Key points:
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Bitcoin's failure to rise above $118,000 could have led to profit booking amongst short-term traders, resulting in a decline towards $107,000.
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Several major altcoins turned lower from their upper resistance levels, suggesting that bears remain sellers within the uptrend.
Bitcoin (BTC) bulls are attempting to maintain the value above $111,000, but bears proceed to exert selling pressure. Glassnode wrote in its latest Weekly Market Impulse report that BTC’s recent rally was not supported by increased participation, indicating a “potential consolidation phase.”
A somewhat cautious assessment got here from crypto market research firm 10x Research, which said BTC's current bull market cycle will not be prolonged beyond the standard four-year cycle as BTC has grow to be too expensive for sustained retail purchases. Based on its research methodology, the corporate predicted a cycle peak of $125,000.
Daily view of crypto market data. Source: Coin360
BTC stays stuck inside the wide selection, but a small positive for the bulls is that investors proceed to purchase BTC spot exchange-traded funds. According to data from Farside Investors, BTC ETFs recorded net inflows of $462.6 million over the past 4 days.
What critical support and resistance levels must you be careful for in BTC and major altcoins? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Bitcoin price prediction
BTC's failure to remain above the 50-day easy moving average ($114,278) attracted sellers and caused the value to fall below the 20-day exponential moving average ($112,347).
If the value closes below the 20-day EMA, the bears will try to push the BTC/USDT pair to the critical support at $107,000. Buyers are expected to defend the $107,000 level with all their might as a break below completes a double top pattern. The Bitcoin price could then fall to $100,000.
The $118,000 level is a key resistance to look at on the upside. A break and shut above could catapult the pair to the all-time high of $126,199.
Ether price prediction
Ether (ETH) turned lower from the 50-day SMA ($4,220) on Monday, suggesting bears are lively at higher levels.
Sellers are attempting to tug the value to the support line of the descending triangle pattern, a critical level to look at out for. A break and shut below the support line could send Ether price all the way down to $3,350.
Bulls must push the value above the 50-day SMA to signal strength. The ETH/USDT pair could then climb to the resistance line, where the sellers are more likely to pose a serious challenge. Buyers must overcome the barrier on the resistance line to signal the beginning of the following phase of the uptrend.
BNB price prediction
BNB (BNB) turned lower from the 38.2% Fibonacci retracement level of $1,156 on Monday, but a small positive point is that bulls defended the 50-day SMA ($1,076) on Tuesday.
The flat 20-day EMA ($1,119) and the RSI near the center give neither the bulls nor the bears a transparent advantage. If the value trends lower and breaks below the 50-day SMA, it’s going to signal the beginning of a deeper correction to $1,021 and later to $932. Such a move suggests that the BNB/USDT pair could have peaked within the near term.
Conversely, a break and shut above $1,156 suggests strong buying at lower levels. BNB price could then rise to the 61.8% retracement level at $1,239.
XRP price prediction
XRP (XRP) has been trading between the breakout level of $2.69 and the 20-day EMA ($2.56) over the past few days.
Tight range trading is more likely to be followed by range widening. If the value declines and breaks below the 20-day EMA, it’s going to indicate that the bears have overwhelmed the bulls. The XRP price could then fall to $2.20.
On the contrary, a break and shut above $2.69 could push the XRP/USDT pair to the downtrend line. Sellers are expected to vigorously defend the downtrend line as a break above it opens the gates for a rally to $3.20 after which $3.38.
Solana price prediction
Buyers pushed Solana (SOL) above the 20-day EMA ($196) on Sunday but is struggling to sustain the upper levels.
The flat 20-day EMA and the RSI near the center signal a balance between supply and demand. If the value closes above the 20-day EMA, the SOL/USDT pair could rise to the resistance line. Buyers must push the value above the resistance line to realize strength.
On the opposite hand, if the value declines and breaks below $190, it’s going to indicate that the bears are on top of things. The pair could then fall to $177 and eventually to the channel's support line.
Dogecoin price prediction
Dogecoin (DOGE) turned down from the $0.21 resistance level on Monday, suggesting that bears are aggressively defending the extent.
The bears will look to increase their advantage by pushing the Dogecoin price below the $0.17 level. If they succeed, the DOGE/USDT pair could fall to the critical support at $0.14. Buyers are expected to defend the $0.14 level with all their might as a break below would open the way in which for a retest of the $0.10 level.
The first sign of strength can be an in depth above $0.21. In this case, the pair could rise to the 50-day SMA ($0.23) and later to $0.27.
Cardano price prediction
Cardano (ADA) turned down from the 20-day EMA ($0.68) on Monday, suggesting that sentiment stays negative.
The bears will try to sink the Cardano price below the $0.59 support. If they succeed, the ADA/USDT pair could fall towards the important thing support at $0.50. Buyers are expected to vigorously defend the $0.50 level.
On the opposite hand, a break and shut above the 20-day EMA signals that bulls try a comeback. The pair could then rally to the breakout level of $0.75 after which to the downtrend line.
Hyperliquid price prediction
Buyers have held Hyperliquid (HYPE) above the 50-day SMA ($45.95), indicating strength.
Buyers will look to strengthen their position by pushing the Hyperliquid price above the overhead resistance at $51.50. If they succeed, the HYPE/USDT pair could retest the all-time high of $59.41.
Sellers probably produce other plans. They will try to defend the $51.50 level and push the value below the 20-day EMA ($42.64). If they succeed, the pair could crash towards crucial support at $35.50.
Chainlink price prediction
Chainlink (LINK) has turned down from the 20-day EMA ($18.52), suggesting bears are selling on rallies.
The bears will try to push Chainlink price to $16.71 after which to the strong support at $15.43, where buyers are expected to intervene.
On the opposite hand, if the value increases from the present level and breaks above the 20-day EMA, it’s going to indicate that selling pressure is easing. The LINK/USDT pair could then rally to the resistance line. Buyers must push and hold the value above the resistance line to signal that the correction could also be over.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has reached the resistance line of the falling wedge pattern, where the bears are posing a serious challenge.
The rising 20-day EMA ($527) and the RSI in positive territory suggest the trail of least resistance is to the upside. A detailed above the resistance line opens the door for an increase to $615 after which to $651.
Sellers must quickly push Bitcoin Cash price back below the 20-day EMA to regain control. The BCH/USDT pair could then decline towards the strong support at $450.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
