Binance Coin

May 19 2021

Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

Bitcoin’s (BTC) massive bloodbath on May 19 resulted in panic selling across the board. Several major altcoins nosedived between 25% to 50% during the day. The extent of the fall shows that many large traders may have dumped their positions and leverage traders may have been roasted.

In a report to its clients on Tuesday, JPMorgan Chase analysts pointed out that institutional investors were abandoning Bitcoin in favor of gold. Considering the volatility ratio of Bitcoin to gold, JP Morgan believes Bitcoin’s current fair value is $35,000.

*Daily cryptocurrency market performance. Source:* *Coin360*

The massive fall today is likely to scare several institutional investors and delay their entry into the space. Although there will be periodic rebounds and sharp bear rallies, the next bull run may not start in a hurry.

Galaxy Digital founder Mike Novogratz also told CNBC that the decline feels like capitulation and this breakdown may not be fixed quickly.

After the sharp decline and the subsequent rebound, let’s analyze the charts of the top-10 cryptocurrencies to determine the support and resistance levels.

BTC/USDT

Bitcoin’s close below the neckline on May 17 completed the bearish head and shoulders pattern. The buyers attempted to push the price back above the neckline on May 18 but failed as seen from the long wick on today’s candlestick.

The selling picked up momentum today and turned into capitulation as the BTC/USDT pair plunged to $29,257.95, exceeding the H&S pattern target at $31,653.73. This fall has pushed the relative strength index (RSI) deep into the oversold territory for the first time since March 2020.

Generally, after such a sharp fall, a pullback can be expected because traders who initiated short positions at higher levels may book profits and aggressive bulls may have purchased near the critical support at $28,850.

The long tail on the candlestick suggests strong buying on dips but the rise from the current levels may not be easy because the bulls are likely to encounter massive supply at the neckline. If the price turns down from this resistance, the pair could consolidate in a large range between $28,850 and $44,000 for the next few days.

ETH/USDT

Ether (ETH) broke below the 50-day simple moving average ($2,760) and the 61.8% Fibonacci retracement level at $2,467.78 today. This resulted in panic selling and the biggest altcoin plummeted below the 78.6% retracement at $1,949.41 to hit an intraday low at $1,801.60.

However, a minor positive is that buyers have aggressively bought the dip as seen from the long tail on the candlestick. If the bulls can sustain the price above the 50-day SMA, the ETH/USDT pair could rally to the 20-day exponential moving average ($3,370). This move is likely to attract selling from the bears because the sentiment has turned negative.

If the price turns down from the 20-day EMA, the pair may drop to the 50-day SMA. If this level holds, the pair may consolidate between the moving averages.

On the other hand, if the bears sink the price below the 50-day SMA, the pair may gradually drop to $1,801.60. If this level holds, the pair could remain range-bound for a few days. However, if the bears sink the price below $1,801.60, the down move may reach $1,289.09.

BNB/USDT

The buyers defended the $480 support on May 17 and 18 but the incessant selling today dragged Binance Coin (BNB) to $280. With today’s decline, the altcoin came close to a 100% retracement of the bull run that started from $233.81 on March 26.

The moving averages are on the verge of a bearish crossover, indicating the trend has changed from bullish to bearish. Any relief rally from the current level is likely to face stiff resistance at $428 and again at $480.

If the price turns down from either level, the BNB/USDT pair may retest $233.81. If this level also gives way, the next support is at $186.10. The bulls are likely to defend this zone aggressively.

ADA/USDT

Cardano (ADA) formed an inside-day candlestick pattern on May 18, which showed indecision among the bulls and the bears. The uncertainty resolved to the downside today, resulting in a massive long liquidations by the bulls.

The capitulation pulled the ADA/USDT pair down to $0.95 today, its lowest level since April 23. However, the bulls have purchased the dip aggressively as seen from the long tail on the day’s candlestick.

If the bulls can sustain the price above the 20-day EMA ($1.74), it will suggest strong demand at lower levels. The pair may then consolidate between $1.48 and $2 for a few days. Conversely, if the price turns down and breaks below $1.48, the pair could gradually drop to $1.

DOGE/USDT

Although Dogecoin (DOGE) sustained above the 20-day EMA ($0.46) for the past few days, the bulls could not achieve a strong rebound. This showed a lack of demand at higher levels.

The DOGE/USDT pair broke below the 50-day SMA ($0.30) and hit an intraday low at $0.21. The bulls have purchased the dip aggressively as seen from the long tail on the day’s candlestick.

If the bulls can sustain the price above $0.35, the pair could rise to the 20-day EMA. This level is likely to attract selling and the pair may then remain range-bound between the moving averages for a few days.

XRP/USDT

XRP pierced the resistance line of the symmetrical triangle on May 18 but the long wick on the candlestick suggests the bulls could not sustain the breakout. The price reversed direction today and plummeted below the support line of the triangle, which may have resulted in huge long liquidations.

However, the long tail on today’s candlestick suggests the bulls purchased the dip to the critical support at $0.88. The buyers will now try to push the price back into the triangle but they are likely to face stiff resistance at the moving averages.

If the price turns down from the 50-day SMA ($1.31), the XRP/USDT pair could again gradually drop to $0.88. If the support holds, the pair may consolidate between $1.20 and $0.88 for a few days.

DOT/USDT

Polkadot (DOT) attempted to take support at the moving averages on May 18 but the demand fizzled out at $42.59. The altcoin turned down today and deep dived to $18, the lowest level since Feb. 3.

If the price closes below $26.50, the bears may continue to pound the DOT/USDT pair and retest the $18 support.

On the contrary, if the relief rally sustains above $26.50, it will suggest the capitulation may be over. The pair could then gradually move up to $32.50 and then to the moving averages.

If the price turns down from the overhead resistance but stays above $26.50 during the next decline, a range-bound action may ensue.

BCH/USDT

Bitcoin Cash (BCH) attempted at recovery on May 18 but could not rise above the 20-day EMA ($1,134). The long wick on the day’s candlestick showed that traders are selling on rallies to stiff resistance levels.

The selling picked up momentum after the BCH/USDT pair broke below $940 and the next critical support at $686.75. The pair finally hit an intraday low at $473.84, its lowest level since March 26.

Aggressive bulls seem to have purchased at lower levels, resulting in a strong recovery as seen from the long tail on the candlestick.

However, the relief rally is likely to hit a hurdle near $940. If the price turns down from this resistance, the pair could consolidate in a large range between $442.96 and $940 for the next few days.

LTC/USDT

The bulls defended the 50-day SMA ($272) on May 17 but they could not extend the recovery above the 20-day EMA ($299) on May 18. This suggests that traders sold their Litecoin (LTC) positions during the relief rally.

Today, the selling resumed and the LTC/USDT pair plunged below the 50-day SMA and the support line of the broadening wedge pattern. This may have resulted in panic selling, dragging the price down to $143.57, the lowest level since Feb. 05.

If the price closes below the support line, the bears may resume selling and a retest of $143.57 may be on the cards. Conversely, if the price climbs back into the wedge, the pair may rise to the moving averages where it is again likely to encounter selling from the bears.

UNI/USDT

Uniswap (UNI) broke below the support line of the ascending channel on May 17 but the bulls pushed the price back into the range on May 18. However, the buyers could not clear the hurdle at the 20-day EMA ($36), indicating selling at higher levels.

The UNI/USDT pair turned down today and broke below the support line of the channel. The selling picked up momentum after the $25.52 support cracked. This may have caused long liquidation, resulting in a drop to an intraday low at $16.

However, the positive sign is that the bulls purchased this dip and are attempting to start a relief rally. This rally may face stiff resistance at $30 and then again at the moving averages. If the price turns down from this resistance, the pair may drop to $25.52 and remain range-bound for a few days.

Alternatively, if the price closes below $25.52, the bears may try to build on their advantage and sink the price to $16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

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May 03 2021

XRP’s Market Cap Hits $75 Billion, 3% of Total Crypto Market Cap

The fourth-largest cryptocurrency has hit a new high, with a market cap of $75 billion. This is around 3.2% of the total market cap for cryptocurrencies.

Ripple’s XRP has risen by over 40% in the past week. The crypto has been doing well in its price recovery by trading above $1.6, with the market cap remaining above $70 billion.

Bitcoin retains its dominance in the market. However, this has fallen to around 48%. Other currencies such as Ethereum have been doing quite well to cover the gap, with ETH’s market dominance standing at 15.7% while that of Binance coin stands at 4.1%.

XRP’s price growth

Since the beginning of the year, XRP has increased by over 500%. In January, the token was trading for $0.23. The price change started towards the end of March and peaked in April when the token reached $1.95, the highest price in three years. The market dominance for the currency has surged since the beginning of April.

The latest growth of other currencies such as ETH, BNB, and XRP has negatively affected the market dominance for Bitcoin. Furthermore, XRP has also been doing well in terms of institutional adoption. In the second week of April, the token recorded around $33 million in institutional use.

Increased interest in XRP

Whale Alert, a blockchain analytics platform, pointed out the large number of transactions taking place on XRP over the weekend. These transactions were reported on the Escrow wallet for Ripple. Data from the wallet show that around $1 billion worth of the crypto was transferred in three days.

In addition, the Whale Report also shows there were around 7 million XRP coins that were transferred from a digital wallet to the Huobi exchange. Before that, 15 million XRP was transferred from a crypto.com exchange to an unknown digital wallet. These two instances show an increased interest in crypto.

XRP is also edging closer to Binance Coin (BNB), with the market cap for BNB is around $90 billion. The total market cap for cryptocurrencies in the market currently reached about $2.2 trillion, which is the most significant record in the market’s history. Bitcoin still holds the largest share of the market cap, standing at approximately $1.08 trillion.

XRP’s progress in the market can be attributed to Ripple’s progress in a lawsuit against the SEC. Winning that lawsuit pushed XRP’s prices to an all-time high price after their prices crashed late last year.

XRP’s Market Cap Hits $75 Billion, 3% of Total Crypto Market Cap

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Apr 25 2021

Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, XMR, CAKE

Corrections in a bull phase are usually a bullish sign as they reduce the frothy excitement and allow stronger hands to enter the markets. However, the recent correction in Bitcoin (BTC) from its all-time high at $64,849.27 does not seem to have scared novice traders.

Data from DappRadar shows that decentralized exchange volumes have picked up in the last week as traders may have exited profitable Bitcoin positions to buy altcoins at their current rock bottom prices.

Another sign of interest in altcoins is the sustained high volumes in Dogecoin (DOGE), which remains the fourth most traded cryptocurrency by volume, behind Bitcoin, Ether (ETH), and XRP, according to data from CoinMarketCap.

*Crypto market data daily view. Source:* *Coin360*

The recent fall in Bitcoin witnessed selling from the small-to-medium sized whales, who dumped $100,000 to $1 million worth of Bitcoin on the exchanges. However, a positive sign is that the larger-sized whales have continued to accumulate during this period.

While the long-term bullish story remains intact, the near term could see some more downside. Generally, a correction does not end until the retail crowd throws in the towel and a state of fear grips the markets.

In such an uncertain atmosphere, let’s look at the top-5 cryptocurrencies that are likely to outperform the other major cryptocurrencies in the short term.

BTC/USDT

The bulls are trying hard to push the price back above the psychological level of $50,000 but are facing stiff resistance from the bears on every minor rise. This shows that the bears are trying to hold on to their advantage and extend the decline to the next critical support at $43,006.

The 20-day exponential moving average ($55,671) is sloping down and the relative strength index (RSI) is close to the oversold territory, suggesting the bears have the upper hand.

The BTC/USDT pair had formed an inside day candlestick pattern on April 24 and today, indicating indecision among the bulls and the bears. If the uncertainty resolves to the downside, the selling could intensify, opening the gates for a decline to $43,006.

On the other hand, if the bulls can push the price above $52,129, the pair could witness a relief rally that is likely to face resistance at the 20-day EMA. If the price turns down from this resistance, the possibility of a break below $47.459 increases.

This negative view will invalidate if the bulls push and sustain the price above the 50-day simple moving average ($56,870).

*BTC/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the bears have been selling on relief rallies to the 20-EMA. With both moving averages sloping down and the RSI trading in the negative zone, the advantage is with the bears.

If the bears sink the price below $48,664.67, the pair could drop to $47,459. A break below this support could resume the down move.

Conversely, a break above the 20-EMA will be the first sign that the selling has dried up and the bulls have a chance to extend the relief rally to the 50-SMA.

ETH/USDT

The bulls have once again defended the 20-day EMA ($2,235), indicating the trend remains strong and the buyers are accumulating on dips. Ether will now try to rally to the $2,545 to $2,645 overhead resistance zone.

A breakout of the overhead zone could signal the start of the next leg of the uptrend that may extend to $2,745 and then $3,000. The gradually rising moving averages and the RSI above 57 suggest the path of least resistance is to the upside.

Contrary to this assumption, if the price turns down from the overhead resistance, the bears will again try to sink the ETH/USDT pair below the moving averages. If they succeed, the pair may start a deeper correction to $1,542.

*ETH/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the pair has formed a head and shoulders pattern, which will complete on a break and close below the neckline. Such a move could pull the price down to the pattern target at $1,600.

On the other hand, if the bulls can push the price above $2,375, the pair could retest the all-time high at $2,645. Such a move will invalidate the pattern and the pair is likely to pick up momentum on a break above $2,645.

BNB/USDT

Binance Coin (BNB) is currently consolidating in an uptrend. The bulls are buying the dips to the $480 support while the bears are defending the $600 to $638.57 overhead resistance zone. A range-bound action after a strong uptrend shows that traders are not hurrying to book profits.

Both moving averages are sloping up and the RSI above 56 suggests that the bulls have the upper hand. If the buyers can push the price above $530, the BNB/USDT pair could start its journey to the resistance of the range at $600. The bears are again likely to mount a stiff resistance between $600 and $638.57.

If the price turns down from this zone, the range-bound action may continue for a few more days. On the contrary, if the bulls push the price above $638.57, the pair could start its journey to $720 and then $832.

This positive view will invalidate if the bears sink and sustain the price below $480. If that happens, the selling may intensify and the pair may drop to the 50-day SMA ($368).

*BNB/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the price is stuck inside a large symmetrical triangle. Although the price rebounded off the support line of the triangle, the bears are attempting to stall the relief rally at the moving averages.

If that happens and the price turns down from the current level, the bears will sense an opportunity and try to sink the price below the triangle. If they succeed, the pair could start a deeper correction to $348.

Alternatively, if the bulls push the price above the moving averages, the pair could rise to the resistance line of the triangle. A breakout of the triangle may signal the resumption of the uptrend.

XMR/USDT

Monero (XMR) is in a strong uptrend and repeated attempts by the bears to start a correction have failed as the bulls have aggressively bought the dips close to the $288.60 support.

The bulls have successfully defended the 20-day EMA ($335) and both moving averages are sloping up, suggesting the buyers have the upper hand. However, the RSI is showing the first signs of a negative divergence, indicating the momentum may be weakening.

If the price turns down from the current level and breaks below the 20-day EMA, it will suggest the possible start of a correction to $288.60. On the other hand, if the bulls push the price above $424.55, the XMR/USDT pair could rally to $498.

*XMR/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows that the volatility has picked up in the past few days. The bears have repeatedly broken the 50-SMA but the bulls have aggressively purchased the dip and pushed the price back above the 20-EMA.

If the pair rebounds off the current level and rises above $405.40, a retest of $424.55 is possible. A breakout of this resistance could start the next leg of the uptrend. Conversely, if the bears sink the price below the moving averages, a drop to $288.60 is likely.

CAKE/USDT

PancakeSwap (CAKE) had been facing stiff resistance near the $28 level for the past few days. The bears tried to sink the price below the 20-day EMA ($24) on April 23 but the bulls aggressively purchased the dip, suggesting the sentiment remains positive.

Momentum picked up in the past two days and the CAKE/USDT pair has broken out to a new all-time high today. The upsloping moving averages and the RSI near the overbought zone suggest the path of least resistance is to the upside.

If the bulls sustain the price above $30, the pair could rally to $34.50. This bullish view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move will be a significant event as the price has not sustained below the 20-day EMA since March 24.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CAKE on April 23, just as the rally was getting started.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. CAKE price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for CAKE flipped green on April 23 when the price was $25.24.

From there, the VORTECS™ Score consistently remained in the green and CAKE rallied to a high at $31.12 on April 25, recording a gain of 23% in about two days.

*CAKE/USDT 4-hour chart. Source:* *TradingView*

The 4-hour chart shows the formation of an inverse head and shoulders pattern. This bullish setup has a pattern target at $34.70. The 20-EMA has started to turn up and the RSI has risen above 65, indicating the bulls have the upper hand.

In case of a correction, the bulls will try to flip the neckline of the pattern into support. If they do that, the uptrend could resume. Conversely, a break below $27.50 may tilt the advantage in favor of the bears, signaling selling at higher levels

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, XMR, CAKE

Source

Apr 21 2021

Price analysis 4/21: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

JPMorgan strategist Nikolaos Panigirtzoglou believes that if Bitcoin (BTC) does not break above $60,000 within the next few days, the momentum signals could weaken “for several months, given their still-elevated level.”

Another bearish voice was that of Guggenheim chief investment officer Scott Minerd who said in an interview with CNBC on April 20 that Bitcoin looked frothy and was at risk of a correction to $20,000 to $30,000.

Minerd said that such a massive fall will be part of a normal market cycle and that will not alter his long-term target of $400,000 for Bitcoin.

However, several analysts, including statistician Willy Woo, countered the bearish forecasts of technical traders with on-chain indicators. Woo pointed out that 14% of Bitcoin’s supply last moved above the $1 trillion market capitalization, hence this becomes a strong support and makes Bitcoin less likely to drop below $53,000.

A recent survey by Gemini crypto exchange showed that 13% of the respondents planned to invest in cryptocurrencies in 2021. Extrapolating the numbers to the U.S. population, Gemini said that 19.3 million adults may join the crypto bandwagon this year, which “would nearly double the current crypto investor population of 21.2 million adults.”

Let’s analyze the charts of the top-10 cryptocurrencies to spot the trends and then identify the paths of least resistance.

BTC/USDT

The bulls are buying the dips to the $54,000 level as seen from the long tail on the candlesticks of the past three days. However, the buyers have not been able to clear the hurdle at the 50-day simple moving average ($56,769), which has flipped to resistance.

The 20-day exponential moving average ($58,280) has started to turn down and the relative strength index (RSI) is trading below 43, indicating that the bears have a slight edge.

If the price turns down from the moving averages, it will increase the possibility of a break below $54,000. If that happens, the BTC/USDT pair could drop to $50,460. The bulls are likely to defend this level aggressively.

A strong rebound off $50,460 could keep the pair range-bound for a few days. However, if the bears sink the price below $50,460, the sentiment could sour and the pair may plummet to $43,006.77.

This negative view will invalidate if the bulls can drive the price above $60,000. Such a move will suggest that traders continue to buy at lower levels. A breakout of the all-time high at $64,849.27 could attract momentum traders, starting the next leg of the up-move.

ETH/USDT

Ether (ETH) strongly bounced off the $2,040.77 level on April 20, indicating aggressive buying by the bulls at lower levels. The successful retest of the breakout level at $2,040.77 is likely to attract further buying from short-term traders.

The upsloping moving averages and the RSI in the positive zone suggest that bulls are in control. If the bulls can propel the price above the all-time high at $2,545.84, the ETH/USDT pair could pick up momentum and rally toward the next target objective at $2,745 and then $3,000.

Contrary to this assumption, if the price turns down from the overhead resistance, then a few days of consolidation between $2,040.77 and $2,545.84 is possible. The advantage will tilt in favor of the bears if the pair slips and sustains below $1,900.

BNB/USDT

The failure of the bears to sustain Binance Coin (BNB) below the 20-day EMA ($476) on April 18 attracted buying on April 19. The momentum picked up further on April 20 and the bulls are now trying to thrust the price above the all-time high at $638.56 and resume the uptrend.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BNB on April 20 at 20:30 UTC, just as the relief rally was picking up strength.

*VORTECS™ Score (green) vs.BNB price. Source:* *Cointelegraph Markets Pro*

The 7-day chart above shows the VORTECS™ Score for BNB flipped green on April 20 when the price was $527.05.

While the market was still contemplating the direction of the next move, the VORTECS™ Score picked up strength and BNB also followed higher, hitting $608.31 about 16-hours later.

If they succeed, the BNB/USDT pair could start its journey toward the next target objective at $832. The upsloping moving averages and the RSI near the overbought territory suggest the path of least resistance is to the upside.

However, the bears are unlikely to give up easily. They will try to mount a stiff resistance in the $600 to $638.56 resistance zone. If the bulls do not cede much ground, it will enhance the prospects of a breakout of the resistance zone.

Conversely, if the price dips back below $520, then the bears may make one more attempt to break the 20-day EMA. A break below $428 could result in a deeper correction.

XRP/USDT

The bulls are aggressively attempting to defend the 20-day EMA ($1.26). This suggests the sentiment in XRP remains positive. The gradually upsloping moving averages and the RSI in the positive zone indicate a minor advantage to the bulls.

The XRP/USDT pair may now rally to $1.56 where the bears are likely to again mount stiff resistance. If the price turns down from this resistance, the bears will make one more attempt to sink the price below the 20-day EMA.

If they succeed, the pair could extend its decline to the 61.8% Fibonacci retracement level at $1.10. Conversely, a break above $1.56 could put the bulls back in the driver’s seat.

DOGE/USDT

The bulls attempted to resume the uptrend in Dogecoin (DOGE) on April 19 but they could not clear the hurdle at the all-time high of $0.45. The price turned down sharply from $0.43, indicating that traders are booking profits on rallies.

The DOGE/USDT pair has formed an inside-day candlestick pattern today, suggesting indecision among the bulls and the bears. If the price turns down and breaks the $0.27 support, the pair could decline to the 20-day EMA ($0.19).

A strong rebound off the 20-day EMA will suggest that the bulls continue to buy at lower levels. However, after such a deep correction, the next leg of the uptrend could be delayed.

If the 20-day EMA support cracks, the selling could intensify as several traders who are stuck at higher levels may book their losses. The price could then drop to the 78.6% Fibonacci retracement level at $0.14.

ADA/USDT

Cardano (ADA) dipped below the 50-day SMA ($1.20) on April 20 but the bulls staged a swift recovery. This shows that the bulls continue to buy at lower levels. If the buyers push and sustain the price above the 20-day EMA ($1.27), a rally to $1.48 is possible.

On the other hand, if the price turns down from the 20-day EMA, the ADA/USDT pair could drop to the support of the range at $1.03.

The flat moving averages and the RSI near the midpoint suggest the pair could remain range-bound between $1.03 and $1.48 for a few more days.

The next trending move could start if the bulls drive the price above the $1.48 resistance or the bears sink the pair below the $1.03 support.

DOT/USDT

Polkadot (DOT) bounced off $31.55 on April 20 but the buyers are struggling to build upon the initial recovery today, indicating hesitation to buy at higher levels.

The downsloping 20-day EMA ($38.96) and the RSI in the negative territory indicate that the bears have the upper hand. If the price turns down from the moving averages, it will suggest that traders are selling on rallies.

That will increase the likelihood of a break below $31.55. If that happens, the decline could extend to $26.50.

This negative view will invalidate if the bulls push the price above the moving averages. Such a move will open the gates for a rally to $42.28 and then to the all-time high at $48.36.

UNI/USDT

The long tail on the candlesticks of the past three days shows strong accumulation by the bulls at lower levels. The buying picked up momentum today and the bulls are attempting to push and sustain Uniswap (UNI) above the $35.20 resistance.

If they manage to do that, the UNI/USDT pair could retest the all-time high at $39.60. A breakout of this resistance could signal the start of the next leg of the uptrend, which may reach $44.88 and then $50.

The 20-day EMA ($32.62) has started to turn up and the RSI has risen above 58, indicating advantage to the bulls.

This positive view will invalidate if the price turns down from the current level and slips below the 20-day EMA. Such a move could keep the pair range-bound for a few more days.

LTC/USDT

Litecoin (LTC) slipped below the 20-day EMA ($252) on April 20 but the bulls arrested the decline at $234.43. The long tail on the day’s candlestick suggests strong buying at lower levels. The buyers are currently attempting to sustain the price above the 38.2% Fibonacci retracement level at $270.12.

If they succeed, the LTC/USDT pair could rally to the 50% retracement level at $282.51 and then to the 61.8% retracement level at $294.91. The marginally rising 20-day EMA and the RSI above 58 suggest a slight advantage to the bulls.

On the contrary, if the price turns down from $270.12, it will suggest that the sentiment has turned negative and the bears are selling on rallies. That will increase the possibility of a drop to the 50-day SMA ($216).

BCH/USDT

The bulls have successfully defended the support at the 50% Fibonacci retracement level at $828.24. Bitcoin Cash (BCH) could now rally to $1,041.70 where the bears may again mount a stiff resistance.

However, the upsloping moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If the bulls can drive the price above $1,041.70, the BCH/USDT pair could retest the 52-week high at $1,213.51.

Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA ($797), it will increase the likelihood of a deeper correction. The 61.8% Fibonacci retracement level at $737.31 may act as a support but if it cracks, the pair could drop to the 50-day SMA ($618).

Market data is provided by HitBTC exchange.

Price analysis 4/21: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, UNI, LTC, BCH

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Apr 19 2021

Price analysis 4/19: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, BCH, UNI

During strong uptrends, the best practice is to buy on significant dips as profits are produced when the price quickly rebounds from oversold conditions. This appears to be what happened on April 18 as traders jumped at the opportunity to buy Bitcoin and altcoins at lower levels.

However, no market can keep going up in a straight line and periodic corrections and phases of consolidation are needed as they drive away the speculators who only jump in and use high leverage when they sense an opportunity to get rich quickly.

The sharp rise in Dogecoin’s (DOGE) price and the huge addition of subscribers in Dogecoin and other cryptocurrency subreddits last week indicate that there is an influx of novice traders who are dreaming of making easy riches.

This class of trader is usually the last to enter an uptrend and the irrational buying typically results in a spike, which culminates in a short-term top as smart money view this as a signal to book profits. The inexperienced trader continues to buy on the way down and as the losses mount, they eventually panic sell the entire position right at the bottom.

On the other hand, the experienced long-term investors wait patiently until the excesses are cleared from the system and then start buying. Traders should be on the lookout for the right opportunity to enter rather than get sucked into trades due to FOMO.

Let’s study the charts of the top-10 cryptocurrencies to identify the critical support and resistance levels, which may signal the start of the next trending move.

BTC/USDT

Bitcoin’s (BTC) strong recovery from $50,447.50 on April 18 shows traders are aggressively buying the dips. However, the failure of the bulls to sustain the price above the 50-day simple moving average ($56,486) today suggests that there is hesitation to buy at higher levels.

The 20-day exponential moving average ($58,775) is turning down and the relative strength index (RSI) is in the negative territory, indicating the bears are trying to make a comeback. The longer the price trades below the moving averages, the greater the possibility of a retest of $50,460.

If the price rebounds off the $50,460 support, the BTC/USDT pair could remain range-bound for a few days. On the other hand, if the bears sink the price below $50,460, the selling could intensify as the bulls who purchased the dip on April 18 may be forced to cover their positions. The pair could then drop to $43,006.77.

Conversely, the first sign of strength will be a break above the 20-day EMA. Such a move will enhance the prospects for a retest of the all-time high at $64,849.27.

ETH/USDT

Ether (ETH) plunged close to the 50-day SMA ($1,899) on April 18 but the bulls purchased the dip aggressively, resulting in a recovery that pushed the price back above the 20-day EMA ($2,154).

However, the bulls are struggling to build upon the recovery today as the bears are again trying to sink the price below the 20-day EMA. If they manage to do that, the ETH/USDT pair could slide to $2,040.77 and then to the 50-day SMA. A break below the 50-day SMA could intensify selling that could result in a fall to $1,542.

Contrary to this assumption, if the pair rebounds off the current levels, it will suggest strong buying on dips. The bulls will then try to push the price to the all-time high at $2,545.84. A break above this resistance could start the next leg of the up-move.

BNB/USDT

In strong uptrends, the bulls generally buy the dips to the 20-day EMA ($454) and that is what happened on April 18. Binance Coin (BNB) bounced off the 20-day EMA and the bulls attempted to build on the recovery today.

However, the long wick on today’s candlestick suggests the bears are aggressively defending the $550 resistance. If the price turns down and breaks below the $428 support, the decline could extend to $348.69.

Conversely, if the price rebounds off the 20-day EMA and the buyers thrust the price above $550, the BNB/USDT pair could rally to $600 and then to $638.56. A breakout of this resistance may start the next leg of the uptrend that could reach $832.75.

XRP/USDT

XRP rebounded from just below the 20-day EMA ($1.23) on April 18 as the bulls accumulated at lower levels. However, the buyers are finding it difficult to extend the recovery today, indicating selling on rallies.

If the bears sink the price below the 20-day EMA, a drop to the 61.8% Fibonacci retracement level at $1.10 is possible. A break below this level could intensify selling and pull the XRP/USDT pair down to the 78.6% Fibonacci retracement at $0.86.

Contrary to this assumption, if the bulls propel the price above $1.56, the pair could rise to $1.80 and then to $1.96. The bears may defend this level aggressively but if the bulls can clear the hurdle, the pair could start the next leg of the up-move.

DOGE/USDT

After Dogecoin’s massive rally on April 16, traders booked profits on April 17, which dragged the price down $0.23, just below the 50% Fibonacci retracement level at $0.25. The bears tried to extend the decline on April 18 but the bulls again purchased the dip to $0.23.

The bulls have continued with their recovery today and are attempting to drive the price above the all-time high at $0.45. If they succeed, the DOGE/USDT pair could start the next leg of the rally that could reach $0.63.

However, the bears are likely to defend the $0.45 level aggressively. If the price turns down from this resistance and dips back below $0.35, it will suggest that traders are selling on rallies. The pair could then remain stuck in a range for a few days. The trend will favor the bears if they can sink and sustain the price below $0.23.

ADA/USDT

Cardano (ADA) broke below the moving averages and dropped to an intraday low at $1.08 on April 18. However, the bulls purchased this dip aggressively and pushed the price back above the 50-day SMA ($1.20).

The bulls tried to extend the recovery by pushing the price above the 20-day EMA ($1.28) today but the higher levels are attracting selling from the bears. If the price dips and sustains below the 50-day SMA, the ADA/USDT pair could slide to $1.03. A break below the support of the range will signal a change in trend.

Alternatively, if the bulls buy the drop to $1.03 aggressively, it will suggest that lower levels continue to attract buyers. The pair could then remain range-bound for a few more days. The bulls will gain the upper hand on a break above $1.55.

DOT/USDT

Polkadot (DOT) hit a new all-time high at $48.36 on April 17 but the bulls could not sustain the higher levels. The long wick on the candlestick suggests that traders aggressively booked profits, which pulled the price back below $42.28.

The selling continued on April 18 and the DOT/USDT pair slipped below the moving averages, hitting an intraday low at $32. Although the bulls staged a strong recovery, they are struggling to sustain the price above the 50-day SMA ($37.45) today.

This suggests that bears are selling on rallies. If the bears sink the price below $32, the pair could decline to $26.50. The 20-day EMA ($39.784) has started to turn down and the RSI is below 41, indicating the sellers have the upper hand.

This negative view will invalidate if the bulls push the price above the $42.28 resistance. A breakout of this level could result in a retest at $48.36.

LTC/USDT

Litecoin (LTC) formed a shooting star candlestick pattern on April 17, which usually acts as a reversal pattern. The altcoin witnessed another sharp selling on April 18 and the price plunged to a low at $230.

Although the bulls purchased the dip on April 18, they have not been able to sustain the rebound. This suggests that the bears are trying to gain the upper hand. Renewed selling has pulled the LTC/USDT pair down to the support at $246.96 today.

If the bears sink the price below $246.96, the correction could deepen to the 50-day SMA ($213). Such a move could delay the start of the next leg of the uptrend.

Contrary to this assumption, if the price rebounds off $246.96, the bulls will try to start a relief rally. A break above the 61.8% Fibonacci retracement level at $294.91 will indicate that the bulls are back in the driver’s seat.

BCH/USDT

Bitcoin Cash (BCH) rallied from $442.96 on March 24 to a high at $1,213.51 on April 17. The altcoin is currently correcting the sharp up-move. On April 18, the price dipped to $800, just below the 50% Fibonacci retracement level at $828.24 but the long tail on the day’s candlestick showed strong buying at lower levels.

However, the bulls are struggling to build upon the strong recovery today. This shows that the bears have not given up and they are selling on rallies. The bears will try to sink the price below the 20-day EMA ($762) and gain the upper hand.

On the contrary, the bulls will try to buy the dips and drive the price above $1,060. If they do that, the BCH/USDT pair could retest $1,213.51. A break above this resistance could start the next leg of the uptrend that has a target objective at $1,570.55.

UNI/USDT

The failure of the bulls to sustain Uniswap (UNI) above $35.20 could have aggravated selling on April 18. The altcoin dropped below both moving averages and hit an intraday low at $26.97. However, the bulls quickly purchased the dip as seen from the long tail on the day’s candlestick.

The recovery seems to have hit a wall at the 20-day EMA ($32.24) today. This suggests that traders are selling on rallies to the 20-day EMA, indicating a possible change in sentiment. If the bears sustain the price below the 50-day SMA ($30.66), the selling could pick up momentum and the UNI/USDT pair could slump to the critical support at $25.52.

A strong rebound off this level will suggest that the bulls continue to buy the dips. That could keep the pair range-bound between $25.52 and $38 for a few days. However, a break below $25.52 could result in a drop to $20. This negative view will invalidate if the bulls can push and sustain the price above the 20-day EMA.

Market data is provided by HitBTC exchange.

Price analysis 4/19: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, BCH, UNI

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