Key points:
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Bitcoin is preparing for a range expansion in the next few days, and the trend favors the bulls.
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ETH, BNB, AVAX, and PENGU are looking set for a possible upside move.
Bitcoin (BTC) has failed to break above $120,000, but a positive sign is that the bulls have not ceded much ground to the bears. Investors have again resumed pouring money into the BTC exchange-traded funds, which witnessed net inflows for the past three trading days, according to Farside Investors data.
American billionaire and hedge fund manager Ray Dalio said during an appearance on the Master Investor podcast that a 15% allocation to BTC or gold could optimize the “best return-to-risk ratio,” and act as a hedge against devaluation of fiat.
BTC’s consolidation near the highs has shifted investors’ focus toward Ether (ETH) and other select altcoins. Ether-focused treasury firms have acquired roughly 1% of the total ETH supply since the beginning of June, and that number could eventually increase 10x from current levels, according to a new report from Standard Chartered shared with Cointelegraph.
Several other firms have revealed plans to add select altcoins to their treasury, suggesting an increased institutional interest.
Let’s analyze the charts of the top 5 cryptocurrencies that look strong on the charts in the near term.
Bitcoin price prediction
Buyers have repeatedly failed to propel BTC above the $120,000 resistance, indicating a lack of demand at higher levels.
The upsloping 20-day simple moving average ($118,170) and the relative strength index (RSI) in the positive territory enhance the prospects of an upside breakout. If buyers overcome the barrier at $123,218, the BTC/USDT pair could soar toward $135,729 and thereafter to the pattern target of $150,000.
Conversely, if the price turns down and breaks below $115,000, it suggests profit-booking by short-term traders. The pair may dip to the neckline of the inverse head-and-shoulders pattern and then to $110,530. Buyers are expected to defend the $110,530 level with all their might because a break below it increases the risk of a drop to $100,000.
Both moving averages have flattened out on the 4-hour chart, and the RSI is just below the midpoint, signaling a balance between supply and demand. A break and close above $120,000 suggests the bulls are trying to take charge. The pair may then challenge the $123,218 overhead resistance.
On the downside, a break and close below $114,723 shifts the balance in favor of the bears. That could pull the pair to solid support at $110,530.
Ether price prediction
ETH turned down from $3,941, but the bulls are trying to maintain the price above $3,745. That suggests the bulls are trying to flip the level into support.
The upsloping 20-day SMA ($3,473) and the RSI in the overbought zone signal an advantage to buyers. If the price turns up and breaks above $3,941, the ETH/USDT pair could challenge the $4,094 level. Sellers are expected to fiercely defend the $4,094 level because a break and close above it could propel the pair to $4,868.
This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day SMA. If that happens, the pair may enter a deeper correction toward $3,250.
The price bounced off the $3,745 support, but the bulls could not clear the hurdle at $3,941. That has pulled the pair to the $3,745 level. A break and close below $3,745 could trap the aggressive bulls, pulling the pair to $3,500. Buyers are expected to defend the $3,500 level because a break below it could start a deeper correction toward $3,250.
The bulls will have to thrust the price above $3,941 to seize control. The pair could then soar to $4,094, where the bears are expected to step in.
BNB price prediction
BNB (BNB) pulled back from $861 on Monday, indicating profit booking by the short-term buyers.
The BNB/USDT pair could dip to the breakout level of $794, which is a vital support level to watch out for. If the price rebounds off $794, it suggests that the bulls have flipped the level into support. That improves the prospects of a break above $861. If that happens, the pair may rally to $900 and eventually to $1,000.
Alternatively, a break and close below $794 signals that the bulls are closing their positions in a hurry. The pair may plunge to $761, a critical level for the bulls to defend.
The pair has plunged below the 20-SMA on the 4-hour chart, indicating selling at higher levels. The pair may tumble to the 50-SMA, which is a critical level to watch out for. A break and close below the 50-SMA could sink the pair to $761.
On the other hand, a solid…
cointelegraph.com