Key points:
-
Bitcoin is showing a negative divergence on the charts, signaling a weakening in bullish momentum.
-
Buyers need to maintain Ether above $4,094 to retain the upper hand.
Bitcoin (BTC) extended its pullback on Monday, suggesting profit booking by short-term traders. Analyst Captain Faibik said in a post on X that BTC could drop to the key $98,000–$100,000 psychological zone in case of an “extreme bearish flush.”
Despite the correction, analysts expect Bitcoin to trade higher over the next few months. Canary Capital CEO Steven McClurg said in a CNBC interview that there is a greater than 50% chance of BTC reaching the $140,000 to $150,000 zone this year before the bear market next year.
The retail crowd has been bullish on BTC but has not shown the same enthusiasm for Ether (ETH) despite the strong performance over the past 30 days, according to sentiment platform Santiment. As the markets generally move opposite to retail’s expectations, Santiment believes ETH has a “slightly more bullish path” compared to BTC.
Could BTC form a higher low, signaling strength? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) remains in a strong uptrend, indicating that the buyers are in command.
A minor negative is that the relative strength index (RSI) is forming a negative divergence pattern. That suggests a pullback or consolidation in the near term. A break and close below the 20-day exponential moving average (6,370) could accelerate selling. The index may then plummet to the 50-day simple moving average (6,237).
Contrary to this assumption, if buyers thrust the price above 6,500, the index could start the next leg of the uptrend to 6,696.
US Dollar Index price prediction
The US Dollar Index (DXY) has been witnessing a tough battle between the bulls and the bears at the moving averages.
The marginally downsloping 20-day EMA (98.23) and the RSI just below the midpoint indicate a minor advantage to the bears. If the price breaks below 97.62, the index could tumble to 97.10.
Conversely, a break and close above the 20-day EMA shows demand at lower levels. The bulls will then try to push the price to 99.32 and subsequently to 100.25. Such a move suggests the index could swing between 96.37 and 102 for some time.
Bitcoin price prediction
BTC fell below the 50-day SMA ($115,702) on Monday, but the price is finding support at the neckline of the inverse head-and-shoulders pattern.
There is minor resistance at $118,575, but if the level is crossed, the BTC/USDT pair could rally to $120,000 and then challenge the all-time high of $124,474.
However, a word of caution for the bulls is that the RSI has formed a negative divergence. That signals the bulls are losing their grip. If the price breaks below the neckline, the Bitcoin price could slump to $110,530. This is a critical support to watch out for because a break below $110,530 opens the gates for a collapse to $105,000 and then to $100,000.
Ether price prediction
ETH extended its pullback on Monday after breaking below the immediate support at $4,368. That suggests profit booking by the short-term buyers.
The breakout level of $4,094 is an essential support to watch out for. If the price rebounds off $4,094 with strength, it suggests the bulls are trying to flip the level into support. The ETH/USDT pair could then again rally toward $4,788. A break above $4,788 clears the path for a rally to $5,000.
On the contrary, a break and close below $4,094 signals the start of a deeper correction. The Ether price could plummet toward $3,745 and then to the 50-day SMA ($3,523).
XRP price prediction
Buyers could not push XRP (XRP) back above the 20-day EMA ($3.10) in the past few days, indicating a lack of demand at higher levels.
The price has slipped to the 50-day SMA ($2.94), which may act as a solid support. If the price rebounds off the 50-day SMA, the bulls will try to drive the XRP/USDT pair above the downtrend line. If they do that, the XRP price could rally to $3.40 and then to $3.66.
Conversely, a break below the 50-day SMA could sink the pair to the $2.73 support. A solid bounce off the $2.73 level could reach the downtrend line. A break above the downtrend line suggests the XRP price could range between $2.73 and $3.66 for a while.
BNB price prediction
The repeated failure of the bulls to sustain BNB (BNB) above $861 may tempt short-term buyers to book profits.
The BNB/USDT pair could slide to the 20-day EMA ($808), which is a critical support to watch out for. If the price rebounds off the 20-day EMA with…
cointelegraph.com