Key points:
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Bitcoin’s pullback is finding support near $117,000, indicating buying on dips.
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Ether has given up some ground but is likely to find support near $4,094.
Bitcoin (BTC) turned down sharply from $124,474 on Thursday, but a positive sign is that the bulls are trying to arrest the decline near $117,000. According to a recent Bitcoin Intelligence Report, BTC has immediate resistance just above $130,000, but its year-end target is near $200,000.
Along with BTC, traders are keeping a close watch on Ether (ETH), which has been in a strong uptrend since July. According to SoSoValue data, spot ETH exchange-traded funds have recorded more than $2.9 billion in net inflows this week. That suggests institutional investors expect ETH’s up move to continue for some more time.
ETH’s strength is giving confidence to traders that an altcoin season could be around the corner. In a monthly outlook report on Thursday, Coinbase Institutional global head of research David Duong said that market conditions “suggest a potential shift toward a full-scale altcoin season” in September.
What are the important support levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC has pulled back to the 20-day exponential moving average ($117,485), which is a critical near-term support to watch out for.
If the price bounces off the 20-day EMA, it signals solid buying on every minor dip. The bulls will then make another attempt to resume the uptrend by pushing the BTC/USDT pair above $124,500. If they can pull it off, the Bitcoin price could skyrocket to $135,000.
Conversely, a close below the 20-day EMA signals profit booking by the bulls. The pair may then dip to the 50-day simple moving average ($115,137) and later to the solid support at $110,530. A break below $110,530 could intensify selling, signaling a potential short-term top.
Ether price prediction
ETH is facing selling near $4,788, opening the doors for a retest of the breakout level of $4,094.
If the price rebounds off $4,094, it suggests that the bulls are trying to flip the level into support. If they do that, the ETH/USDT pair could rally toward the overhead resistance zone between $4,788 and $4,868. A close above $4,868 clears the path for a rally to the psychological level of $5,000 and, after that, to $5,662.
Contrary to this assumption, if Ether’s price turns down from the overhead zone and breaks below $4,094, it signals profit booking by short-term traders. The pair could then tumble to $3,745.
XRP price prediction
XRP (XRP) turned down and broke below the 20-day EMA ($3.11) on Thursday, indicating a lack of demand at higher levels.
The flattish 20-day EMA and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains below the 20-day EMA, the bears will try to pull the XRP/USDT pair to the solid support at $2.73.
On the upside, a break and close above $3.40 indicates an advantage to buyers. The XRP price may then climb to $3.66. The next trending move could begin on a break above $3.66 or below $2.73.
BNB price prediction
BNB (BNB) surged above the $861 resistance on Thursday, but the bulls could not build upon the breakout.
Failing to maintain the price above $861 may have tempted the short-term buyers to book profits. That has pulled the price toward the 20-day EMA ($794). If the price rebounds off the 20-day EMA with strength, the bulls will try to shove the BNB/USDT pair above $869. The BNB price may then soar to $900 and later to the psychological level of $1,000.
Contrarily, a break and close below the 20-day EMA could sink the pair to the solid support at $732. This is a critical level to watch out for because a close below $732 indicates a potential double-top pattern.
Solana price prediction
Solana (SOL) turned down from $210 on Thursday, signaling that the bears are selling on rallies. The price is nearing the 20-day EMA ($180), which is a vital level to keep an eye on.
The gradually upsloping moving averages and the RSI just above the midpoint indicate that the buyers have a slight edge. If the price rebounds off the 20-day EMA, the bulls will attempt to overcome the barrier at $210. If that happens, the SOL/USDT pair could surge toward $240.
The first sign of weakness will be a break and close below the 20-day EMA. That suggests the Solana price could range between $155 and $210 for some time.
Dogecoin price prediction
Dogecoin (DOGE) turned down from $0.26 and fell to the 20-day EMA ($0.22) on Thursday, signaling that the bears are active at higher levels.
cointelegraph.com