Bitcoin (BTC) has been trading within a wide range of $56,552 to $73,777 for a number of days. It is challenging to accurately predict the breakout direction due to the randomness and volatility of trading within this range. Therefore, it is advisable to wait for a clear breakout before making significant bets.
Traders are exercising caution in the short term given the uncertainty in the market. Data from Farside Investors shows that Bitcoin exchange-traded funds have experienced outflows over the past four days. CoinShares’ “Weekly Asset Fund Flows” report also indicates outflows of $600 million from digital asset investment products, the largest since March 22.
Despite this, analysis of Deribit derivatives data by Cointelegraph reveals that Bitcoin whales and market makers are maintaining optimism and are not panicking during the dip. Several analysts also hold a bullish outlook even as Bitcoin dropped below $65,000.
The question remains: Will Bitcoin bounce back from its strong support and lift altcoins along with it? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On June 18, Bitcoin hit the lower end of its range at $64,602 after failing to see a strong rebound from the bulls. This lack of upward momentum suggests that bears are maintaining their selling pressure.
The downward sloping 20-day exponential moving average ($67,249) and the relative strength index (RSI) below 40 indicate a bearish edge. If the $64,602 support level is breached, the BTC/USDT pair could drop to $60,000.
However, the bulls are unlikely to give up the $64,602 level without a fight. A reversal from the current level, pushing the price above the 20-day EMA, would signal the start of a strong recovery with a potential climb to $70,000.
Ether Price Analysis
Ether (ETH) is currently stuck between moving averages, hinting at a possible breakout in the near future. If the price surpasses the 20-day EMA ($3,586), the ETH/USDT pair could rally to $3,730, a crucial level for the bears to defend. A break above this level could pave the way for a rise to $3,977.
Conversely, a downturn and breach below the 50-day simple moving average ($3,436) would suggest bearish control, potentially leading to a drop to $3,000 and further down to $2,850.
BNB Price Analysis
BNB fell below immediate support at $590 on June 18 but found solid support at $560, indicating a lack of aggressive selling pressure at lower levels. Bulls are aiming for a recovery to push the price above moving averages. If successful, the BNB/USDT pair could rally to $617, marking a possible end to the corrective phase. Further resistance at $722 might come into play if the bulls maintain control.
On the flip side, a rejection from overhead resistance could prompt bears to target a drop below $560, potentially leading to a decline to $536.
Solana Price Analysis
Solana dropped below a descending channel pattern on June 18 but saw buying interest from bulls, as indicated by a long tail on the day’s candlestick. The downsloping 20-day EMA ($152) and the negative RSI signal bearish control. A bounce from the current level or the 20-day EMA could push the SOL/USDT pair toward critical support at $116, a level likely to attract strong buying interest.
A reversal above the resistance line could negate the bearish view and propel the pair to $176.
XRP Price Analysis
XRP turned down from the 50-day SMA ($0.51) on June 17 but found support at $0.46 on June 18. The flattening 20-day EMA ($0.50) and RSI below the midpoint slightly favor bears. Bulls need to push the price above the 50-day SMA to gain an advantage.
A break below the $0.46 support would suggest bearish dominance, potentially leading to a slide to $0.41. Buyers are expected to defend the $0.46-$0.41 zone vigorously.
Dogecoin Price Analysis
Dogecoin dropped below strong support at $0.12 but saw bulls defending this level. Buyers will aim for a relief rally but could face resistance at the 20-day EMA ($0.14). A rejection could prompt bears to target a drop below $0.12, potentially leading to a downtrend to $0.08. A move above the 20-day EMA could signal a prolonged range-bound movement between $0.12 and $0.18.
Toncoin Price Analysis
Toncoin’s rebound off $7.67 on June 16 was short-lived, indicating a lack of demand at higher levels. Bears maintained selling pressure, pushing the price below the 20-day EMA ($7.23) and the uptrend line. A sustained move below the uptrend line could negate the ascending triangle pattern and trigger a decline to $6. Conversely, a sharp reversal from the 50-day SMA ($6.67) could propel the TON/USDT pair to $7.67.
Cardano Price Analysis
Cardano signaled a downtrend resumption after dropping below strong support at $0.40 on June 18. Bulls stepped in at the $0.35 support, aiming for a recovery. Resistance at moving averages could lead to a drop below $0.35, potentially pushing the pair to $0.28. A move above the moving averages would suggest the end of the corrective phase.
Shiba Inu Price Analysis
Shiba Inu broke below the $0.000020 support on June 17, indicating bearish control. Buyers intervened at the 78.2% Fibonacci retracement level of $0.000017 on June 18. A rebound attempt could face resistance at $0.000020, with a rejection potentially leading to a drop to $0.000014. A move above the moving averages could signal strong buying interest at lower levels.
Avalanche Price Analysis
Avalanche closed below the $29 support on June 17, favoring bears. Buyers made a stand at $25, aiming to push the price back to $29. A rejection from this level could lead to a drop to $20. Bulls need to drive the price above the 20-day EMA ($31.71) to trap bears and trigger a short squeeze.
This article serves as information and does not offer investment advice. Every investment or trading decision involves risk, and readers are encouraged to conduct their own research before making any decisions.