Bitcoin (BTC) declined towards $61,000 on April 17, suggesting a lack of demand at higher levels. Data from Farside Investors shows that Bitcoin ETFs on spot exchanges experienced net outflows on April 12 and 15. CryptoQuant founder and CEO Ki Young Ju mentioned in a recent post that demand for Bitcoin ETFs has been stagnant for the past four weeks. However, the fact that whales have not panicked and are not selling indicates a positive outlook in the long term. Research firm Santiment’s data reveals that the largest Bitcoin wallet cohorts have been accumulating since March 1.
The whales seem confident in their positions due to the positive long-term perspective. Bitwise Asset Management stated in a recent post that after the three previous Bitcoin halvings, the price of Bitcoin remained soft for a month but experienced triple-digit gains a year later.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin and altcoins will deepen their correction or remain range-bound for a few more days.
Bitcoin Price Analysis:
The bears are attempting to push Bitcoin below the $60,775 support level on April 17, potentially completing a double-top pattern. If successful, the BTC/USDT pair could start a downward move towards the 50% Fibonacci retracement level of $58,017, and then to the 61.8% retracement level of $54,298. The bulls are likely to defend this zone, but if the bears prevail, the pair may drop to the pattern target of $47,773. This negative view will be invalidated if the price turns up from the current level and breaks above the moving averages, trapping aggressive bears and potentially resulting in a short squeeze. This increases the chances of a rally above $73,777.
Ether Price Analysis:
Ether (ETH) faced a rejection from the 20-day exponential moving average ($3,301) on April 15 and broke below the $3,056 support on April 16. If the price remains below $3,056, the ETH/USDT pair may decline to $2,852, a crucial level for the bulls to defend. A break and close below this level could accelerate selling pressure, potentially leading to a drop to $2,717 and subsequently to $2,200. On the other hand, if the price bounces off $2,852 with strength, it will indicate strong buying at lower levels. The bulls may then attempt to clear the 20-day EMA and target a rally to $3,679.
BNB Price Analysis:
After trading between the moving averages for three days, BNB slipped below the 50-day simple moving average ($541) on April 17, indicating bearish dominance. The BNB/USDT pair could decline to the strong support level at $495, which is crucial to monitor. If this support breaks, the pair may fall to $460 and later to $400. On the upside, a break and close above the 20-day EMA ($565) will be the first sign of strength. The pair could then attempt a rally to the overhead resistance level of $635, where bears may try to halt the upward movement.
Solana Price Analysis:
Solana (SOL) faced rejection from $156 on April 15 and reached the crucial support at $126, indicating strong selling pressure from bears. The moving averages have formed a bearish crossover, and the relative strength index (RSI) is in the negative zone, suggesting a downside bias. If the $126 support level is breached, selling could intensify, and the SOL/USDT pair may drop to $100. Conversely, if the price sharply turns up from the current level, it will indicate strong demand at lower levels. The pair may then rise to $162, and a break above this resistance level will signal the return of the bulls.
XRP Price Analysis:
XRP’s recovery faltered at $0.52 on April 15, indicating that bears are maintaining pressure and selling during minor relief rallies. The downsloping 20-day EMA ($0.56) and the RSI near the oversold zone suggest bearish control. To initiate a downward move to the crucial support level at $0.41, sellers will need to push the price below $0.46. Buyers are expected to defend the $0.46 to $0.41 support zone vigorously. Any recovery attempt is likely to face selling at $0.52 and the 20-day EMA. A break and close above this resistance will suggest that the XRP/USDT pair may trade between $0.41 and $0.74 for a while longer.
Dogecoin Price Analysis:
Dogecoin’s relief rally stalled at the 50-day simple moving average ($0.17) on April 15, indicating that bears continue to sell during every rise. The 20-day EMA ($0.17) is trending downward, and the RSI is in the negative territory, indicating bearish control. Bears will likely attempt to push the DOGE/USDT pair to the crucial support at $0.12. This level is expected to attract buying interest, as a break below it could open the door for a fall to $0.08. The downtrend line is a significant resistance to watch on the upside. If buyers overcome this barrier, the pair may rise to $0.20 and later to $0.23.
Toncoin Price Analysis:
Toncoin (TON) turned down from the resistance line of the ascending channel on April 15 and fell near the support line on April 15. The rising 20-day EMA ($5.92) and the RSI in the positive zone indicate bullish control. Buyers will likely attempt to push the price to the resistance line. If successful, the TON/USDT pair could gain momentum and surge to $8.56 and then to $10. However, if the price turns down and falls below the channel, it could pave the way for a drop to the 50-day SMA ($4.54).
Cardano Price Analysis:
The failure of the bulls to initiate a meaningful rebound off $0.46 increases the risk of a breakdown to $0.40 in Cardano (ADA). Buyers are expected to defend the $0.40 support level vigorously, as a break below it could lead to increased selling pressure and a collapse to $0.35. The downsloping 20-day EMA ($0.54) and the RSI in the oversold zone indicate bearish control. If the price bounces off $0.40, it will suggest demand at lower levels. The bulls will gain strength above $0.50, and the pair could rally to the 20-day EMA and subsequently to $0.62, where bears may pose a strong challenge.
Avalanche Price Analysis:
Avalanche’s (AVAX) recovery failed to reach the breakdown level of $42, indicating a lack of aggressive buying by the bulls. The downsloping 20-day EMA ($43) and the RSI near the oversold territory suggest bearish control. The support levels to watch on the downside are $29 and $27. A break below this zone could intensify selling pressure, potentially causing the AVAX/USDT pair to plummet to $20. The relief rally is likely to face strong selling at the downtrend line. A break and close above this resistance will be the first indication of a bullish comeback, and the pair could attempt a rally to $50.
Shiba Inu Price Analysis:
Shiba Inu (SHIB) has been trading within a tight range for the past three days, indicating a lack of aggressive buying or selling at current levels. Bears are expected to test the $0.000017 support level again. If this support breaks, selling pressure could increase, and the SHIB/USDT pair may experience a sharp fall towards the next major support level at $0.000010, completing a 100% retracement of the recent rally leg. On the other hand, a rise above the downtrend line will indicate weakening bearish control. The pair may then rise to $0.000033, where bears are anticipated to put up a strong defense.
This article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.