Bitcoin (BTC) has been witnessing a tough battle between the bulls and the bears near the $25,000 level. A clear winner may not emerge in the short term due to a lack of a catalyst and because there is no major macro economic data scheduled for this week in the United States. Data points from Asia or Europe may increase volatility, but they are unlikely to start a new directional move.
Anthony Scaramucci, founder and managing partner of Skybridge Capital, in an interview with CNBC, advised investors to ride out the current uncertainty in cryptocurrencies and “stay patient and stay long term.” He expects Bitcoin to reward investors immensely with a sharp uptrend over the next six years.
Along with the focus on Bitcoin, investors are also keeping a close eye on Ether (ETH) ahead of its Merge scheduled for Sept. 15. A whale address that had participated in the genesis ICO but had remained dormant for three years has transferred about 150,000 Ether on Aug. 14. This has led to differing views with some speculating that the whale may dump his holdings after the Merge but others believe that the transfers may have been done to stake the huge quantity of Ether.
Could buying emerge at lower levels and resume the up-move in Bitcoin and the altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The bulls tried to resume the up-move in Bitcoin but the bears sold aggressively at $25,211 and pulled the price down to the 20-day exponential moving average ($23,483). This resulted in the formation of an outside-day candlestick pattern on Aug. 15.
The gradually upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate advantage to buyers. If the price rebounds off the 20-day EMA, it will suggest that bulls are buying the dips to this level. That could improve the prospects of a break and close above $24,668.
If that happens, the pair could start its northward march toward $28,000 where the bears may again pose a strong challenge.
Another possibility is that the bears sink the price below the 20-day EMA. If that happens, the pair could drop to the 50-day simple moving average ($22,037) and later to the uptrend line.
ETH/USDT
Ether repeatedly rose above the psychological resistance at $2,000 for the past two days but the bulls could not sustain the higher levels. This suggests that bears are posing a stiff challenge at this level.
The ETH/USDT pair could decline to the breakout level at $1,700. This is an important level to watch out for because if bulls flip $1,700 into support, it will increase the likelihood of a break above $2,000. If that happens, the pair could rally to the downtrend line.
The upsloping 20-day EMA ($1,756) and the RSI in the positive territory indicate that bulls are in control. To invalidate this bullish view, bears will have to sink and sustain the price below the 20-day EMA. That could sink the pair to the 50-day SMA ($1,465).
BNB/USDT
Binance Coin’s (BNB) up-move hit a hurdle at the overhead resistance at $338. The bears will now try to sink the price to the immediate support at the 20-day EMA ($306).
If the price rebounds off this support, the buyers will make another attempt to push the BNB/USDT pair above the $338 to $350 resistance zone. The upsloping 20-day EMA and the RSI in the positive territory indicate the path of least resistance is to the upside.
This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the short-term traders may rush to the exit and that could pull the pair to the 50-day SMA ($266).
XRP/USDT
The bulls tried to push XRP above the overhead resistance at $0.39 on Aug. 13 and Aug. 14 but the bears held their ground. This may have attracted profit-booking from the short-term traders which pulled the price below the 20-day EMA ($0.37).
If bears sink the price below the 50-day SMA, the XRP/USDT pair could stay range-bound between $0.30 and $0.39 for some more time. The flattish 20-day EMA and the RSI near the midpoint also suggest a consolidation in the near term.
Conversely, if the price rebounds off the moving averages, it will indicate that lower levels are attracting buyers. The bulls will then again try to clear the overhead hurdle and push the pair to $0.48 and later to $0.54.
ADA/USDT
The bulls pushed Cardano (ADA) above the overhead resistance at $0.55 on Aug. 13 but could not maintain the momentum on Aug. 14. This suggests that bears are active at higher levels.
The price turned down on Aug. 15 and reached the breakout level of $0.55. The zone between $0.55 and the 20-day EMA ($0.53) is likely to attract strong buying by the bulls. If the price rebounds off this zone, the buyers will…
cointelegraph.com