October 23 Technical Analysis: Bitcoin, Ethereum, BNB, SOL

⚠️ BTC has significantly dropped from the resistance level of 70000, indicating that bears are still active at high levels.

The range of 66500 to 65000 may provide support. If the price strongly rebounds from this area, it will signal the formation of a higher low, consolidating the outlook for an upward move to 72000.

However, bulls may encounter strong resistance in the range of 72000-73777.

If BTC closes below 65000, upward momentum will weaken. At that point, BTC may drop to the 50-day SMA of 62117.

⚠️ ETH broke the resistance line of the symmetrical triangle pattern on October 20, but bulls failed to push the price to 2850. $ETH

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Currently, bears are attempting to pull the price below the 20-day EMA of 2573. If successful, this will indicate that the market has rejected the previous breakout, and ETH may drop to the 50-day SMA of 2485.

Conversely, if the price strongly rebounds from the 20-day EMA, it indicates that traders are taking advantage of the price adjustment to buy.

Bulls will continue to strive to break through 2850 to open an upward move to 3,400.

⚠️ BNB has dropped from the level of 612 on October 21, indicating that bears are firmly defending the resistance level of 635. $BNB

The first support level for the drop is the 20-day EMA of 585. If the price rebounds from this level, it will be a positive signal, and bulls will continue to strive to break through the resistance of 635. If successful, it may quickly rise to 722.

Conversely, if the 20-day EMA is broken, the currency pair may drop to the 50-day SMA of 564, or even lower to 527.

This indicates that BNB may continue to trade within a narrow range for a period of time.

⚠️ SOL closed above the resistance level of 164 on October 20, completing an ascending triangle pattern, which is a bullish signal. $SOL

However, bears are fiercely resisting, trying to pull the price below 164. If bulls successfully hold above 164, the likelihood of the price rising to 189 will be higher.

Conversely, if the price drops and maintains below 164, it indicates that the market has rejected the previous breakout.

After that, SOL may drop to the 20-day EMA of 153. If the price rebounds from the 20-day EMA, bulls will attempt once again to initiate an upward trend by pushing the currency pair to break through 173.