The bulls are setting their targets to new highs as the brief consolidation phase in Bitcoin (BTC) and altcoins seems to be over, according to crypto analyst Rakesh Upadhyay.
Bitcoin (BTC) price overview
Bitcoin (BTC) has recaptured most of the losses in January and now the focus of traders is April, which has been a historically strong month for the cryptocurrency. registered to . According to data from Coinglass, Bitcoin closed April three times in the red, with the worst monthly loss being the 3.46% drop in 2015.
While history has supported the bulls, the Whale Shadows indicator has noticed that over 11,000 Bitcoins have left a wallet that has been dormant for seven to ten years. According to independent market analyst Phillip Swift, the movement of similarly sized amounts from dormant accounts has often resulted in a large peak.
Daily cryptocurrency market performance / Source: Coin360 In addition to keeping an eye on the crypto markets, traders should also monitor the performance of US stock markets for clues. Because Bitcoin seems to be closely related to the stock markets for the past few weeks. Can the bulls break the general hurdle in Bitcoin and choose altcoins and prolong the strong recovery from the lows? To find out the answer to this question, the analyst examines the charts of the top 10 cryptocurrencies. We, as Kriptokoin.com, have prepared Rakesh Upadhyay’s analysis with his own narration for the readers of Kriptokoin.com.
BTC, ETH, BNB, SOL and XRP analysis
Bitcoin (BTC)
Bitcoin from 200-day simple moving average (SMA) ($48,291) on March 29 It dropped to the 20-day exponential moving average (EMA) ($43,935) on April 1. The long tail on the April 1 candlestick has buyers piling up at the bottom.
BTC daily chart / Source: TradingView The bulls will make another attempt to push the price above the 200-day SMA. If they manage to do so, BTC could rally to $52,000 where the bears could form strong resistance again. Alternatively, if the price breaks down from the 200-day SMA once again, it will indicate that the bears have formed a strong barrier at this level. Bitcoin could then consolidate between the 20-day EMA and the 200-day SMA for a few days. A break and close below the 20-day EMA will indicate weakening bullish momentum. This could result in a drop to the 50-day SMA ($41,461).
Ethereum (ETH)
Ethereum fell from the 200-day SMA ($3,488) on March 29, but shallow correction and sharp recovery indicate strong demand at lower levels.
ETH daily chart / Source: TradingView The rising 20-day EMA ($3,098) and the relative strength index (RSI) near the overbought zone suggest that the bulls are in control. If the buyers push the price above the 200-day SMA, the bullish momentum could increase further and ETH could rally to the psychological level of $4,000. Contrary to this assumption, if the price drops from overhead resistance once again, it will show that the bears are not willing to give up. The bears will then try to push ETH below the 20-day EMA. If they are successful, ETH could drop to the 50-day SMA ($2,860).
Binance Coin (BNB)
BNB broke above the overhead resistance at $445 on March 30 and 31 but the bulls failed to sustain higher.
BNB daily chart / Source: TradingView The bears pulled the price to the 20-day EMA ($413) on April 1, but the strong rebound on the level shows the bulls strong buying at the lower levels. it shows you doing it. If the bulls push and sustain the price above $445, BNB could rise to the 200-day SMA ($467) and then bounce back to the psychological level at $500. This positive view will be invalidated in the short term if the price pulls down from the current level and falls below the moving averages. BNB could then stay in the range between $350 and $445 for a few more days.
Solana (SOL)
Solana witnessed a fierce battle between bulls and bears at $122, near critical level. The long wick on the March 31 candlestick indicated higher selling levels, but the bears failed to sustain the price below $122 on April 1.
SOL daily chart / Source: TradingView This indicates that the bulls are buying aggressively on the small dip. Buyers pushed the price above the overhead resistance at $122, which indicates the start of a possible new bull trend. SOL can now challenge the 200-day SMA ($150). If the bulls break this hurdle, the next stop could be $163. Conversely, if the price fails to stay above $122, it means demand is drying up higher. The pair could later decline to the 20-day EMA ($103).
Ripple (XRP)
Ripple formed an intraday candlestick pattern on March 30, which was resolved in favor of the bears with a sharp downward move on March 31. This indicates that buyers who may have bought at lower levels are closing their positions aggressively.
XRP daily chart / Source: TradingView The 20-day EMA ($0.82) is flattening and the RSI is down near the midpoint, suggesting that the bullish momentum may weaken. If the price breaks below the 50-day SMA ($0.78), XRP could slide to the next support at $0.70. Contrary to this assumption, if the price rises from the current level, buyers will try to push the pair above $0.86 and challenge the resistance at $0.91 again. A break and close above this level could open the doors for a possible $1 rally to the psychological level.
ADA, LUNA, AVAX, DOT and DOGE analysis
Cardano (ADA)
Cardano bounced back from overhead resistance at $1.26, which shows the bears vigorously breaking the level. It shows their defense. The price could now decline to the 20-day EMA ($1.05), which is an important level to watch out for.
ADA daily chart / Source: TradingView If price returns from the 20-day EMA, buyers will make another attempt to push ADA above $1.26. If they achieve this, the couple will complete the inverted head and shoulders pattern. This setup suggests the couple may have hit rock bottom. ADA could then rise to the overhead resistance zone between the 200-day SMA ($1.50) and $1.63, where the bears could form a strong resistance. This bullish view will be rejected in the short term if the price breaks and sustains below the 50-day SMA ($0.95).
Terra (LUNA)
LUNA turned bearish after hitting ATH on March 30, indicating that the bears are trying to stop the uptrend. However, a minor positive is that the bulls are not allowing the price to drop below $96. This shows that the bulls are trying to turn this level into support.
LUNA daily chart / Source: TradingView The ascending 20-day EMA ($95) gives buyers an edge, but the negative divergence in the RSI indicates that the bullish momentum may weaken. If buyers push the price above $111, the uptrend could resume. LUNA could then rise to $125. Contrary to this assumption, if the price drops from the current level or overhead resistance and dips below the 20-day EMA, it indicates that traders are aggressively booking profits. LUNA could then drop to the 50-day SMA ($80).
Avalanche (AVAX)
Avalanche broke above the overhead resistance at $98 on March 30 and 31 but failed to sustain higher. This may have invited short-term traders to book profits.
AVAX daily chart / Source: TradingView Although the bears pulled the price to the 20-day EMA ($87), the long tail on the day’s candlestick indicates strong demand at the lower levels. The bulls are trying to push and sustain the price above the general zone of $98 to $100. If they manage to do so, AVAX could gain momentum and rally to $120. Conversely, if the price breaks down from overhead resistance once again, it will suggest strong selling at higher levels. This could pull the price towards the moving averages.
Polkadot (DOT)
Failure to break above the $23 resistance may have attracted profit bookings from short-term traders in Polkadot. This brought the price down to the 20-day EMA ($20) on April 1.
DOT daily chart / Source: TradingView The strong recovery from the 20-day EMA suggests buying on the dips. The bulls will now make another attempt to break the overhead barrier at $23. If they are successful, the DOT could start a new uptrend and the price could rise to the 200-day SMA ($29). Alternatively, if the price declines and dips below the 20-day EMA, it suggests that the bullish momentum may have weakened. This could push the price to $19 and if this level drops, the next stop might be $16.
Dogecoin (DOGE)
Dogecoin bounced back from $0.15 on March 28 and dropped to the moving averages. This is an important boost for buyers to defend if they want the bullish sentiment to remain intact.
DOGE daily chart / Source: TradingView If price rebounds from current level with strength, the bulls will try to push DOGE above $0.15. If they are successful, DOGE could rally to the overhead resistance at $0.17. The marginally rising 20-day EMA ($0.13) and the RSI in the positive zone point to a minor advantage for buyers. This positive view will be invalidated in the short term if the bears sink and keep the price below the moving averages. Such a move could open the doors for a possible drop to the critical support zone between $0.12 and $0.10.
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