Important points:
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Bitcoin’s failure to rise above $118,000 may have led to profit-taking by short-term traders, leading to a decline towards $107,000.
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Several major altcoins have fallen from overhead resistance levels, showing that bears remain sellers on the rally.
Bitcoin (BTC) bulls are trying to keep the price above $111,000, while bears continue to apply selling pressure. Glassnode wrote in its latest Weekly Market Impulse Report that BTC’s recent recovery has not been supported by increased participation, suggesting a “potential consolidation phase.”
Cryptocurrency market intelligence firm 10x Research took a slightly more cautious view, saying that BTC’s current bull market cycle may not extend beyond the traditional four-year cycle as BTC has become too expensive for continued retail purchases. The company predicted a cycle high of $125,000 based on its research methodology.
BTC remains stuck within a wide range, but a small positive in favor of the bulls is that investors continue to buy spot BTC exchange traded funds. The BTC ETF recorded net inflows of $462.6 million over the past four days, according to data from Pharside Investors.
What are the important support and resistance levels to watch out for in BTC and major altcoins? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC’s failure to break above the 50-day simple moving average ($114,278) attracted sellers, pushing the price below the 20-day exponential moving average ($112,347).
If the price closes below the 20-day EMA, the bears will try to push the BTC/USDT pair down to the key support at $107,000. Buyers are expected to defend the $107,000 level with all their might, below which a double top pattern will be completed. After that, Bitcoin price could fall to $100,000.
The $118,000 level is an important resistance to watch on the uptrend. A close above this could take the pair to an all-time high of $126,199.
Ether price prediction
Ether (ETH) fell from its 50-day SMA ($4,220) on Monday, indicating that the bears are active at higher levels.
Sellers are trying to push the price up to the support line of the descending triangle pattern, which is an important level to watch out for. If the pair closes below the support line, Ether price could fall to $3,350.
Bulls would need the price to rise above the 50-day SMA to show strength. The ETH/USDT pair may then rise to the resistance line, where sellers are likely to pose a strong challenge. Buyers need to overcome the resistance line barrier to signal the start of the next uptrend.
BNB price prediction
BNB (BNB) fell from the 38.2% Fibonacci retracement level of $1,156 on Monday, but the small positive was that the bulls defended the 50-day SMA ($1,076) on Tuesday.
The flat 20-day EMA ($1,119) and RSI near the midpoint do not give a clear advantage to either the bulls or bears. If the price declines and falls below the 50-day SMA, it would signal the beginning of a further correction to $1,021 and then $932. Such a move suggests that the BNB/USDT pair may have hit a ceiling in the short term.
Conversely, a break and close above $1,156 would indicate strong buying at lower levels. After that, BNB price could surge to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) has been trading between the $2.69 breakdown level and the 20-day EMA ($2.56) for the past few days.
Trading in a narrow range is likely to be followed by an expansion of the range. If the price turns downward and dips below the 20-day EMA, it would suggest that the bears have overpowered the bulls. After that, XRP price could fall to $2.20.
Conversely, a break and close above $2.69 could send the XRP/USDT pair into the downtrend line. We expect sellers to defend the downtrend line vigorously, as a break above the downtrend line would open the door for a rally to $3.20 and even $3.38.
Solana price prediction
Buyers pushed Solana (SOL) above the 20-day EMA ($196) on Sunday, but it is struggling to sustain higher levels.
A flat 20-day EMA and RSI near the midpoint indicate a balance between supply and demand. If the price closes above the 20-day EMA, the SOL/USDT pair may rise to the resistance line. Buyers will need to push the price above the resistance line to gain strength.
Alternatively, if the price declines below $190, it would suggest that the bears are in control. The pair may then fall to $177 and eventually reach the channel support line.
Dogecoin price prediction
Dogecoin (DOGE) fell from the overhead resistance at $0.21 on Monday, showing that the bears are actively defending that level.
The bears will try to build an advantage by pushing Dogecoin’s price below the $0.17 level. If that happens, the DOGE/USDT pair could fall to the key support at $0.14. Buyers are expected to defend the $0.14 level with all their might, with a break below this paving the way for a retest of the $0.10 level.
The first sign of strength will be a close above $0.21. If this happens, the pair could rally to the 50-day SMA ($0.23) and $0.27 after that.
Cardano price prediction
Cardano (ADA) has fallen from its 20-day EMA ($0.68) on Monday, indicating that sentiment remains negative.
The bears will try to push Cardano price below the $0.59 support. If that happens, the ADA/USDT pair could plummet towards the critical support at $0.50. Buyers are expected to defend the $0.50 level fiercely.
On the positive side, a break above the 20-day EMA to close indicates that the bulls are attempting a comeback. The pair may then rise to the $0.75 breakdown level and then reach the downtrend line.
Related: S&P 500 hits new all-time high due to Fed interest rate changes, Bitcoin falls to $113,000
Super liquidity price prediction
Buyers are holding Hyper Liquid (HYPE) above its 50-day SMA ($45.95), showing strength.
Buyers will look to strengthen their positions by pushing HyperLiquid’s price above the overhead resistance level at $51.50. If that happens, the HYPE/USDT pair could retest the all-time high of $59.41.
The seller may have other plans. They will try to defend the $51.50 level and push the price below the 20-day EMA ($42.64). If successful, the pair could plummet towards the key support at $35.50.
Chainlink price prediction
Chainlink (LINK) has turned down from its 20-day EMA ($18.52), indicating that the bears are selling on the rebound.
The bears will try to push Chainlink’s price down to $16.71 and then to the strong support at $15.43 where buyers are expected to intervene.
Conversely, if the price rises from current levels and rises above the 20-day EMA, it would suggest that selling pressure is decreasing. After that, the LINK/USDT pair may rise to the resistance line. Buyers need to push the price above the resistance level and sustain it to indicate that the correction may be over.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) has reached the resistance line of a descending wedge pattern, and the bears are posing a strong challenge to it.
The uptrending 20-day EMA ($527) and RSI in positive territory indicate that the path of least resistance is towards the upside. A close above the resistance line opens the door for a rally to $615 and then $651.
Sellers need to quickly push the Bitcoin Cash price below the 20-day EMA to regain control. After that, the BCH/USDT pair could fall towards the strong support at $450.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.