Last week, Bitcoin (BTC) experienced significant selling, causing its price to drop. However, an encouraging sign emerged when the price approached $61,000, with buyers stepping in to make purchases. This behavior indicates that investors remain optimistic about Bitcoin and consider the price decreases as opportunities for buying rather than reasons for concern.
Yet, the Bitcoin selling might not have reached its end. According to Markus Thielen, the research head at 10x Research, Bitcoin miners could unload approximately $5 billion in Bitcoin within the next four to six months following the Bitcoin halving. Consequently, Bitcoin’s price may remain relatively stable for a while longer, Thielen suggested.
In a sideways market, where prices move laterally rather than up or down, it can deceive both buyers (bulls) and sellers (bears) with misleading price spikes. Consequently, traders must exercise caution and resist the urge to make hasty buy or sell decisions based on initial breakouts. Instead, it’s advisable to be patient and only place significant trades after a confirmed and sustained price movement in the desired direction.
To determine if Bitcoin’s correction might have ended, we need to identify crucial resistance levels for further price advancement. Let’s examine the charts closely to uncover these key thresholds.
S&P 500 Index price analysis
On April 12, the S&P 500 Index experienced a significant drop, reaching the level of its 50-day moving average, which is at 5,115. This downward shift indicates that bearish investors are attempting to gain control in the market.
If the 50-day simple moving average is broken, the index may enter a correction period with a initial support at 4,900. Bouncing back from this level could encounter selling pressure around the 20-day exponential moving average, which is located at 5,174. If the price declines from the 20-day EMA, the chance of falling below 4,900 becomes more likely.
To keep the index from dropping further, purchasers need to raise the price and surpass the 20-day Exponential Moving Average (EMA), which currently stands at 5,265. This action may trigger an uptrend towards that level.
U.S. Dollar Index price analysis
On April 9, the U.S. Dollar Index (DXY), which was hovering around its 50-day moving average of 104, experienced a notable increase. By the next day, it managed to surpass the resistance level of 105. This upward movement completed an ascending triangle pattern for the DXY.
At the current price of 106, the bears are expected to put up significant resistance. Should the price drop from this point but then rebound off 105, it would be a sign that the bulls have successfully turned 105 into a support level. This development could boost the chances for a subsequent rise to 107. The potential target for this bullish trend is 109.
If the price takes a sharp turn downward and falls below 105, this would indicate that the markets are rejecting the breakout. As a result, the pair may move towards the uptrend line of the triangle.
Bitcoin price analysis
Bitcoin rebounded from its $60,775 support and is now approaching the moving averages, which could serve as a formidable resistance for bears looking to regain control.
Should the price decrease from the moving averages, bears will attempt to push down the BTC/USDT pair below $60,775 once more. If this support breaks, it could indicate the start of a more significant correction. The pair might then fall towards the 61.8% Fibonacci retracement level at $54,298.
Instead of assuming that the price will leave the $60,775 to $73,777 range if it rises above moving averages, a break above these levels could actually mean that the pair will continue hovering inside this range for some more time. Only a close above $73,777 would signal the resumption of the uptrend towards $80,000.
Ether price analysis
On April 13, Ether (ETH) dropped below the $3,056 mark of support. However, the sellers failed to capitalize on this decline as the buyers managed to push the price back above $3,056 by April 14.
Keeping an eye on the 20-day moving average (MA) at $3,369, if the Ethereum price recovers that level, it could be an important sign. However, should the price decline from this MA, expect the ETH/USDT pair to potentially dip towards $3,056 and then possibly fall further to $2,852.
Alternatively, if the price stays above $3,056, this indicates that the current price range continues. The bulls will regain power once they surpass the 20-day moving average. Subsequently, the pair might try to climb up to $3,679. To initiate an uptrend toward $4,100, buyers must first conquer this resistance level.
BNB price analysis
Over the last few days, BNB‘s price has fluctuated between $495 and $635, reflecting investors’ uncertainty about whether to buy or sell, suggesting a lack of clear direction for its future price trend.
The 20-day moving average of $574 for BNB/USDT and the RSI around its midpoint don’t provide a definitive edge for buyers or sellers. If the price surpasses and holds above the moving average, this pair could rise to $635. A move above this level would mark the beginning of the next phase of the upward trend, potentially taking it to $692.
If the price goes against the trend and falls below the 20-day moving average, this could indicate that bears are capitalizing on rallies. As a result, the pair may decline towards the support level of $495.
Solana price analysis
On April 12, Solana (SOL) failed to hold above its 20-day moving average, which was at around $167. As a result, the price dropped below the 50-day simple moving average, currently at about $164. Selling pressure intensified on April 13, pushing the price down towards a crucial support level at approximately $126.
On the April 13 chart, the prolonged lower shadow on the candlestick indicates that buyers are putting up a strong fight to protect the $126 mark. These buyers aim to drive the price towards the moving averages, acting as potential resistance points.
If the SOL/USDT price significantly decreases from its moving averages, bears may have another chance to push the pair below $126. In this scenario, the pair could potentially fall further down to $100. However, if the price surpasses the moving averages, the bearish outlook will be disproven and the pair might aim for a rally towards $205.
XRP price analysis
XRP (XRP) has been trading inside a large range between $0.41 and $0.74 for several months.
On April 13, the cost dipped close to the support level of the range, but the extended shadow on the candlestick indicates robust buying activity among investors at lower prices. The optimistic traders aim to initiate a rebound, yet they may encounter resistance around the 20-day moving average ($0.57). If the price declines from its current position or the moving average, the bears will attempt to push it down towards $0.41 once more.
In the meantime, the bulls may intend differently. They aim to keep the XRP/USDT price above $0.46 and propel it beyond the moving averages. This action could prolong the price confinement within the range for some time more.
Toncoin price analysis
In simpler terms, the price of Toncoin (TON) is still moving between an upward-sloping support and resistance line on the chart, suggesting that buyers have the upper hand.
When the cost hits the barrier level of the trendline, it’s where bears are supposed to launch a robust counterattack. If the price declines from this resistance level, there’s a possibility that the TON/USDT pair could slide down to the underlying support level. A breach and confirmation below the channel may indicate a shift in trends.
Instead of pushing the price down if it reaches the channel, a surge above the channel indicates increasing buying pressure. The currency pair may then advance towards $8.56 and potentially reach $10.
Dogecoin price analysis
On April 13, the price of Dogecoin (DOGE) broke below its 50-day moving average, which is at around $0.17, suggesting that there was significant selling pressure from bearish investors.
The bulls are making an effort to bounce back, but they could encounter significant opposition at the moving averages. If the price falls from these averages, it would indicate that the bears consider the rebounds as chances to sell. This would heighten the probability of a decline to the robust support level at $0.12.
If the price of DOGE/USDT is pushed upward by buyers beyond the moving averages, this would indicate strong demand in the lower price range. Subsequently, the pair could try to surge towards $0.20.
Cardano price analysis
On April 12, the price of Cardano (ADA) dropped below the $0.57 mark, signaling the completion of a bearish head-and-shoulders pattern. The downward trend continued on April 13, causing the price to fall further below the $0.46 support.
An encouraging sign for the bulls is that the price rebounded above $0.46 on April 14, indicating potential buying opportunities at lower prices. The bulls will attempt to initiate a comeback, but they’ll encounter significant resistance around the 20-day moving average ($0.56).
If the price falls below the 20-day moving average (EMA) for the ADA/USDT pair, it may lead to further decreases towards $0.46 and then $0.40. A significant drop beneath this level could potentially push the pair down to $0.35. The first indication of a price recovery would be if the pair manages to surpass the 20-day EMA.
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2024-04-16 00:12