Bitcoin (BTC) has recently experienced a notable recovery from falling below the $60,000 threshold, but there seems to be resistance in maintaining elevated prices. The buying strategy focused on dips and selling on peaks indicates a potential formation of a narrow trading range in the near future.

A sign of encouragement is evident in the firm demand at lower price levels. After a period of three consecutive days of outflows, U.S.-based spot Bitcoin exchange-traded funds saw $253.6 million in inflows on October 11.

While Bitcoin remains relatively stagnant, certain analysts are optimistic about the escalation of altcoins based on specific indicators, suggesting a potential “up-only season” for altcoin markets.

If Bitcoin maintains a position above $60,000, traders might start concentrating their efforts on promising altcoins. Below, we explore five cryptocurrencies showing strong chart patterns.

Bitcoin Price Overview

Bitcoin surpassed the 20-day exponential moving average ($62,119) on October 11, yet the bulls failed to elevate the price toward the $65,000 resistance level.

Sellers are currently attempting to bring the price beneath the 20-day EMA. Should they succeed, the BTC/USDT pair might decline towards the 50-day simple moving average ($60,727). The region between the 50-day SMA and $60,000 is a critical support area that bulls need to defend; a breach here could lead to a further drop to $57,500.

On the contrary, if the price shows resilience at the 20-day EMA, it indicates that buyers are taking advantage of minor dips. In such a case, the pair could rise to $66,500, although this resistance may prove formidable. Nonetheless, if the bulls prevail, the next target could continue toward $70,000.

SUI Price Analysis

SUI rebounded off the 20-day EMA ($1.82) on October 11 and subsequently surged past the overhead resistance at $2.18 the following day.

The bearish sentiment may try to consolidate the price below the breakout level of $2.18, potentially leading to a correction towards the 20-day EMA, which remains a vital support zone. A breakdown below this EMA could trigger a deeper decline to $1.60.

Conversely, if SUI maintains a close above $2.18, it suggests bulls converting this level into support. This scenario could propel the price toward $2.50 and subsequently $3.

APT Price Insights

Aptos has faced resistance around the $10.50 mark, signaling strong bearish activity at these elevated levels.

To improve chances for a breakout above $10.50, buyers must keep the price above $9.50. If successful, the APT/USDT pair could gain momentum towards $14.50, where profit-taking could occur.

However, a decline below $9.50 may drag the pair down to the 20-day EMA ($8.48). A robust rebound from this EMA could lead to renewed attempts to push above $10.50, but a failure to hold could signify a bearish reversal.

TAO Price Overview

Bittensor has experienced an upward trajectory recently, although sellers have attempted to revert the price below the breakout level of $530.

While sellers are aiming to stop the advance at $680, their inability to capture substantial ground suggests a potential breakout scenario. If sustained, the TAO/USDT pair could advance towards the overhead resistance of $760.

WIF Price Movement

Dogwifhat successfully revisited the breakout point on October 10, hinting at a reversal in the short-term trend.

Although bearish pressures are trying to stifle momentum at $2.89, it seems likely that sellers will be overcome. If buyers can maintain pricing above this level, the WIF/USDT pair could rise to $3.58 and potentially reach $4.

On the downside, watch for the 20-day EMA ($2.34) as a critical level; a downturn below this could hint at profit-booking by bulls and possibly drive the price to $1.90.

This content is for informational purposes only and does not constitute investment advice or recommendations. Always conduct thorough research and consider risks before making investment decisions.