The failure of Bitcoin to clear above resistance at $30,000 is attracting profit booking in select altcoins.
Bitcoin (BTC) has been trading below $29,000 for the past few days. The analyst community remains divided on the near-term outlook for Bitcoin. While some believe that Bitcoin could go as high as $30,000, others are of the opinion that a local top has been made.
Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may struggle to sustain the recent rebound as bank liquidity levels remain tight.
On the other hand, SkyBridge Capital founder Anthony Scaramucci, speaking to Yahoo Finance, said that the Bitcoin bear market might be over, but added that it was conjecture. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.
Will Bitcoin turn down from the current level or will the bulls regroup and push the price above $30,000? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin has formed a symmetrical triangle near $29,000, suggesting uncertainty between bulls and bears about the next directional move.
The rising 20-day exponential moving average ($27,406) and the RSI above 58 suggest that the bulls have a slight advantage. If the price bounces off the support line, the buyers will try to push the BTC/USDT pair above the triangle.
If they manage to do that, the pair can begin the next leg of the upward move. The pattern target of a triangle breakout is $31,280.
Conversely, a break below the support line will tilt the short-term advantage in favor of the bears. The pair can then plummet to the breakout level of $25,250. Buyers are expected to protect the level with all their might.
Ether Price Analysis
Ether (ETH) rally turned down from $1943 on April 5, indicating that the bears are vigorously protecting the psychological level at $2000.
The first support is at $1,857. If this level gives way, the ETH/USDT pair could pull back to the 20-day EMA ($1,794). This remains the key level for the bulls to defend if they want to keep the up move intact.
If the price bounces off the 20-day EMA, the bulls will try again to clear the $2000 hurdle. If they do, the pair can go as high as $2,200.
On the other hand, if the price falls below the 20-day EMA, it may tempt short-term traders to book profits. The pair can then fall to $1,743 and then to $1,680.
BNB Price Analysis
BNB (BNB) is turning down from the 20-day EMA ($314), indicating that the bears are fiercely defending the level.
The gradually turning down 20 day EMA and the RSI just below the midpoint indicate a minor advantage for the bears. If the $306 support breaks, the BNB/USDT pair could slide to $300 and then the 200-day SMA ($291).
If the bulls want to avoid the move lower, they will have to push the price above the immediate resistance at $318. That could open the doors for a rally to the upper resistance zone between $338 and $346.
XRP Price Analysis
XRP (XRP) has been holding above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that the bulls are buying on shallow dips.
The rising 20-day EMA ($0.47) and the RSI in the positive territory indicate that the bulls have the upper hand. Next, the buyers will try to push the price to the upper resistance zone of $0.56 to $0.58. A close above this zone will signal the start of the next stage of the rally.
Conversely, if the price fails to break above the upper zone, it will suggest that the bears remain active at higher levels. The sellers will then try to pull the price below the 20 day EMA. If that happens, the pair can drop to $0.43.
Cardano Price Analysis
The bears did not allow Cardano (ADA) to break above the neckline and complete the inverse head and shoulders (H&S) pattern.
The price has reached the 20-day EMA ($0.37), which is a crucial level for the bulls to defend. If the ADA/USDT pair bounces off the 20-day EMA, buyers will make one more attempt to break through the neckline barrier. If they can pull it off, it will suggest the start of a new uptrend.
Conversely, if the price breaks below the 20 day EMA, it will suggest that the short-term bulls may be taking profits. The pair could then drop to the 200-day SMA ($0.35).
Dogecoin Price Analysis
Traders used the rise in Dogecoin (DOGE) on April 3 to lighten their positions. This shows that sentiment remains negative and traders are selling rallies.
The sharp pullback of the last four days suggests that the DOGE/USDT pair will continue to trade within the broad range of $0.07 to $0.11 for some time to come. The price has reached the moving averages, which can act as strong support. If the price rises from the current level, the pair can rally to the 50% Fibonacci retracement level of $0.09.
Alternatively, if the price dips below the moving averages, it will suggest a slight edge for the bears. Then the pair can fall to $0.07.
Polygon Price Analysis
The polygon (MATIC) has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
If the price bounces off the support line of the triangle, it will suggest that the bulls are protecting this level. That could keep the couple inside the triangle for a while longer. If the price breaks above the 20-day EMA ($1.11), the bulls will once again try to push the MATIC/USDT pair towards the resistance line of the triangle.
On the downside, a breakout and close below the support line of the triangle will indicate that the bears have beaten the bulls. That could open the doors for a possible drop to the 200-day SMA ($0.98).
Related: XRP Price Sees 30% Rise After Key Resistance Area Breaks
Solana Price Analysis
Buyers were unable to hold Solana (SOL) above the 20-day EMA ($20.81) in recent days, indicating that demand is drying up at higher levels.
The 20-day EMA is flat and the RSI is just below the midpoint, indicating that the SOL/USDT pair may stay between the downtrend line and $18.70 for some time. A break below $18.70 will indicate that the bears have reached the top. The pair can then extend its decline to the vital support of $15.28.
Conversely, if the price rises from the current level and breaks above the downtrend line, it will suggest that the bulls are back in the game. The pair can then rise to $27.12.
Moles Price Analysis
Polkadot (DOT) has slipped below the 20-day EMA ($6.22), indicating that the bulls are losing control. The price could slide to the strong support at $5.70.
If the price bounces off $5.70, the DOT/USDT pair may try to rally to the downtrend line and swing between these two levels for some time. A rally above the downtrend line will clear the way for a possible rally into the neckline of the developing Inverse H&S pattern.
Alternatively, if the price falls below $5.70, the advantage will shift in favor of the sellers. Then the pair can fall to $5.15. This is an important level to watch because if it is broken, the pair can drop to $4.50.
Litecoin Price Analysis
The failure of the bulls to push Litecoin (LTC) above $96 has emboldened the bears who are trying to strengthen their position by dragging the price below the 20-day SMA ($90).
If they’re successful, the next stop could be $85. This is an important level to watch because a break and close below it can result in a retest of the 200-day SMA ($75).
Another possibility is that the price rises from the current level but does not cross $85. In that case, the LTC/USDT pair may remain range bound between $85 and $96 for a few days.
The 20 day EMA is gradually rising, but the RSI has fallen close to the midpoint, which suggests a short-term consolidation. Buyers will have to clear the overhead hurdle at $96 to extend the recovery to $106.
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
