The ProShares Bitcoin Strategy ETF will go down in history on October 19th when it trades on the New York Stock Exchange under the ticker BITO.

Market participants are likely to monitor the volumes of the ETF closely to gauge the level of institutional investor involvement. If the reaction is tepid for a few days, short-term traders may be tempted to post profits, but bullish momentum may continue to pick up if demand remains strong.

Daily performance of the cryptocurrency market. Source: Coin360

The latest CoinShares report for the week ending October 17 shows that institutional inflows into crypto products have pushed total institutional manager assets to a new record high of $ 72.3 billion. Of the total inflows of $ 80 million during the week, Bitcoin products attracted the lion’s share of $ 70 million.

Could the launch of a new ETF boost sentiment and push Bitcoin to a new all-time high, or will short-term traders make profits? Is it time for bitcoin money to flow into altcoins? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin’s October 17th candle long tail shows strong buying on dips. The bulls attempted to push the price above the October 15th high of $ 62,933 today but failed. This suggests that bears are vigorously defending the zone between $ 62,933 and $ 64,854.

BTC / USDT daily chart. Source: TradingView

If sellers drop the price below $ 58,963, the BTC / USDT pair could fall to the 20-week exponential moving average ($ 55,118). A strong rebound from this support will suggest sentiment remains positive and traders buy on dips.

The cops will then make one more attempt to overcome the obstacle above their head. If successful, the pair could begin the next leg of the uptrend which could hit $ 70,000 and then $ 75,000.

If the 20-day EMA support breaks, the pair could fall to the breakout level of $ 52,920. This is an important support to keep an eye out for because if it cracks the pair could crash to the 50-day simple moving average ($ 49,270).

ETH / USDT

The bulls successfully defended the inverse head and shoulders (H&S) section on October 17th, but were unable to sustain the upswing. This suggests that demand is drying up at higher levels. The bears pulled Ether (ETH) back to the neck of the setup today.

ETH / USDT daily chart. Source: TradingView

A break below the cutout could result in a fall to the 20-day EMA ($ 3,563). The rising moving averages and the relative strength index (RSI) in positive territory show that buyers have the upper hand.

If price rebounds from the 20-day EMA with strength, it will indicate that traders continue to accumulate on dips. Buyers will then make one more attempt to break the overhead hurdle at $ 4,027.88.

If they succeed, the ETH / USDT pair could retest the all-time high of $ 4,372.72. Alternatively, if bears drag the price below the moving averages, the pair could correct to $ 3,200.

BNB / USDT

Binance Coin (BNB) is struggling to take off after completing the inverse H&S pattern on October 13, but on a small positive side the bulls haven’t kept the price below the neckline of the setup.

BNB / USDT daily chart. Source: TradingView

The 20-day EMA ($ 439) is rising and the RSI is above 64, suggesting that the path of least resistance is up. If the bulls push the price above $ 484.70, the BNB / USDT pair could rise to $ 518.90.

This level can act as strong resistance, but if the bulls overcome this obstacle the pair could advance to the pattern target at $ 554.

Contrary to this assumption, this suggests that if the price goes down and falls below the moving averages, bears will be back in the game. The pair could then fall to $ 392.20.

ADA / USDT

Cardano (ADA) trades within a symmetrical triangle pattern, suggesting indecision between bulls and bears about the next directional move.

ADA / USDT daily chart. Source: TradingView

The 20-day EMA ($ 2.20) is gradually falling and the RSI has fallen near 43, suggesting a small advantage for bears. If sellers drop the piece below the triangle’s support line, the ADA / USDT pair could fall to $ 1.87.

This level could attract strong buying from the bulls. A breakout and close above the resistance line of the triangle indicates that the bulls have absorbed the supply and made a strong comeback.

The pair could then move to $ 2.47, which could act as resistance, but if the bulls break this obstacle the upside move could extend to $ 2.80.

XRP / USDT

XRP’s attempt to break above the overhead resistance at $ 1.24 failed on October 16 at $ 1.18. This could have resulted in profit booking from short-term traders, causing it to fall below the moving averages on October 17th.

XRP / USDT daily chart. Source: TradingView

The long tail of the day candle shows that the bulls are aggressively defending the psychological level at $ 1. Both moving averages have flattened and the RSI is near the middle, indicating a near-term range.

The XRP / USDT pair could consolidate between $ 1 and $ 1.24 for a few days. A break and close above $ 1.24 could clear the way for a possible move higher to $ 1.41, while a drop below $ 1 could push the pair down to $ 0.85.

SOL / USDT

Solana (SOL) has held above the downtrendline for the past three days but the bulls are struggling to start an upward move. This suggests that the bears have not yet thrown in the towel and are selling on rallies.

SOL / USDT daily chart. Source: TradingView

If bears pull and hold the price below the 50-day SMA ($ 151), the SOL / USDT pair could fall to $ 137.61. Breaking and closing below this support could pave the way for further decline to the important $ 116 level.

On the other hand, if the price rebounds from current levels and holds above $ 167.65, it suggests that buyers are back in the game. The pair could then rebound to the 61.80% Fibonacci retracement level at $ 177.80.

DOT / USDT

Polkadot (DOT) broke $ 38.77 overhead resistance on October 13, but the bulls failed to capitalize on that strength. This suggests that bears are unwilling to give way and sell on every surge.

DOT / USDT daily chart. Source: TradingView

The first sign of weakness will be a decline and close below the breakout level at $ 38.77 ($ 38.77) and the 20-day EMA ($ 36.64). The DOT / USDT pair could then hit the 50-day SMA ($ 33.05).

The upward trending 20-day EMA and the RSI in positive territory indicate that the path of least resistance is on the upside.

If the price bounces off the current $ 38.77 level and breaks above $ 44.78, it suggests that the bulls are back in the game. The pair could then retest the all-time high of $ 49.78.

Related: Lushsux: A decade of ass whoopin and skullduggery in a single NFT

DOGE / USDT

The bears pulled the price below the 20-day EMA ($ 0.23) on October 17th, but the long tail of the daily candle suggests accumulation at lower levels. Heavy buying drove Dogecoin (DOGE) above the downtrend line today.

DOGE / USDT daily chart. Source: TradingView

The long wick of today’s candlestick shows that the bears are aggressively defending the downtrend line. If the bulls fail to keep the price above the downtrend line, the DOGE / USDT pair could fall again to $ 0.21.

A rebound from this strong support could hold the pair between $ 0.21 and the downtrend line for the next several days.

If buyers hold the price above the downtrendline, it indicates that the correction may have ended. The pair could then move to $ 0.32, followed by a move higher to $ 0.35.

MOON / USDT

The Terra Protocol’s LUNA token has failed to break above the 20-day EMA ($ 38.13) in the past few days, suggesting sentiment has turned negative and bears are selling on rallies.

LUNA / USDT daily chart. Source: TradingView

The bears will now try to keep the price below the 50-day SMA ($ 36.38). The moving averages are on the verge of a bearish crossover, suggesting that the trend is favoring the bears.

If the price falls below $ 34.86, the LUNA / USDT pair could drop to $ 32.34. This is an important support to keep an eye on because if it gives way, sales could step up. The pair could then drop to $ 25.

The bulls need to push and hold price above the 20-day EMA to indicate the correction may be over.

UNI / USDT

Uniswap (UNI) broke and closed above the neckline on October 16, but the breakout proved to be a bull trap as the bears quickly pulled the price back below the neckline on October 17th.

UNI / USDT daily chart. Source: TradingView

If bears let the price dip below the moving averages, the UNI / USDT pair could fall to $ 22.15. The sell could accelerate if this support breaks and the pair could hit $ 18 next.

The moving averages are flat and the RSI is just above the middle, suggesting a balance between supply and demand.

This balance could tip in favor of the bulls if they push and hold the price above the neckline for a few days. The pair could rise to $ 31.41 after that and if that resistance is overcome the rally could hit the model target at $ 36.98.

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 carries risks. You should do your own research when making a decision.

Market data is provided by HitBTC Exchange.

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