Technical charts suggest that Bitcoin’s rally continuation is fully dependent on bulls securing a weekly close above $75,000. Key points: - Bitcoin will have to flip the $80,000 level into support to continue its up move to $84,000. - Several major altcoins are finding buyers at lower levels, but they will have to overcome the overhead resistance to start a new up move.
87% rally in April, per CoinGlass data. 97 billion in inflows, according to SoSoValue data. The rally is expected to encounter selling in the zone between the True Market Mean at $78,000 and the Short-Term Holder (STH) cost basis at $79,000.
Analysts are closely monitoring the $80,000 level, which needs to be flipped into support for confirmation that bulls remain in control. Crypto market data daily view. Source: TradingView CryptoQuant is not convinced that BTC’s rally could extend further.
In a recent report, the crypto analytics firm said that BTC’s up move in April was fuelled mainly by futures traders, while spot demand contracted. ” CryptoQuant warned in an X post that the exact setup had “preceded the next leg down” in 2022. Could BTC and the major altcoins break above their overhead resistance levels?
Let’s analyze the charts of the top 10 cryptocurrencies to find out. BTC turned up from the 20-day exponential moving average ($75,814) on Thursday, indicating buying on dips. BTC/USDT daily chart.
Source: Cointelegraph/TradingView The relief rally is expected to face selling pressure at $79,500, but if buyers pierce the overhead resistance, the uptrend is expected to gain momentum, and the BTC/USDT pair may rally to $84,000. The 20-day EMA is the crucial support to watch out for on the downside. If the BTC price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it may start a deeper correction to the 50-day simple moving average ($72,362) and then the support line.
Ether (ETH) is finding support near the 50-day SMA ($2,207), indicating that bulls are viewing the dips as a buying opportunity. ETH/USDT daily chart. Source: Cointelegraph/TradingView The flattening 20-day EMA and the relative strength index (RSI) just above the midpoint suggest weakening momentum.
If the ETH price turns down and breaks below the 50-day SMA, the next stop is likely to be the support line. Instead, if the price remains above the 20-day EMA, the bulls will attempt to drive the ETH/USDT pair to $2,465 and then to the ascending channel's resistance. The next trending move is expected to begin on a close above the resistance line or below the support line.
Until then, the pair may remain inside the channel. 61 range, signaling buying on dips and selling on rallies. XRP/USDT daily chart.
39) has started to turn down gradually, and the RSI is near the midpoint, indicating a slight edge to the bears. 27 support increases. Buyers are likely to have other plans.
They will attempt to thrust the price above the moving averages. 61 resistance. 61 level.
BNB (BNB) slipped below the moving averages on Tuesday, but the bears have failed to build upon their advantage. That suggests demand at lower levels. BNB/USDT daily chart.
Source: Cointelegraph/TradingView The bulls are attempting to push the BNB price back above the moving averages. If they manage to do that, the BNB/USDT pair may rise to $654 and then to the $687 overhead resistance. On the other hand, if the price turns down and breaks below $610, it signals that the sellers remain in control.
The pair may then tumble toward the $570 support, where the buyers are expected to step in. 65 level but the bears continue to exert pressure. SOL/USDT daily chart.
65 level cracks, the SOL/USDT pair may decline to $76. Buyers are expected to defend the $76 level with all their might, as a close below it may start the next leg of the downward move to $67. 73 range for some time.
73 opens the gates for a retest of the $98 overhead resistance. 10 level on Thursday. DOGE/USDT daily chart.
12 overhead resistance, where the bears are expected to mount a strong defense. 12 range for a while longer. 12 obstacle, it suggests that the pair may have bottomed out in the near term.
16. 84) on Thursday but the long tail on the candlestick shows buying at lower levels. HYPE/USDT daily chart.
85). 77 overhead resistance zone. A close above the zone clears the path for a rally to $50.
70, it signals that the bears are selling on rallies. 45. Related: Did Dogecoin bottom first?
DOGE price poised for 20% gains as whales return Cardano (ADA) has been clinging to the moving averages, indicating that the bulls have kept up the pressure. ADA/USDT daily chart. Source: Cointelegraph/TradingView That improves the prospects of a break above the downtrend line.
37, signaling a potential short-term trend change. 22. Such a move suggests that the pair may remain inside the descending channel for a few more days.
Bitcoin Cash (BCH) bounced off $443 again, indicating that the bulls are aggressively defending the level. BCH/USDT daily chart. Source: Cointelegraph/TradingView There is minor resistance at the 50-day SMA ($453), but it is likely to be crossed.
The BCH/USDT pair may then soar to $486, at which point bears are expected to sell aggressively. However, if buyers overcome the barrier, the pair may rally to $520. Contrary to this assumption, if the BCH price turns sharply lower from $486 and breaks below the moving averages, it suggests that bears remain sellers on rallies.
That may keep the pair range-bound between $419 and $486 for some time. Monero (XMR) bounced off the 20-day EMA ($366) on Wednesday, indicating a positive sentiment. XMR/USDT daily chart.
Source: Cointelegraph/TradingView The upsloping 20-day EMA and the RSI in positive territory indicate that the path of least resistance is upward. If buyers push and maintain the XMR price above the $406 resistance, the rally may reach the $500 level. Conversely, if the price turns sharply lower from the overhead resistance and breaks below the moving averages, it suggests that the XMR/USDT pair may remain range-bound between $302 and $406 for some time.
