BTC, ETH, DOT, DASH Technical Analysis – 7 October

Briefly –

Ethereum lags behind Bitcoin.
Polkadot has the potential to surge between 23% – 48%.
DASH might be trading in a bullish fractal.

Bitcoin

On 6 October, Bitcoin gained considerably after forming a bullish candle. With the increase, Bitcoin managed to rise past its September peaks. For now, Bitcoin has its next resistance level at $57,200. According to the daily time frames, technical indicators depict bullishness, supporting an upward move past the resistance.

The Relative Strength Index, a momentum indicator, moved past the 50-level. Keep in mind that levels above 50 suggest a bullish trend. Such actions on 21 July had it increasing for 47 days.

Moreover, the Moving Average Convergence Divergence increases as it shows bullishness. The indicator utilizes near- and long-term MAs to determine whether the trend is gaining momentum. As the trend-line and the histogram stay positive, Bitcoin has a higher probability of rallying. Also, the wave count suggests bullish actions.

Ethereum

Ethereum maintained a plunging trend with its descending resistance since touching a high on 7 September. However, the alternative asset broke out of the obstacle on 3 October, suggesting an end to its downbeat.

Though with similar actions, Ethereum seems to lag behind Bitcoin. That is because the latter had moved past its September peaks.

Meanwhile, Ethereum might accelerate its upswing momentum after overcoming $3,600 – similar to what BTC is doing at the moment.

Polkadot

DOT has been surging with its ascending support area since 19 July. The alt has validated the zone three times and deviated under it once, doing that on 29 September. The level shows its significance as DOT reclaimed it following a break below it and later switched it into support. For that reason, the alt retain a bullish outlook for now.

DOT has its nearest resistance at $41.35, then $49.70. A movement to the former means a 23% surge while hitting the latter is a 48% upswing.

DASH

DASH has followed a descending level since 23 August, confirming a plunging trend. That had it declining at $146.3 on 28 September. Though the token maintained an upswing outlook since then, it hasn’t overpowered its resistance that sits at $205 for now. A break past this level can spark an extended uptrend – similar to 17 July actions.