Bitcoin’s (BTC) rally is facing strong resistance at $ 48,500, suggesting that the bears are active at higher levels.
Combining the well-known stock-to-flow model with illiquid supply data, analyst William Clemente predicts that $ 39,000 will be a strong floor for any pullback.
On the other hand, the analysts remain optimistic. Bloomberg Intelligence’s chief analyst Mike McGlone has maintained his target of $ 100,000 for Bitcoin. McGlone says a number of different charts show Bitcoin’s strong upside potential.
In addition to Bitcoin, Ether (ETH) is also showing signs of accumulation. Cryptocurrency analytics platform IntoTheBlock says $ 1.2 billion in Ether will be released on Jan.
Can the two top cryptocurrencies continue to rise, as forecast by analysts, or will the crypto market surprise on the downside? Let’s check out the top 10 cryptocurrency charts to find out.
The bulls are trying to keep Bitcoin above the 20-day EMA ($ 47.291) while the bears are trying to push the price below it. The 20-day EMA has flattened and the Relative Strength Index (RSI) is near the middle, suggesting near-term range-bound action.
BTC / USDT daily chart | Source: TradingView
If the bears break below the moving averages, the BTC / USDT pair may dip to the critical support at $ 42.451. A rebound from this level will show that the bulls are consolidating on the downside. That could add a couple of days to the consolidation between $ 42,451 and $ 52,920.
Conversely, if the price rebounds from current levels or the 50-day SMA ($ 46,256), the bulls will attempt to push the pair to $ 50,500 and then to $ 52,920. The bears are likely to aggressively defend this area of resistance.
The next big trend move is likely to begin after the bulls push the price above $ 52,920 or the bears push the price below $ 42,451.
Ether (ETH) rebound is facing strong resistance at the 61.8% fib retracement level at $ 3,637.14, indicating a sell at higher levels. The bears are trying to bring the price back below the USD 3,377 support.
ETH / USDT daily chart | Source: TradingView
If this succeeds, ETH / USDT can fall to the 50-day SMA ($ 3,238) and then to the critical support at $ 3,000. Such a move could result in the formation of a cheap head and shoulders pattern that completes on a breakthrough and closes below $ 3,000.
This negative view will be invalid if price bounces off the support at $ 3,377 or the 50-day SMA and breaks above $ 3,676. After that, the pair can retest the local high at $ 4,027.88.
The 20-day EMA is flat and the RSI is just above mid-point, showing no clear advantage for the bulls or bears.
Cardano (ADA) was rejected by the 20-day EMA ($ 2.52) on September 16, showing that bears are selling as price rebounds on that resistance. They are currently trying to push the price down to the 50-day SMA ($ 2.25).
Daily ADA / USDT Chart | Source: TradingView
The 20-day EMA is sloping down and the RSI is in negative territory, showing that the bears have the upper hand. If the price holds below the 50-day SMA, the ADA / USDT pair may fall to the nearest support at $ 1.94.
Such a deep correction would indicate that a short-term top has been reached. If the bulls are to save the uptrend, they have to push and hold the price above the 20-day EMA. If so, the pair can rebound to $ 2.80 and then to $ 2.97.
The bulls have been unable to push Binance Coin (BNB) above the 20-day EMA ($ 432) for the past two days, showing that buying is drying up at higher levels. This could have resulted in profit taking from short term traders who bought at lower levels.
BNB / USDT daily chart | Source: TradingView
The 20-day EMA is sloping down and the RSI is turning down from the middle, giving sellers an advantage. If the price stays below the 50-day SMA, the BNB / USDT pair may fall to the next big support at $ 340.
This negative view will be invalidated if the bulls push and hold the price above the 20-day EMA. Such a move would show that the bulls have absorbed the supply. After that, the pair can rebound to the $ 518.90 resistance level.
Ripple (XRP) rejected the 20-day EMA ($ 1.12) on September 16, showing that the bears are aggressively defending this level. The 20-day EMA is sloping down and the RSI is in negative territory, suggesting that the path of least resistance is on the downside.
XRP / USDT daily chart | Source: TradingView
If the bears keep the price below the 50-day SMA, the XRP / USDT pair can retest the September 7th low of $ 0.95. Breaking and closing below this support will open the door for a lower correction to $ 0.75.
If the price recovers from current levels or $ 0.95, the bulls will try again to push the price above the 20-day EMA. If they are successful, it indicates that the correction may be over. After that, the pair could begin their march north with the initial target of $ 1.35.
Solana (SOL) bounced off the 20-day EMA (145) on September 14, hitting a high of $ 166.50. However, the bears continued to sell on the relief rally, pushing the price below the 20-day EMA today, suggesting weakness.
Daily SOL / USDT chart | Source: TradingView
The flat 20-day EMA and RSI just above mid-point show that the bulls have lost their footing. If the bears hold the price below the 20-day EMA, the SOL / USDT pair may plunge to the 61.8% fib retracement level at $ 123.42.
This is an important support to look out for because if it breaks the couple can fall to the $ 100 psychological support.
Conversely, if the price rises from current levels or rebounds from $ 123.42, the bulls will attempt to resume the uptrend. The upside move could face strong resistance at $ 170 then $ 200.
Polkadot (DOT) turned down from the resistance line on September 15 and fell near the 20-day EMA ($ 32.04) the 50-day SMA ($ 26.36) today.
DOT / USDT daily chart | Source: TradingView
Although the moving averages are sloping up, the bearish divergence of the RSI warns that bullish momentum may slow. A break and close below the 50-day SMA could indicate the beginning of a deeper correction.
Contrary to this assumption, the bulls will try again to push the DOT / USDT pair above the resistance line if the price rebounds from the 20-day EMA. If they do, the pair can gain momentum and climb to $ 41.40 ($ 41.40), then retest the all-time high of $ 49.78.
Although Dogecoin (DOGE) has been trading below the moving averages for the past few days, the bears have not been able to bring the price down to the nearest support at $ 0.21. This shows a lack of salespeople on the lower levels.
Daily DOGE / USDT Chart | Source: TradingView
The bulls managed to push the price above the moving averages today, but the bears are in no mood to let up. The downward sloping 20-day EMA ($ 0.26) and the RSI below 42 suggest sellers have the upper hand.
If the bears pull the price below $ 0.21, the DOGE / USDT pair can extend the decline to $ 0.15. Alternatively, if the bulls push price above the moving averages, the pair can rebound to the downtrend line.
A breakout and close above this resistance are the first signs that the correction may be over. The pair can then begin their journey to overhead resistance at $ 0.45.
Uniswap (UNI) rose above the moving average on September 15, but the bulls were unable to push price above the downtrend line, possibly causing profit-taking by the short-term bulls and short-sellers by wild bears.
UNI / USDT daily chart | Source: TradingView
The flat 20-day EMA ($ 25.72) and the RSI just below 50 suggest a marginal advantage for the bears. If the price holds below $ 25 the bears will attempt to pull the UNI / USDT pair to $ 23.50 and then to $ 21, and if this support breaks it will indicate the beginning of a deep correction.
Conversely, if the price recovers from the current level of $ 23.50, the bulls will try again to get the price above the downtrend line. If successful, the pair can rally to the $ 31.41 resistance level.
Terra (LUNA) rebounded to $ 39.77 on September 16, but was unable to hold the higher levels as shown by the long wick on the intraday candle. This suggests that traders may close out their long positions when the price rebounds.
Daily LUNA / USDT chart | Source: TradingView
Now the bears will try to take the opportunity to lower the price below the 20-day EMA ($ 33.97). If this succeeds, the LUNA / USDT pair can fall to the 50-day SMA ($ 26.26).
Alternatively, if the price rebounds from the 20-day EMA, the pair could climb to $ 40 with a few more days between the two. A breakout and close above $ 40 could open the door for a retest of the all-time high of $ 45.01.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
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Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire
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