The weekend failed to spark any upward momentum among crypto investors and both Bitcoin (BTC) and Ether (ETH) were down on October 31st. The cops will now attempt to hit the third consecutive weekly close and the very first monthly close above the psychological $ 60,000 level.

$ 63,000 is another interesting level for traders, as the stock-to-flow inventor PlanB has forecast this level as the “worst-case scenario” for October. In the recent past, PlanB’s worst-case theory has proven correct in August and September.

Daily view of crypto market data. Source: Coin360

Short-term interest aside, investors should remember that Bitcoin launched on January 3, 2009 at a price of $ 0.0008, and from there rebounded 8,374,999,900% to a high of $ 67,000 .

The journey for the Hodlers has not been easy as there have been several heartbreaking fixes, with a handful of analysts calling for the end of Bitcoin each time. In retrospect, however, all of these slumps turned out to be good buying opportunities.

Today marks the 13th birthday of the Bitcoin whitepaper published on October 31, 2008, which paves the way for what is possibly the greatest financial disruption.

Let’s analyze the charts of the top 5 cryptocurrencies that could be attracting traders’ attention in the next few days.

BTC / USDT

Bitcoin formed a flag pattern, but the bulls were unable to push the price above it. Failure to break through the overhead resistance may have led short-term traders to sell, pulling the price towards the 20-day exponential moving average ($ 59,679).

BTC / USDT daily chart. Source: TradingView

If bears pull price below the 20-day EMA, the BTC / USDT pair could fall to the support line of the pattern. This is vital support for the bulls to be defended as a break below it will invalidate the setup. The pair could then slide to the nearest support at $ 52,920.

If the price recovers from the 20-day EMA, the bulls will make another attempt to get the pair above the flag. If successful, the pair could retest the all-time high at $ 67,000 and then rebound towards the pattern target at $ 89,476.12.

BTC / USDT 4-hour chart. Source: TradingView

The 4 hour chart shows that the bears are aggressively defending the resistance level. The pair has fallen below the moving averages and a break below $ 60,000 could break the support line.

This level is expected to attract strong buying from the bulls. A rebound from the support line could keep the pair within the descending channel. The bulls need to push and hold the price above the resistance line to indicate the possible end of the correction phase.

ETH / USDT

Ether broke the all-time high of $ 4,375 on October 29, but the bulls were unable to continue the uptrend. The bears pulled the price back below the breakout level on October 30th, suggesting that sellers are active at higher levels.

ETH / USDT daily chart. Source: TradingView

The ETH / USDT pair could fall to the 20-day EMA (4.010), which is important support for the bulls to defend. If price bounces off this support, the bulls will seek to push the pair above $ 4,460.47.

If so, the couple could continue their journey towards the psychological mark at $ 5,000. On the contrary, a break below the 20-day EMA could lower it to $ 3,888. If the price rebounds from these levels, the pair may stay in the range for a few days.

The bears will have to pull and hold the price below $ 3,888 to get the upper hand. This could open the doors for the 50-day SMA ($ 3,564) to fall.

ETH / USDT 4-hour chart. Source: TradingView

The pair has been trading within an ascending channel for the past few days. If the price recovers from the 50-SMA, the bulls will seek to push the pair above $ 4,460.47. The pair could then rally to the resistance level of the channel. A break and close across the channel could accelerate the uptrend.

Alternatively, if price breaks below the 50-SMA, a fall to the support line of the channel is likely. A rebound from this level could keep the uptrend intact, but a break below the channel will be the first sign that the bulls may lose their footing.

BNB / USDT

Binance Coin (BNB) broke the overhead resistance at $ 518.90 on October 29, but the bulls were unable to extend that advantage. This indicates a lack of demand at higher levels.

BNB / USDT daily chart. Source: TradingView

The bears have pushed the price back below $ 518.90. If the BNB / USDT pair holds below this level, the next stop could be psychological support at $ 500 and then the 20-day EMA ($ 480). This is vital support for the cops to be defended.

If the price rebounds from the 20-day EMA, it suggests that sentiment will remain positive and traders will buy on dips. The bulls will then try again to continue the uptrend by pushing the price above the overhead zone between $ 518.90 and $ 540.50.

Conversely, if the price slips below the 20-day EMA, the correction could deepen and the pair could fall to the 50-day SMA ($ 431).

BNB / USDT 4 hour chart. Source: TradingView

The price has fallen back to the 20-EMA which is likely to act as strong support. If the pair recovers from this level, the bulls will seek to resume the uptrend and push the price to the pattern target at $ 554 and then to $ 600.

If the price falls below the 20 EMA, it suggests that the bullish momentum may weaken in the short term. The pair could then fall on the 50-SMA and next to the neckline of the inverse head-and-shoulders pattern. A break below this level indicates a possible trend reversal.

Related: What’s the worst nightmare that could happen to crypto? Experts answer

MATIC / USDT

Polygon (MATIC) shot up to close above the overhead resistance zone at $ 1.71 to $ 1.79 on October 28, signaling the start of a new uptrend.

MATIC / USDT daily chart. Source: TradingView

After the price rises above a significant resistance, it usually turns down and tests the breakout level again. The bulls will now seek to flip the $ 1.79 to $ 1.71 zone into support and use it as a launch pad to continue the uptrend.

A breakout and close above $ 2.22 could pave the way for a rally to $ 2.43 and eventually retest the all-time high at $ 2.70. The rising 20-day EMA ($ 1.65) and the RSI in positive territory suggest that the bulls are in control.

This positive view will be invalidated if bears pull and hold below the 20-day EMA. Such a move suggests that the recent break above $ 1.79 may have been a bull trap.

MATIC / USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has fallen to the 50-SMA which is likely to act as a strong support. If bulls are driving price above the downtrend line, it suggests that selling pressures may ease.

Alternatively, if the price drops below the 50-SMA, the pair could drop to $ 1.71. This level should be a strong support again, but if it breaks, sales could intensify. The pair could then fall to $ 1.50.

FTM / USDT

Fantom (FTM) hit a new all-time high on October 28, but the bulls were unable to sustain the outbreak. The long wick on the day candle shows that traders posted higher profits.

FTM / USDT daily chart. Source: TradingView

In an uptrend, bulls will generally buy the drops to the 20-day EMA ($ 2.52). If the price rebounds from current levels, it suggests that sentiment will remain bullish and traders will buy on dips. The bulls will then attempt to push the price above the overhead resistance at $ 3.48.

If successful, the FTM / USDT pair could continue its uptrend with the next target at $ 4.10, followed by a surge to the psychological level at $ 5.

Contrary to this assumption, a break below the 20-day EMA will signal that traders are continuing to discard their positions. The pair could then fall to the 50-day SMA ($ 1.86). The negative divergence in the RSI suggests that bullish momentum may weaken.

FTM / USDT 4 hour chart. Source: TradingView

The moving averages have made a bearish crossover on the 4-hour chart and the RSI has slipped into negative territory, suggesting that bears are at an advantage. The first support on the downside is the previous breakout level at USD 2.45.

A strong rebound from this level suggests that the bulls are trying to turn this level into support. If so, the pair could try again to move higher to $ 3 and later to $ 3.48. That positive view will be invalidated if bears pull the price below $ 2.45.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every step of investing and trading involves risk, so you should do your own research when making a decision.

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