Bitcoin (BTC) is currently trading around the $69,000 mark, indicating a fierce battle between buyers and sellers. While some analysts believe that the upcoming Bitcoin halving will act as a major catalyst, new research from CryptoQuant suggests that the halving effect has been diminishing as the new issuance of Bitcoin becomes smaller relative to the selling from long-term holders.
BitMEX co-founder Arthur Hayes is skeptical about the near-term outlook, predicting extreme weakness in risky assets until May 1. However, he is optimistic for the medium term as he expects the Bitcoin halving to drive prices higher.
According to Bitfinex analysts, if investors can withstand the short-term volatility, Bitcoin could potentially surge 160% after the halving, reaching levels between $150,000 and $169,000 within the next 14 months.
The question remains: will the Bitcoin bulls dominate and push the price higher, or will the bears stage a comeback? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin recently broke out of a symmetrical triangle pattern on April 8, but the bears managed to pull the price back into the triangle the following day, indicating their attempt to trap aggressive bulls.
A positive sign for buyers is their willingness to buy the dip to the 20-day exponential moving average (EMA) around $68,497. If the price rebounds from this level, the BTC/USDT pair will make another attempt to surpass the $73,777 resistance. If successful, the pair could rally to $80,000 and then to $84,000.
On the other hand, a break below the 20-day EMA would give bears an opportunity to push the pair down to the uptrend line. A close below the triangle would suggest a corrective phase towards $60,000 and eventually the 61.8% Fibonacci retracement level of $54,298.
Ether Price Analysis
Ether (ETH) faced strong resistance near the $3,679 level on April 9, signaling that bears are not willing to give up easily.
Buyers are currently trying to defend the 20-day EMA ($3,479), and if they succeed in pushing the price higher, they may make another attempt to break the $3,679 resistance. If successful, the ETH/USDT pair could rally towards the next resistance at $4,100.
If, however, the price slips below the moving averages, it would suggest that the range-bound action between $3,056 and $3,679 may continue for a few more days. A break below $3,056 would favor the bears.
BNB Price Analysis
BNB turned lower from the downtrend line on April 8, but the bulls managed to hold the price above the 20-day EMA ($574), indicating buying interest on dips.
The 20-day EMA is gradually sloping up, and the RSI is in positive territory, suggesting that the path of least resistance is to the upside. If buyers can maintain the price above the triangle pattern, the BNB/USDT pair could rise to $692 and then attempt a rally towards the pattern target of $795.
However, the bears will likely try to defend the downtrend line and push the price towards the uptrend line. A break below this support would signal the start of a correction towards $460.
Solana Price Analysis
Solana is currently struggling to break above the 20-day EMA ($178), indicating that bears are trying to turn this level into resistance.
Bears will attempt to push the SOL/USDT pair below the 50-day SMA ($159), but bulls are expected to defend this level vigorously. If the price rebounds from the 50-day SMA and rises above the 20-day EMA, it would suggest that the pair may consolidate between $162 and $205 for some time.
Alternatively, if the price continues to decline and breaks below the 50-day SMA, the pair may complete a double-top pattern and drop to the next strong support at $126.
XRP Price Analysis
Buyers attempted to push XRP’s recovery above the moving averages on April 9, but faced selling pressure as indicated by the long wick on the candlestick.
With moving averages remaining flat and the RSI near the midpoint, there seems to be a balance between supply and demand. This could keep the XRP/USDT pair range-bound between $0.56 and $0.69 in the coming days.
If the price rises above $0.69, it could clear the path for a possible rally towards the strong resistance level of $0.74. Conversely, a drop below $0.56 could push the pair down to $0.48.
Dogecoin Price Analysis
Dogecoin’s relief rally was met with heavy selling pressure near $0.21 on April 8.
Buyers managed to buy the dip to the 20-day EMA ($0.19) on April 10, indicating demand at lower levels. They will now attempt to drive the DOGE/USDT pair above $0.21. If successful, the pair may climb to $0.23 and potentially resume its uptrend towards $0.30.
To prevent an upward move, bears will need to sustain the price below the 20-day EMA. In that case, the pair could descend to the 50-day SMA ($0.16).
Toncoin Price Analysis
Toncoin has been trading within an ascending channel pattern for the past few days, gaining momentum after breaking above $5.69 on April 8.
Bears will try to stall the upward move at the resistance line. If the price sharply turns down from the current level, the TON/USDT pair may drop to the support line of the channel. Bulls are expected to aggressively defend this support because a break below it could trigger a deeper correction.
On the other hand, a break and close above the channel would signal the start of a vertical rally, with the pair potentially surging to $8.56 and then to $10.
Cardano Price Analysis
Cardano’s recovery was halted at the 20-day EMA ($0.61) on April 9, indicating negative sentiment among traders.
The price has now dipped to the strong support level at $0.57, which will be crucial to watch in the near term. A rebound from this level and a move above the 20-day EMA would suggest that the ADA/USDT pair may remain range-bound between $0.57 and $0.68 for a few more days.
However, a break below $0.57 would complete a bearish head-and-shoulders pattern, potentially triggering a downward move towards the critical support level of $0.46.
Avalanche Price Analysis
Avalanche turned lower from the downtrend line on April 9, indicating that bears continue to sell on relief rallies.
The AVAX/USDT pair is currently stuck between the downtrend line and $42. If buyers manage to push the price above the downtrend line, it would suggest a reduction in selling pressure and open the door for a rally towards $60.
However, if the price continues to decline and breaks below $42, it would indicate the start of a new downtrend leg. The pair could then plummet to $35, which is expected to provide strong support.
Shiba Inu Price Analysis
Bulls attempted to push Shiba Inu above the downtrend line, but bears successfully held their ground. However, a positive sign for the bulls is that they have managed to keep the price above the 61.8% Fibonacci retracement level of $0.000023.
With the 20-day EMA remaining flat and the RSI near the midpoint, there seems to be a balance between buyers and sellers. The first sign of strength would be a break and close above the downtrend line, potentially leading to a rise to $0.000033 and subsequently $0.000039.
On the other hand, a drop below $0.000023 would indicate that bears are gaining control, with the SHIB/USDT pair potentially dropping to $0.000017.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.