Markets continue to slump, giving advantage to the bears and hinting at a trend change to the downside.
Bitcoin (BTC) continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in their latest market update that Bitcoin may remain quiet for a few more weeks before making its move in September.
Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by Q4 2024 and a new cycle peak by Q4 2025.
Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after halving to price-in the effects.
Will Bitcoin and the major altcoins remain range-bound in the near term or is a breakout on the horizon? What are the important levels to watch out for? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin rose above the 20-day exponential moving average ($29,383) on Aug. 14 but the long wick on the candlestick shows selling at higher levels.
The BTC/USDT pair remains below the 20-day EMA and the relative strength index (RSI) is in the negative territory. This suggests a minor advantage to the bears. The pair could slide to the important support at $28,585.
If the price rebounds off this level with strength and rises above the 20-day EMA, it will signal that the pair may continue to oscillate between $28,585 and $30,350 for some more time.
The bears will come out on top if they sink and sustain the price below $28,585. That could start a decline toward $26,000.
Ether price analysis
The failure to propel Ether (ETH) above the 20-day EMA ($1,847) in the past few days may have attracted selling. That has pulled the price to the critical short-term support at $1,816.
The 20-day EMA has started to turn down gradually and the RSI is in the negative territory. This suggests that bears have the upper hand. If the price skids and sustains below $1,816, the selling could intensify further and the ETH/USDT pair may drop to $1,700.
Time is running out for the bulls. If they want to salvage the situation, they will have to quickly drive the price above the 50-day simple moving average ($1,875). If they do that, the pair may start its journey toward $1,930 and then $2,000.
BNB price analysis
BNB (BNB) turned down and plunged below the support line of the symmetrical triangle pattern on Aug. 15. This shows that the uncertainty between the bulls and the bears resolved to the downside.
If the price sustains below the triangle, the BNB/USDT pair could drop to the vital support at $220. This level is likely to attract aggressive buying by the bulls. If the price rebounds off this level and rises above the moving averages, it will indicate that the pair may continue to swing between $265 and $220 for a while longer.
Alternatively, if the price continues lower and breaks below the $220 support, it will indicate the resumption of the downtrend. The pair may then slump to the pattern target of $196.
XRP price analysis
XRP (XRP) broke and closed below the 50-day SMA ($0.62) on Aug. 15, signaling that the bears remain in control.
The XRP/USDT pair could descend to the breakout level of $0.56. This remains the key level for the bulls to defend because if this support gives way, the selling could pick up and the pair may dive to $0.45.
Contrarily, if the price rebounds off $0.56, it will suggest that the bulls are trying to flip the level into support. Buyers will have to overcome the barrier at the moving averages to start a stronger recovery to $0.74.
Dogecoin price analysis
The bears yanked Dogecoin (DOGE) below the support line of the ascending channel pattern on Aug. 15, which tilted the advantage in favor of the bears.
The bulls are likely to guard the breakout level of $0.07. If the price rebounds off this level, the DOGE/USDT pair may climb to the 20-day EMA ($0.07) and later to the downtrend line. If the price turns down from this resistance, it will increase the likelihood of a drop below $0.07. If that happens, the pair could nosedive to $0.06.
If bulls want to prevent a collapse, they will have to quickly push the price back above the downtrend line. If they succeed, the pair may rally to $0.08.
Cardano price analysis
Cardano (ADA) continues to fall inside a descending channel pattern. This shows that the bears remain firmly in the driver’s seat.
The…
cointelegraph.com