However, not everyone is bullish on Bitcoin in the short term. CoinShares said in its latest Digital Asset Fund Flows Weekly Report on Oct. 7 that digital investment products witnessed $147 million in outflows last week.<\/p>\n
CoinShares believes the stronger-than-expected economic data \u201creduced the probabilities for significant rate cuts\u201d in the near future, and that could be the reason for the strong outflows.<\/p>\n
Could Bitcoin\u2019s strength attract buyers into altcoins? Let\u2019s analyze the charts to find out.<\/p>\n
S&P 500 Index price analysis<\/h2>\n
The S&P 500 Index successfully held the retest of the breakout level of 5,670, indicating that the sentiment remains positive, and traders are buying on dips.<\/p>\n If buyers thrust the price above 5,768, it will signal the resumption of the uptrend. The index could rally to the psychologically important level of 6,000, where the bears may mount a strong defense.<\/p>\n This optimistic view will be negated in the near term if the price turns down sharply and breaks below 5,670. That will be the first sign of profit-booking by the bulls. The selling could intensify on a drop below the 50-day simple moving average (5,559).<\/p>\n The US Dollar Index (DXY) made a strong comeback last week, and the recovery accelerated after buyers pushed the price above the 20-day exponential moving average (101.40) on Oct. 1.<\/p>\n The 20-day EMA has started to turn up, and the relative strength index (RSI) has risen into the positive territory, indicating that the momentum has turned positive. However, sellers are unlikely to give up easily and will try to pull the price lower. The bears will have to yank the price below the 20-day EMA to halt the recovery.<\/p>\n On the contrary, if the price rebounds off 102, it will signal that the bulls have flipped the level into support. The index could then rally to 103.50.<\/p>\n Bitcoin cleared the 20-day EMA ($62,382) hurdle on Oct. 6, indicating that the bulls are on a comeback.<\/p>\n The BTC\/USDT pair could rise to $65,000 and thereafter to $66,500. Sellers will try to defend this zone, but if the bulls have their way, the pair could rally to $70,000. Buyers may struggle to overcome the zone between $70,000 and $73,777.<\/p>\n The essential support levels to watch on the downside are the 20-day EMA and the 50-day SMA ($60,696). A break and close below $60,000 will signal that the bulls are losing their grip. The pair could then descend to $57,500.<\/p>\n Ether (ETH) has been consolidating inside the symmetrical triangle pattern for the past few days, indicating indecision between the buyers and sellers.<\/p>\n If the price rises above the moving averages, the ETH\/USDT pair could climb to the resistance line. This is an essential level for the bears to defend because a break above it could propel the pair to $3,400. There is resistance at $2,850, but it is likely to be crossed.<\/p>\n On the contrary, if the price turns down sharply from the resistance line, it will signal that the pair may remain stuck inside the triangle for a while. The bears will have to sink the price below the uptrend line to start the next leg of the downtrend.<\/p>\n BNB (BNB) has been trading inside the large range between $460 and $635 for the past several days, indicating a tough battle between the bulls and the bears.<\/p>\n If the price remains above the 20-day EMA ($566), the BNB\/USDT pair could rally to the overhead resistance of $635. The bears are expected to defend this level with all their might. If the price turns down from $635 and breaks below the moving averages, the pair may remain inside the range for a while longer.<\/p>\n Alternatively, if bulls propel the price above $635, it will indicate the start of a new up move. The pair could then soar to $722.<\/p>\n The bulls pushed Solana (SOL) above the 20-day EMA ($145) on Oct. 6, signaling demand at lower levels.<\/p>\n The SOL\/USDT pair could rise to $164, which is an important level to watch out for. If bulls push the price above $164, the pair will complete an inverted head-and-shoulders pattern. That could start a rally to the target objective of $208.<\/p>\n This positive view will be invalidated if the price turns down from the current level or the overhead resistance and breaks below the moving averages. That could extend the stay inside the $116 to $164 range for some more time.<\/p>\n XRP (XRP) has been stuck in the upper half of the $0.41 to $0.64 range for the past few days, indicating that the bulls are buying on dips.<\/p>\n The bulls are trying to start a recovery from $0.50, which could face selling at the 20-day EMA ($0.56). If the price turns down from the 20-day EMA, the likelihood of a break below $0.50 increases. The XRP\/USDT pair could slump to the support of the range at $0.46.<\/p>\n Contrarily, if bulls push the price above the moving averages, the pair could attempt a rally to $0.64. This remains the critical level to watch out for in the near term. If bulls pierce this resistance, the pair may surge to $0.74.<\/p>\n Related: <\/strong><\/em>Here\u2019s what happened in crypto today<\/strong><\/em><\/p>\n Dogecoin (DOGE) has formed a symmetrical triangle pattern, signaling uncertainty about the next trending move.<\/p>\n Generally, inside the triangle, the price swings between the resistance line and the support line. A break above the 20-day EMA ($0.11) opens the door for a rise to the resistance line, where bears are expected to sell aggressively. However, if bulls overcome this barrier, the DOGE\/USDT pair could start a new uptrend to $0.14 and subsequently to $0.18.<\/p>\n Sellers will have to yank the price below the support line to start the next leg of the downtrend to $0.08 and then $0.06.<\/p>\n Toncoin (TON) has been trading below the moving averages, but the bears have failed to sink the price to the $4.72 support. This suggests that selling dries up at lower levels.<\/p>\n Buyers will try to push the price above the moving averages and start a recovery. If they can pull it off, the TON\/USDT pair is likely to attempt a rally to $7. There is resistance at $6, but it is expected to be crossed.<\/p>\n Instead, if the price turns down from the moving averages and breaks below $5.10, it will indicate that bears remain in control. The pair could then slump to the $4.72 to $4.44 support zone.<\/p>\n Cardano (ADA) has been trading between $0.31 and $0.40 for several days, indicating that the bulls are trying to form a base.<\/p>\n If buyers push the price above the moving averages, the ADA\/USDT pair could rise to the overhead resistance of $0.40. This is an important level to watch out for because a break above it will suggest the start of a new up move. The pair may rally to $0.45 and thereafter to $0.49.<\/p>\n Contrarily, if the price turns down from the overhead resistance and breaks below the moving averages, it will suggest that the pair may remain inside the range for a few more days.<\/p>\n 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.<\/p>\n Check other news for today<\/span> and Please stand by..<\/p>\n *********************************<\/p>\n If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n *********************************<\/p>\n Be the first to get most important HYIP news everyday! If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\nUS Dollar Index price analysis<\/h2>\n
Bitcoin price analysis<\/h2>\n
Ether price analysis<\/h2>\n
BNB price analysis<\/h2>\n
Solana price analysis<\/h2>\n
XRP price analysis<\/h2>\n
Dogecoin price analysis<\/h2>\n
Toncoin price analysis<\/h2>\n
Cardano price analysis<\/h2>\n
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