Bitcoin (BTC) bulls are attempting a comeback by pushing the price above the psychologically important level of $60,000. According to veteran trader Peter Brandt, if Bitcoin holds recent lows and continues to move higher, it will be seen as a typical continuation of a bull market. However, analysts believe that the uptrend may not start immediately, with expectations of Bitcoin staying range-bound for one to two months with significant price swings. Traders are closely watching the spot Bitcoin exchange-traded funds (ETFs), as the sentiment is expected to improve if they witness net inflows for several consecutive days. Former BitMEX CEO Arthur Hayes also believes that the sell-off has ended and the crypto markets may head higher.
Bitcoin Price Analysis
Bitcoin is finding support in the zone between the 50% Fibonacci retracement level of $58,017 and the 61.8% retracement level of $54,298. The recent push above the breakdown level of $59,600 suggests that the previous fall may have been a bear trap, but the bears are not likely to give up easily. They will try to halt the relief rally at the 20-day exponential moving average ($63,366) and the 50-day simple moving average ($66,151). If the price turns down from these moving averages, it will indicate negative sentiment and selling on rallies. The bears will then attempt to push the BTC/USDT pair below $56,500, with the potential to cause a slump to $54,298. On the other hand, a break above the 50-day SMA will suggest that the pair may continue to trade within the range for some more time.
Ether Price Analysis
Ether (ETH) fell below the $2,850 support but showed strong demand at lower levels, as indicated by the long tail on the candlestick. The downsloping moving averages and the RSI below 45 suggest that the bears have a slight edge. If the price turns down from the current level or the 20-day EMA ($3,152), the bears will attempt to pull the ETH/USDT pair to the support line of the descending channel pattern. However, if the price rises above the 20-day EMA, it will suggest a reduction in selling pressure. The bulls will need to push the pair above the resistance line to indicate the end of the downtrend.
BNB Price Analysis
BNB has been trading within a large range between $495 and $635, signaling indecision between the bulls and bears. If the price stays below the moving averages, the BNB/USDT pair could slide to the strong support at $495, but buyers are expected to defend this level and maintain the range. However, if the bears gain control, the pair could start a downtrend to $460 and eventually to $400. On the other hand, if the price rises above the moving averages, the pair could climb to the overhead resistance at $635, which is a significant level for the bears to defend.
Solana Price Analysis
Solana was pulled below the $126 support but saw buying by the bulls, preventing a further decline. The SOL/USDT pair has reached the 20-day EMA, an important level to watch. If buyers overcome this barrier, the pair may climb towards the overhead resistance at $162, where the bears may sell. On the downside, the crucial support to watch is $126. If the price turns lower from the 20-day EMA and breaks below $126, it will signal the start of the next leg of the downtrend, potentially causing a slump to $100.
XRP Price Analysis
XRP’s relief rally has reached the 20-day EMA, a crucial level for the bears to defend. If the price turns down from this level, sellers will attempt to push the XRP/USDT pair towards the strong support zone between $0.46 and $0.41, which is expected to attract aggressive buying. A break and close above the 20-day EMA will indicate strength, with the potential for the pair to reach $0.57, which may pose a strong challenge. A break above this resistance could open the doors for a rise to $0.62.
Dogecoin Price Analysis
Dogecoin bounced off the $0.12 support level, suggesting that the bulls are trying to defend it. Buyers will aim to push the price to the zone between the 20-day EMA ($0.15) and the downtrend line, but sellers are expected to put up a strong defense. If the price turns down from this zone, the bears will attempt to sink the DOGE/USDT pair below the neckline near $0.12, completing a bearish head-and-shoulders pattern that may trigger a down move to $0.10 and eventually to $0.08. This negative view will be invalidated if the bulls propel the price above the downtrend line.
Toncoin Price Analysis
Toncoin is finding support between the 50% Fibonacci retracement level of $4.90 and the 61.8% retracement level of $4.25. The relief rally has reached the moving averages, an important level to watch. If the price turns down from the moving averages, the bears will attempt to sink the TON/USDT pair below $4.25. On the other hand, if buyers overcome the 20-day EMA, it will suggest a stronger recovery. The pair may then rise to $6.35, where the bears may mount a resistance.
Cardano Price Analysis
Cardano is attempting to maintain its position above the breakdown level of $0.46, but the bears are expected to put up a strong fight. The zone between $0.46 and the 20-day EMA is likely to witness solid selling by the bears. If the price turns down sharply from this zone and breaks below $0.40, the ADA/USDT pair may start the next leg of the downtrend to $0.35. On the other hand, if buyers push the price above the 20-day EMA, it will indicate a reduction in selling pressure. The pair may then rise to $0.52 and later to $0.57, which will act as a strong hurdle.
Avalanche Price Analysis
Avalanche has formed a range between $29 on the downside and $40 on the upside. The downsloping 20-day EMA and the RSI near 42 indicate that the bears have the upper hand. If the price turns down from the 20-day EMA, the bears will attempt to sink the AVAX/USDT pair below $29, potentially causing a down move to $27.24. On the other hand, if buyers push the price above the 20-day EMA, it will indicate buying at lower levels. The pair may then climb to $40, and a break above this level will suggest a comeback by the bulls.
Shiba Inu Price Analysis
Shiba Inu’s recovery attempt is likely to face selling at the moving averages. If the price turns down sharply from the moving averages, it will increase the likelihood of a drop below $0.000020. If that happens, the SHIB/USDT pair may plunge to $0.000018. To prevent this decline, buyers will need to drive and maintain the price above the moving averages, indicating a reduction in selling pressure. The pair may then rise to $0.000028 and subsequently to $0.000033.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Readers should do their own research before making any investment decisions.