Key points:
-
Bitcoin's recovery rally is poised for a sell-off near $72,000, but a positive sign is that the bulls haven’t lost much ground to the bears.
-
Several major altcoins are facing selling at higher levels, suggesting that sentiment stays negative.
Bitcoin (BTC) has slipped near $69,500, suggesting bears are selling on rallies. Several analysts imagine that BTC has not yet bottomed out. Trader BitBull said in a post
The crypto sentiment platform Santiment took a unique viewpoint. In a report on Saturday, the Santiment team said data suggests the drop to $60,000 can have been an actual bottom. However, for a sustained recovery, the market needs to remain above the important thing support level and whales must proceed their cautious accumulation.
Daily view of crypto market data. Source: TradingView
Another positive for the bulls is that the BTC Sharpe ratio has fallen to -10, which historically indicates the ultimate phase of bear markets, in line with CryptoQuant analyst Darkfost. Although the readings don’t confirm that the bear market is over, they do suggest that the risk-reward profile could also be reaching extreme levels.
Could BTC and major altcoins start a powerful recovery rally, or will the downtrend proceed? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Price prediction for the S&P 500 index
The S&P 500 Index (SPX) fell below the ascending channel pattern on Thursday, but bulls did not sustain the lower levels.
SPX each day chart. Source: Cointelegraph/TradingView
On Friday, the index rebounded again and rose above the moving averages. This shows that the break below the channel can have been a bear trap. The bulls will attempt to push the value to the resistance line, where the bears are expected to intervene.
The 20-day exponential moving average (6,917) is flattening and the relative strength index (RSI) is just above the midpoint, signaling a balance between supply and demand. A detailed above the resistance line could initiate the subsequent leg of the uptrend towards 7,290.
US Dollar Index Price Prediction
The US Dollar Index (DXY) rose above the 20-day EMA (97.67) on Thursday, but bulls did not sustain the upper levels.
DXY each day chart. Source: Cointelegraph/TradingView
The price fell well below the 20-day EMA on Monday, suggesting that bears try to take control. There is powerful support within the 96.21 to 95.51 support zone, but when the bears prevail, the index could collapse to 91.88.
If the value as an alternative rises sharply from the present level or support zone and rises above the moving averages, it’ll signal that the index could extend its stay within the 96.21 to 100.54 range for a while.
Bitcoin price prediction
BTC’s recovery is stalling slightly below the breakout level of $74,508, suggesting that bears try to convert the extent into resistance.
BTC/USDT each day chart. Source: Cointelegraph/TradingView
The falling 20-day EMA ($78,142) and the RSI in negative territory suggest a bonus for sellers. If the value turns down from $74,508 or the 20-day EMA, the bears will once more try to pull the BTC/USDT pair towards $60,000.
This negative view shall be invalidated within the short term if Bitcoin price breaks above the 20-day EMA. This suggests solid buying at lower levels. The pair could then rally towards the 50-day SMA ($86,636).
Ether price prediction
Ether (ETH)'s recovery rally faces selling on the $2,111 level, but a positive sign is that the bulls haven’t lost much ground to the bears.
ETH/USDT each day chart. Source: Cointelegraph/TradingView
If the value closes well above the $2,111 level, the ETH/USDT pair could climb to the 20-day EMA ($2,447). This is an important resistance to look at out for, as a break above it indicates that bearish momentum has weakened. Ether price could then rise to the 50-day SMA ($2,877).
Sellers might want to aggressively defend the $2,111 level to take care of their advantage. If they do, there may be a risk of breaking $1,750. The pair could then fall to $1,537.
BNB price prediction
The BNB (BNB) recovery rally is poised for a sell-off near the 50% Fibonacci retracement level at $676, indicating negative sentiment.
BNB/USDT each day chart. Source: Cointelegraph/TradingView
If the value falls below $602, the bears will try to push the BNB/USDT pair below the $570 support. If they succeed, the pair could crash to $500.
On the opposite hand, if the bulls push BNB price above $676, the pair could rise to the breakout level of $730. Sellers are expected to defend the $730-$790 zone as a break above will suggest bulls are back in the sport. The pair could then rise to the 50-day SMA ($849).
XRP price prediction
Buyers have held XRP (XRP) above the support line of the descending channel pattern but are struggling to push the value to the 20-day EMA ($1.63).
XRP/USDT each day chart. Source: Cointelegraph/TradingView
If the value declines and breaks below the support line, it indicates that the bears are still in charge. The XRP/USDT pair could then retest the $1.11 level. Buyers are expected to defend the $1.11 level with all their might as a break below could send the pair all the way down to $1 after which to $0.75.
Buyers must push XRP price above the 20-day EMA to achieve the upper hand within the short term. The pair could then march towards the descending trend line. A detailed above the descending trend line indicates the beginning of a brand new upward move.
Solana price prediction
Solana (SOL)'s relief rally faces selling slightly below the $95 breakout level, suggesting bears try to convert the extent into resistance.
SOL/USDT each day chart. Source: Cointelegraph/TradingView
If Solana price continues to say no and falls below $77, it’ll indicate that bears are still in charge. The SOL/USDT pair could then retest the $67 level, which is more likely to act as strong support.
Sellers are expected to defend the zone between the 20-day EMA ($104) and $95 as an in depth above signals bulls are back in charge. The pair could then march towards the 50-day SMA ($123).
Dogecoin price prediction
Sellers try to stop Dogecoin (DOGE)’s recovery rally on the psychological level of $0.10.
DOGE/USDT each day chart. Source: Cointelegraph/TradingView
If Dogecoin price declines from current levels, the possibilities of a break below the $0.08 level increase. The DOGE/USDT pair could then resume its downward trend and plummet to $0.06.
The cops are running out of time. They must push the value above the 20-day EMA ($0.11) to point that the bearish momentum is weakening. The pair could then march towards the $0.13 level.
Cardano price prediction
Cardano (ADA)'s shallow bounce from the descending channel pattern's support line suggests that bears are selling on rallies.
ADA/USDT each day chart. Source: Cointelegraph/TradingView
If Cardano price declines from the present level, the bears will once more try to pull the ADA/USDT pair below the support line. If they succeed, the pair could fall to the subsequent support at $0.20.
Conversely, a break above the 20-day EMA ($0.30) suggests that the pair could remain inside the channel for a while. If the value closes above the downtrend line, buyers will gain the upper hand. The pair could then rise to the breakout level of $0.50.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) recovery rally is facing resistance on the 20-day EMA ($543), indicating bearish sentiment.
BCH/USDT each day chart. Source: Cointelegraph/TradingView
If the value continues to say no and breaks below $497, it’ll indicate that the bears remain on top of things. The BCH/USDT pair could then fall towards the crucial support at $443, where buyers are expected to intervene.
On the opposite hand, bulls must push and sustain the value above the 20-day EMA to refute the bearish view. If they do, the value of Bitcoin Cash could rise to the 50-day SMA ($585).
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. While we try to offer accurate and up-to-date information, Cointelegraph doesn’t guarantee the accuracy, completeness or reliability of the data in this text. This article may contain forward-looking statements which might be subject to risks and uncertainties. Cointelegraph won’t be accountable for any loss or damage arising out of your reliance on this information.
