A Bitcoin price rally above $70k could include ETH, SOL, DOGE and SHIB.

Bitcoin (BTC) is up nearly 9% this week, indicating bulls are buying. The move to the upside is facing resistance around $69,000, but the bulls are not leaving the position in a hurry. That suggests buyers expect the rally to extend further.

Trading firm QCP Capital told Telegram channel subscribers that rising U.S. stock markets and a weakening Japanese yen could raise risk sentiment heading into the U.S. election. This “raises risk assets and supports our Uptober narrative,” the company added.

Another positive for Bitcoin is the approval of the United States Securities and Exchange Commission to list options for Bitcoin exchanges on the New York Stock Exchange and the Chicago Board Options Exchange. Analysts believe that the introduction of options will increase the liquidity in the Bitcoin markets.

Bitcoin's strength has attracted buying in major altcoins, which are showing signs of breaking out. Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin is facing resistance as it nears the psychological resistance of $70,000, but a positive sign is that the bulls have not given up much ground.

The rising 20-day moving average ($65,010) and the relative strength index (RSI) near the overbought zone suggest that the bulls have an edge. If buyers drive the price above $70,000, the next stop could be $72,000. The bears are expected to strongly defend the zone between $70,000 and $73,777.

If the bears want to make a comeback, the price needs to quickly pull below $66,500 and the 20-day EMA. If they do, the BTC/USDT pair could drop to its 50-day simple moving average ($61,749).

The RSI on the 4-hour chart shows a negative divergence, which indicates that the bullish momentum is weakening. A break and close below the 20-EMA indicates profit booking by short-term traders. The pair may go down to the 50-SMA.

On the contrary, if the price continues higher and breaks above $69,000, it shows that the sentiment is positive, and the bulls are buying dips. The pair could reach $70,000 and then $72,000.

Ether price analysis

Ether (ETH) broke out of the symmetric triangle pattern on October 20, indicating that the bulls have defeated the bears.

The ETH/USDT pair may rise to $2,850, which may again serve as strong resistance. If the price breaks below $2,850 but recovers the elasticity level from the triangle, it would indicate a change from selling on rallies to buying on dips. The bulls will try to hit the price above $2,850 again. If successful, the pair could raise about $3,400.

This optimism will be rejected in the near term if the price declines significantly and breaks below the 20-day EMA ($2,553). That might keep the couple in the triangle for a few more days.

The price squeeze near the resistance line was resolved by an inverted breakout, indicating that the bulls were ordered. Buyers will try to push the pair to $2,850, it is expected that the bears will make a strong challenge.

Moving averages are an important support to watch on the downside. A break and close below the moving averages suggests that momentum is weakening. The pair could drop to $2,550 and then to $2,450.

Solana price analysis

Solana (SOL) is approaching the $164 resistance, which is an important level to protect the bears.

If their efforts fail, the SOL/USDT pair will complete an upward triangle pattern at the close above $164. That clears the way for a rally to $189 and then to $210.

If the price breaks below $164 but finds support at the 20-day EMA ($150), bulls will continue to buy on dips. The buyers will make one more attempt to push the pair above $164. The bullish setup will be rejected on the breakout and close below the high line.

Both moving averages are trending higher on the 4-hour chart, and the RSI is near the overbought zone, indicating that the bulls are dominant. However, the bulls are expected to face significant resistance at $164. On the downside, if the buyers do not allow the price to slip below the 50-SMA, a break above $164 is likely.

Alternatively, if the price declines significantly and breaks below the moving average, the bulls are discouraged. The pair could drop to $148 and then to $144.

Related: 3 Signs Bitcoin's ‘Parabolic Phase' Is About to Begin With $250K Target

Dogecoin price analysis

Dogecoin (DOGE) broke out of a similar triangle pattern on October 18, signaling the start of a new uptrend.

A move to the upside has the potential to sell above $0.15, which could result in a retest of the breakout triangle. If the price returns from the split level, it indicates that the bulls have reversed the level to support. That improves the rally to $0.18.

Conversely, a break and close below the 20-day EMA ($0.12) indicates that the markets have rejected the breakout. That could pull the DOGE/USDT pair to the triangle support line.

The pair has held above the 20-EMA on the 4-hour chart, indicating that the bulls are in no rush to book profits as they anticipate another leg up. If buyers push the price above $0.15, the pair could rise to $0.18.

If the bears want to pull back, the price needs to load below the 20-EMA. That could start a downward move to the breakout level near $0.13. A break and close below this level will tilt the advantage to the bears.

Shiba Inu price analysis

Shiba Inu (SHIB) has formed a reversal head-and-shoulders pattern, which is completing a breakout and closing above $0.000020.

The moving averages and RSI around 60 increase the probability of a breakout. If that happens, the SHIB/USDT pair could pick up momentum and rally towards the $0.000028 target.

Contrary to this assumption, if the price declines from the current level and breaks below the 20-day EMA ($0.000018), it suggests that the bulls may give up in the near future. The pair will remain in the range of $0.000012 to $0.000020 for a while before dipping towards the 50-day SMA ($0.000016).

The pair is gradually rising in an ascending channel pattern. The high line is an important support to watch out for, as a break and close below it gives the bears an advantage.

If the price increases from the current level, it suggests buying on dips. The Bulls try to push the pair into the defensive line, where the Bears can penetrate. A break and close above the channel indicates that the bulls are in control. The pair could rise to $0.000022.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.