Greetings from Tbilisi, Georgia. The weather temperatures are lowering, and windier and fewer leaves for the trees around us. Fall.
In today's article, I'm going to look at 3 cryptocurrencies - Bitcoin, Ethereum, and Solana and make some predictions/forecasts based on technical analysis and my inner gut for the rest of the month.
The Crypto market, for the past weeks and a couple of months already, has been in a consolidation mode. At the end of October, both Bitcoin and Ethereum broke above their 50-day moving average price, which might be a potential buy signal.
Both investors and traders are looking for price action. Holders would love to see an upward trend, shorters would favor a downward trend. Speaking of me - neither. I'm neutral, but in general, would love more bullishness in the market.
This is not trading advice. Investments in stocks, funds, bonds, or cryptos are risk investments and you could lose some or all of your money. Do your due diligence before investing in any kind of asset
At the end of October, Bitcoin breaks above its 50-day moving average, which is already a good sign for bitcoin bulls.
Since April, Bitcoin has been trading under both 50 and 200-day moving averages, with a short break above the 50-day average in August. Now, breaking above the 50-day moving average, there is a highly likely bull rally possible to touch the 200-day moving average, currently at $24,500 with current short resistance set at $22,800, if breaking above it - a possible move towards $25,000 is expected. I would look for the support levels at $19,750 (current 50-day moving average). If we lose the support a fall back to the levels of $18,200.
Just like bitcoin, also Ethereum broke above its 50-day moving average at the end of October
Short-term resistance is set at $1,670 (200-day moving average) and support at around $1,370 (50-day moving average). If we break under, there is a great chance we are heading toward $1,000
Unlike Bitcoin and Ethereum, Solana is just hovering around its 50-day moving average price
More volatility is expected with the price of Solana with the short-term resistance set at $34.20 and support at the levels of $27.00.
From the three listed above, I would pay the most attention to Bitcoin, as most of the other coins will mirror it. Additionally take a look at the stock market, as Bitcoin loves to follow the stock market.