👉Bitcoin (BTC) has rebounded strongly after falling below $60,000 this week, but buyers are struggling to sustain higher levels. Buying on dips and selling on rallies signals the formation of a tight range in the near term.
One small positive is that the lower levels are showing solid demand. After three days of outflows, US-based spot Bitcoin ETFs saw inflows of $253.6 million on October 11.
If Bitcoin stays above $60,000, traders may gradually shift their focus to select altcoins. One of the altcoins expected to see the biggest gains is SUI
💥SUI Technical Analysis
👉Sui ((SUI) rebounded from the 20-day EMA ($1.82) on October 11 and surged above the overhead resistance at $2.18 on October 12.
👉The bears will attempt to pull and sustain the price below the breakout level of $2.18 and trap the aggressive bulls. If they can do so, the SUI/USDT pair could correct to the 20-day EMA, which remains a key support to watch out for. A break below the 20-day EMA could start a deeper correction to $1.60.
👉Conversely, if the price remains above $2.18 on the close, this would suggest that the bulls are attempting to flip this level into support. That could start the next leg of the uptrend towards $2.50 and then $3.
👉The $2.18 level is likely to see a tough battle between the bulls and the bears. If the price breaks below $2.18 but rebounds from the 20 EMA, it will indicate that the dips are being bought. That will increase the possibility of a bullish breakout and a continuation of the uptrend.
👉On the other hand, if the price breaks below the 20 EMA, it will indicate profit booking by short-term traders. The pair could then decline to the uptrend line. A break below this support could drag the pair to $1.60.
