch out for on the downside is the 20-day EMA ($2.34). A break and close below this level will be the first sign that the bulls are hurrying to book profits. The pair may then slump to the 50-day SMA ($1.90).
WIF/USDT 4-hour chart. Source: TradingView
Both moving averages are sloping up on the 4-hour chart, and the RSI is in the positive zone, indicating that the bulls have an edge. If buyers drive the price above $2.89, the pair could reach the resistance line near $3.1. This level is likely to attract selling, but if the bulls persist, the pair may pick up momentum and surge toward $3.58.
This positive view will be invalidated in the near term if the price continues to fall and breaks below the 20-EMA. The pair may then slump to the channel’s support line.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
