Bitcoin (BTC) has dropped below $ 60,000 psychological support. While this seems negative in the short term, price action has continued to mirror its move in 2017. If the similarity continues for the rest of the year, the bitcoin bulls could have a party.

PlanB, creator of the popular Bitcoin Stock-to-Flow (S2F) model, recently announced in a tweet that the second leg of the Bitcoin bull market has begun. If Bitcoin’s price action continues to follow the S2F model, the analyst believes it could rally to $ 100,000-135,000 by the end of the year.

Daily performance of the cryptocurrency market. Source: Coin360

Although Bitcoin is attracting the lion’s share of the attention, the Okcoin cryptocurrency exchange said in a recent report that institutional investors’ appetites for non-Bitcoin crypto assets are growing. The report said 53% of institutional purchases in September were in altcoins.

Is Bitcoin’s current decline a buying opportunity or the beginning of a deeper correction? How are the altcoins likely to react? Let’s analyze the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin failed to retest the overhead resistance zone at $ 64,854 to $ 67,000 on October 25, potentially causing short-term traders to post profits. That has dragged the price onto the strong support at the 20-day exponential moving average (EMA) (58,948).

BTC / USDT daily chart. Source: TradingView

A break and close below the 20-day EMA are the first signs that bullish momentum may weaken. If the bulls don’t quickly regain levels, sales could accelerate and the BTC / USDT pair could slide to $ 52,920.

The relative strength index (RSI) has fallen to the middle and the 20-day EMA is flattening, suggesting an equilibrium between supply and demand.

That advantage will tip in the bears’ favor if the pair slips and holds below the 50-day simple moving average (SMA) ($ 51,556). On the flip side, a breakout to a new all-time high suggests that the bulls are back in charge.

ETH / USDT

The bulls attempted to resume the uptrend in Ether (ETH) on October 26th and 27th but were unable to keep the price above $ 4,200. This suggests that bears are active at higher levels.

ETH / USDT daily chart. Source: TradingView

The sellers have dragged the price towards the 20-day EMA ($ 3,869), which is an important support to watch for. A strong rebound from the 20-day EMA will suggest sentiment remains positive and traders are buying the dips. The bulls will then try again to continue the uptrend.

On the contrary, when the 20-day EMA cracks, it signals that traders may be making profits and that supply is outstripping demand. The bears will then attempt to pull the price towards the 50-day SMA ($ 3,488).

BNB / USDT

Binance Coin (BNB) turned down from the overhead resistance and fell below the 20-day EMA ($ 462) today. This is the first sign that bullish sentiment may be weakening.

BNB / USDT daily chart. Source: TradingView

The long tail of today’s candle shows that the bulls are trying to defend the section of the inverse head and shoulders pattern.

If successful, the BNB / USDT pair could try again to rally to overhead resistance at $ 518.90. A break and close above this resistance could signal the resumption of the uptrend.

Conversely, a closing price below the neckline could pull the price towards the 50-day SMA (USD 423). If this support breaks, the next stop could be at $ 392.20. The flat moving averages and the RSI near the middle do not suggest any clear advantage for either bulls or bears.

ADA / USDT

Cardano’s (ADA) tight range between the 20-day EMA (USD 2.15) and the support line of the symmetrical triangle dissolved on the downside on October 27th. This suggests that the bears have maintained their supremacy.

ADA / USDT daily chart. Source: TradingView

Sellers pulled the price below $ 1.87 on Oct 27, but the candle’s long tail suggests the bulls are trying to defend support. The recovery attempt should meet strong resistance at the 20-day EMA.

If the price deviates from the 20-day EMA, the bears will try again to break the USD 1.87 support. In this case, the ADA / USDT pair could continue the downward move towards the pattern target at USD 1.58.

The bulls will need to push and hold price above the triangle’s resistance line to break the negative view.

SOL / USDT

Solana (SOL) broke the overhead resistance at $ 216 on October 25, but the bulls were unable to sustain the breakout. This may have resulted in profit bookings from short-term traders, pulling the price towards the 20-day EMA ($ 177).

SOL / USDT daily chart. Source: TradingView

The long tail on the October 27 candlestick suggests sentiment remains positive and bulls will buy on dips to the 20-day EMA. Buyers will now try again to push the price above the overhead resistance.

If successful, the SOL / USDT pair could continue the uptrend with the next target at $ 239.83. Contrary to this assumption, if bears pull the price below $ 171.47, the pair could extend the decline to the trendline. A break below this support signals a possible turnaround.

XRP / USDT

The bulls pushed Ripple (XRP) above the downtrend line on October 26th but failed to hold the higher levels, as evidenced by the long wick on the daily candle. This may have trapped the aggressive bulls, which led to strong selling on October 27th.

XRP / USDT daily chart. Source: TradingView

A close below the $ 1 support will complete a descending triangle pattern that could pull the price into the strong support zone at $ 0.88 to $ 0.85. If that zone fails to halt the decline, the XRP / USDT pair could extend the slide to the pattern target at $ 0.77.

The 20-day EMA ($ 1.08) is flat, but the RSI has fallen into negative territory, suggesting the bears are making a strong comeback. This negative view will be invalidated if the bulls push and hold the price above the downtrend line. That could pave the way for a possible rally to $ 1.24.

DOT / USDT

Polkadot (DOT) failure to rise above the overhead resistance at $ 46.39 on October 26th may have led short-term traders to sell. This dragged the price to the strong support at $ 38.77 on October 27th.

DOT / USDT daily chart. Source: TradingView

The long tail on the October 27 candlestick shows that the bulls are vigorously defending support. If buyers push the price above $ 46.39, the DOT / USDT pair could continue its bullish move, challenging the all-time high of $ 49.78.

If the bulls fail to break the overhead barrier, the pair could consolidate between $ 46.39 and $ 38.77 for a few days. A break and close below $ 38.77 could signal the start of a deeper correction in the 50-day SMA ($ 35.14).

Related: Shiba Inu could outperform Dogecoin after a 700% SHIB price rally in October

DOGE / USDT

Dogecoin (DOGE) moved down from $ 0.28 on October 24, suggesting traders are liquidating positions on rallies. The bulls tried again to push the price above the overhead resistance of $ 0.27 on October 26 but failed.

DOGE / USDT daily chart. Source: TradingView

Sales accelerated on October 27 after bears dragged the price below the 20-day EMA ($ 0.24). This caused a decline near the strong support zone at $ 0.21 to $ 0.19. The long tail of the daily candle suggests that traders will continue to defend the support zone.

The 20-day EMA has flattened and the RSI is just below the middle, indicating a possible short-term range. The next trend move could begin on a break above $ 0.28 or a close below $ 0.19.

SHIB / USDT

SHIBA INU (SHIB) is in a strong uptrend. The long wick of the October 24th candle shows that the bears tried to stop the upward move at $ 0.0004465 but could not withstand the selling pressure. Purchasing resumed on October 25th and the meme coin resumed its march north.

SHIB / USDT daily chart. Source: TradingView

The strong upward move has pushed the RSI near the 90 level, suggesting that the rally could be overdrawn in the short term. However, this does not guarantee the start of a correction as the RSI hit above 93 on October 6th before a pullback occurred.

The bulls have pushed the SHIB / USDT pair above the Fibonacci expansion level of 161.8% to $ 0.00006531. If the price holds above this level, the next stop could be the 200% expansion level at $ 0.00007586.

Vertical rallies are rarely sustainable and usually end with waterfall declines. Hence, chasing prices after the recent rally can be risky.

MOON / USDT

The Terra Protocol’s LUNA token broke the overhead resistance at $ 45.01 on October 26, but the bulls were unable to hold the higher levels, as evidenced by the long wick on the daily candle.

LUNA / USDT daily chart. Source: TradingView

The bears saw an opportunity and dragged the price below the $ 39.75 support on October 27, but on a small positive, the bulls bought the decline to the 50-day SMA ($ 38.16). If the price holds above $ 39.75, the bulls could try again to push the LUNA / USDT pair towards $ 45.01.

Conversely, if the price breaks below the 50-day SMA, the pair could fall into the strong support zone at $ 34.86 to $ 32.50. This is an important zone for the bulls to defend as a break below it could accelerate sales.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You should do your own research when making a decision.

Market data is provided by HitBTC Exchange.