Bitcoin (BTC) had been trading within a limited range for most of the week. However, it experienced a significant drop on April 12 and 13, causing approximately $2.5 billion in cryptocurrency liquidations. The long positions outnumbered the short ones during this decline, resulting in substantial losses for investors who had anticipated Bitcoin’s rally around and following the halving event.
The drop in Bitcoin’s value has significantly influenced the altcoins, causing a decline of approximately 20% for many of them in the top 20 by market capitalization. This event resulted in Bitcoin having the greatest market dominance in over three years, reaching 56.3% on April 12.
Bitcoins dip below $60,000 has alarmed short-term investors, but this decline might just be a regular correction within an ongoing bull market. The price hasn’t breached the significant support level yet, indicating potential stability. Caution is advised, but there’s no need for alarm at present.
Which key resistance levels must Bitcoin adhere to for a potential rally to commence? Let’s examine the top five cryptocurrencies displaying promising chart patterns, which could spearhead an upward trend in the market.
Bitcoin price analysis
For several days now, Bitcoin’s value has fluctuated significantly yet remained contained within a narrow band of $60,775 to $73,777. Such price action indicates uncertainty among traders regarding the coin’s future direction.
On April 13, the BTC/USDT value dipped under the 50-day moving average of $66,743 and dropped below the crucial support at $60,775. Despite this, the extended part of the candlestick indicates that buyers are making an effort to keep the price above the $60,775 mark.
Attempting to recoup losses may encounter selling at the $67,807 mark, represented by the 20-day exponential moving average. Should the price decline from this resistance level, bears could once more try to push the pair below $60,775. Conversely, surpassing the 20-day EMA at $67,807 might pave the way for an advance toward $73,777.
In simpler terms, when the 20-day moving average (EMA) and the relative strength index (RSI) are trending downward and in the negative zone, it suggests that bears are currently controlling the market. Any potential relief rallies could be met with selling at the $60,775 support level. If this support gives way, the pair might continue to decline towards the 61.8% Fibonacci retracement level of $54,298.
An increase in the price beyond the 20-day moving average could signal that the pair will continue bouncing between the levels of $60,775 and $73,777 for a while. For the bulls to suggest a new uptrend toward $80,000 and then $84,000, they must push the price above the resistance level at $73,777 first.
Binance Coin price analysis
The recent behavior of Binance Coin’s (BNB) price shows a significant fluctuation, suggesting that buyers and sellers are uncertain about the market direction.
On April 13, the price of BNB/USDT dipped close to its support level at $495, but the long shadow on the candlestick indicates strong buying activity below that price. The bulls aim to keep the upward trend going and reach the resistance point of $635. However, sellers are expected to put up a fierce fight in defense of this level.
A key level to keep an eye on for potential buying opportunities is around $495 and then $460. These areas could provide strong resistance, as sellers might put up a tough fight to prevent a price drop below them. If the price falls below these levels, it could trigger a trend moving downward toward $400.
On the 4-hour chart, the bears succeeded in pushing the price beneath the uptrend line of the evolving ascending triangle formation. This bearish action nullified the bullish outlook, signaling a potentially unfavorable situation. The price dipped to $508 before rebounding strongly, suggesting robust buying at lower prices. However, the recovery may encounter selling pressure around the uptrend line.
If the price significantly drops below the uptrend line, this may indicate that bears have taken control, making the uptrend line a new level of resistance. This could potentially lead to a decrease in price to around $495. Alternatively, if the price rises above the uptrend line, it could signal a continuation of the uptrend and the possibility of reaching prices as high as $600, followed by $635.
Toncoin price analysis
In simpler terms, the price of Toncoin (TON) has been trending upward within a channel, suggesting that buyers are still active and purchasing during declines.
On the 12th and 13th of April, bears managed to pull the price down beneath the channel. However, the elongated shadows on those particular candlesticks indicate robust purchasing activity around the support level. The bears’ inability to maintain the lower prices might have piqued the interest of buyers, who are currently attempting to push the price towards the resistance line hovering around $7.50.
The moving averages are currently ascending, indicating that buyers have the upper hand based on RSI’s positive standing. However, this bullish perspective may be invalidated if the TON/USDT exchange rate experiences a significant downturn and falls below the support level. In such an event, a potential drop to the 50-day Simple Moving Average ($4.28) could ensue.
On the 4-hour chart, the bounce back may encounter resistance at the 20-exponential moving average and the downtrend line. Should the price slide down from the overhead resistance and dip beneath $5.71, the pair could plummet towards $5.
Instead, if the bulls push the price above the downward trendline, this could indicate that the correction has ended. In such a case, the pair might try advancing towards the significant resistance level at $7.67.
VeChain price analysis
For several days now, VeChain’s price has stayed within the broader span of $0.036 to $0.051, reflecting an equilibrium between buyers and sellers in the market.
Traders often purchase assets when the price dips towards the lower boundary of a range and sell them as they approach the upper resistance level. The elongated shape of the April 13 candlestick indicates that bulls are making efforts to safeguard the $0.036 support level. If the price ascends further and surpasses the moving averages, this could be an indication that the range-bound trend may persist for a while longer.
If the VET/USDT exchange rate suddenly drops significantly below $0.035, this might be a sign that bearish traders are gaining momentum. This could potentially trigger a downward trend towards the significant support level at $0.025.
The 20-EMA is falling, and the RSI is in the negative territory, indicating an advantage to sellers. If the price turns down from the current level or the 20-EMA, the bears will make another attempt to sink the pair below the $0.036 support. If they succeed, the pair may start a new downtrend.
If the price goes beyond the $0.020 mark moving average, it could indicate robust purchasing opportunities at cheaper prices. The currency pair might stay within the range of $0.036 to $0.051 for some time afterward.
Bitget Token price analysis
The price of Bitget Token (BGB) has temporarily retreated during its robust upward trend, possibly due to short-term traders taking profits.
On April 13, bears managed to drag the price of BGB/USDT under the 20-day Exponential Moving Average ($1.17), but they’ve faced challenges in pushing it further down to reach the 50-day Simple Moving Average ($1.02. This indicates that buyers are still active, continually purchasing at lower prices.
If the price bounces back above the moving average of the last 20 days (20-day EMA) due to buyer demand, it could potentially catch out bearish investors who have taken aggressive positions. The pair might then try to advance towards the significant resistance level of $1.38. However, if the price falls from this resistance, the pair may remain stable within the range between the 20-day EMA and $1.38 for a short while.
On the 4-hour chart, the currency pair has dropped below its $1.20 to $1.38 range, indicating a potential trend reversal towards a downward direction. The descending 20-day moving average and the Relative Strength Index (RSI) in the red zone imply that bearish traders currently hold the dominant position.
If the price falls below $1.11 from its current level at $1.20, it may continue dropping to hit $1. However, this bearish outlook can be disproved if the price recovers and rises above its moving average (20-EMA). Such an upward movement could then pave the way for a rise towards $1.28 and eventually $1.35.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Why iShares’ Bitcoin Trust stock surged 13% in 5 days, and what’s ahead
- Spot Solana ETF approvals – Closer than you think?
- Orca crypto price prediction: Buying opportunity ahead, or bull trap?
- Can Ethereum ETFs outperform Bitcoin ETFs – Yes or No?
- Chainlink to $20, when? Why analysts are positive about LINK’s future
- Citi analysts upgrade Coinbase stock to ‘BUY’ after +30% rally projection
- THETA PREDICTION. THETA cryptocurrency
- Crypto week ahead: Will Bitcoin, Ethereum hit new highs?
2024-04-15 04:09