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Buyers have pushed Bitcoin (BTC) above the near-term resistance of $68,500 on Oct. 18, signaling resumption of the up move. The rally of the past few days has been backed by solid buying. United States-based Bitcoin exchange-traded funds have witnessed sharp inflows of $2.1 billion in the past five trading days, per Farside Investors data. That has pushed the total net inflows to more than $20 billion, according to Bloomberg senior ETF analyst Eric Balchunas.
However, there is no consensus among analysts about Bitcoin’s short-term price action. Some believe that the surging Bitcoin futures open interest is a cause for concern, as that could result in a sharp pullback. On the other hand, Coinglass said that the increase in open interest “signals a significant price movement ahead.”
As Bitcoin’s price nears the all-time high, Trader may take a cautious approach. Bitcoin has been in a sideways price action for several months, so bears are likely to sell aggressively as the price nears the resistance of the range.
If the price remains in the upper half of the $54,000 to $73,777 range, the sentiment could improve, benefiting the Altcoin. Let’s analyze the charts of the top 10 cryptocurrencies to spot the crucial support and resistance levels.
Bitcoin price analysis
After a minor pullback on Oct. 17, Bitcoin bulls have reasserted their supremacy by pushing the price above $68,500 on Oct. 18.
The BTC/USDT pair is likely to reach $70,000 and then $72,000. Sellers are expected to fiercely defend this zone, but if the bulls prevail, the pair could surge to the all-time high at $73,777. This level is again expected to act as a formidable hurdle.
Any pullback is likely to find support at the 20-day exponential moving average ($64,268). Sellers will have to yank the price below the 20-day EMA to weaken the bullish momentum. The short-term trend will turn bearish on a break below $60,000.
Ether price analysis
Ether (ETH) has been trading near the triangle’s resistance line for the past five days, signaling that the bulls are maintaining their pressure.
If buyers thrust the price above the triangle, the ETH/USDT pair could rise to $2,850. This level may act as a resistance, but on the way down, if the price rebounds off the 20-day EMA ($2,523), it will suggest a change in trend. The pair may then attempt a rally to $3,400.
This bullish view will be invalidated in the near term if the price turns down and breaks below the moving averages. Such a move will suggest that the pair may remain inside the triangle for a few more days.
BNB price analysis
BNB (BNB) is gradually climbing toward the overhead resistance of $635, where the bears are likely to step in.
The gradually upsloping moving averages and the relative strength index (RSI) in the positive territory give a slight edge to the buyers. If bulls pierce the $635 resistance, the BNB/USDT pair could rally to $722 and then to $810.
Contrarily, if the price turns down sharply from the current level or the overhead resistance and breaks below the moving averages, it will signal that the pair may spend some more time inside the $460 to $635 range.
Solana price analysis
Solana (SOL) is trying to take support at the 20-day EMA ($148), indicating that the bulls are viewing the dips as a buying opportunity.
The bulls will make one more attempt to propel the price above the $164 overhead resistance. If they succeed, the SOL/USDT pair will complete an ascending triangle pattern. This bullish setup could start a rally to $189.
The 20-day EMA is the immediate support, and below that the uptrend line. Sellers will have to yank the price below the uptrend line to invalidate the bullish pattern. The pair may then slump to $127.
XRP price analysis
Buyers pushed XRP (XRP) above the moving averages on Oct. 17 but could not sustain the higher levels.
The uptrend line is the nearby support to keep an eye on. If the price breaks below the uptrend line, it will suggest that the bulls have given up. The pair could then fall to the critical support at $0.50.
On the contrary, if the price turns up from the current level or rebounds off the uptrend line, it will suggest that the bulls are buying on dips. That will increase the likelihood of a break above the 50-day simple moving average ($0.56). The XRP/USDT pair may then attempt a rally to $0.64.
Dogecoin price analysis
Dogecoin (DOGE) rose above the symmetrical triangle pattern on Oct. 18, indicating that the bulls have overpowered the bears.
If the price holds above the triangle, the DOGE/USDT pair could rally to $0.17 and subsequently to the pattern target of $0.19.
Contrary to this assumption, if the price turns down and re-enters the triangle, it will signal that the markets have rejected the breakout. The pair may fall to the 20-day EMA, an important near-term support to watch out for. If the price bounces off the 20-day EMA, the bulls will again attempt to start the up move.
Toncoin price analysis
Buyers are finding it difficult to push Toncoin (TON) above the moving averages, but a minor positive is that the bulls have not ceded ground to the bears.
That improves the prospects of a rally above the moving averages. If that happens, the TON/USDT pair could rally to $6, where the bears may again mount a strong defense. However, if buyers bulldoze their way through, the pair may rally to $7.
On the downside, if the $5 level fails to hold, the pair may drop to the $4.72 to $4.44 support zone. Buyers are expected to protect this zone with all their might because a break below it will complete a bearish head-and-shoulders pattern. The pair may then descend to $3.50.
Cardano price analysis
Cardano (ADA) has been trading in a tight range between $0.33 and $0.37 for the past few days, indicating indecision between the bulls and the bears.
If the $0.33 support cracks, the ADA/USDT pair could retest the crucial support at $0.31. The bulls are expected to defend this level with strength, but if the bears prevail, the pair may skid to $0.27.
Contrarily, if the price rises from the current level and breaks above $0.37, it will suggest that the bulls are attempting a comeback. The pair could then rally to $0.40. This level may be a solid hurdle, but if the bulls overcome it, the pair may rise to $0.45.
Avalanche price analysis
Avalanche (AVAX) turned down from the resistance line of the symmetrical triangle pattern on Oct. 14, but the bulls are trying to defend the 20-day EMA ($27.30).
If the price rebounds off the 20-day EMA with strength, the bulls will again attempt to drive the AVAX/USDT pair above the resistance line. If they can pull it off, the pair could rally to $37 and then to $42.
Alternatively, if the price breaks below the 20-day EMA, the bears will try to sink the pair to the support line. A break and close below the triangle will open the doors for a possible decline to $17.
Shiba Inu price analysis
Shiba Inu (SHIB) has been trading just below the $0.000020 overhead resistance, indicating that the bulls have maintained their pressure.
The 20-day EMA ($0.000017) is sloping up, and the RSI is in the positive territory, indicating the possibility of a breakout. If the price closes above $0.000020, the SHIB/USDT pair will complete an inverted H&S pattern. This reversal setup has a target objective of $0.000028.
If bears want to prevent the upside, they will have to swiftly pull the price below the 20-day EMA. If they do that, the pair may drop to the 50-day SMA ($0.000015), extending its stay inside the $0.000012 to $0.000020 range.
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