Bitcoin (BTC) has been stuck between $45,400 and $47,500 over the past two days, indicating a tough fight between buyers and sellers as both try to establish control over the trend. BTC, as well as altcoins like DOGE, ETH, BNB, are falling to retest lower support levels, and bulls have yet to get used to the current drop, according to analyst Rakesh Upadhyay.
What levels should be followed for Bitcoin and these 4 altcoins?
Investors were partially rejoiced as the bulls did not allow Bitcoin to fall below the crucial support of $45,400. However, this narrow range trading is unlikely to continue for long, according to analyst Rakesh Upadhyay. If the analyst price dips below the 20-day exponential moving average (EMA) ($44,467), the BTC/USDT pair could drop to the 50-day SMA ($41,689). Such a move could invalidate the short-term bullish setup. Conversely, if the price rises from the current level or the 20-day EMA, this could increase the likelihood of a break above the 200-day SMA. In this case, the pair could rally to $52,000. Ethereum, on the other hand, closed above the 200-day SMA ($3,487) on April 3, but the bulls were unable to sustain higher levels. This shows that the bears are trying to push the price down and trap the aggressive bulls. According to Rakesh Upadhyay, if the price drops below $3,411, the bears will try to pull the ETH/USDT pair to the 20-day EMA ($3,197).
BNB has been trading near the $445 level for the past few days. According to Rakesh Upadhyay, whose analysis we have previously consulted as Kriptokoin.com, the bears will now try to pull the price to the 20-day EMA ($421), which is an important support to watch out for. If the price rises above this level, buyers will make another attempt to break through the general hurdle and push the BNB/USDT pair to $500. On the other hand, Solana’s recovery stalled just below the 200-day SMA ($150). This indicates that higher levels are attracting bears selling. The bears will now try to push the price to the breakout level at $122. If the price rises to $122, the bulls will make another attempt to break through the general hurdle at the 200-day SMA. According to Upadhyay, if they are successful, the SOL/USDT pair could rise to the psychological level at $200. On the other hand, Ripple’s failure to rise above $0.86 could push the price down to the 50-day SMA ($0.78). However, if the bears pull the price below the 50-day SMA, the pair could drop to $0.70.
DOGE and 3 altcoins to watch
Cardano (ADA) rose on April 1 and reached the overhead resistance at $1.26 where the bulls are likely to face strong resistance from the bears. The rising 20-day EMA ($1.08) and the RSI near the overbought zone suggest the path of least resistance to the upside. If the bulls push the price above $1.26, the ADA/USDT pair could rally to the 200-day SMA ($1.48) and then $1.63. Terra (LUNA), on the other hand, hit an all-time high at $118 on April 3. Also, buyers will try to push the pair above $118 later on. Avalanche (AVAX) has repeatedly rallied above the overhead resistance at $98 over the past few days. The bears will now try to pull the price to the 20-day EMA ($89). This is an important level to watch out for because a strong rebound indicates that the sentiment continues to rise and traders are buying on the dips. According to Upadhyay, this could increase the likelihood of a breakout and a close above the $98 to $100 resistance zone. If this happens, the AVAX/USDT pair could rally to $120.
Polkadot (DOT) broke the overhead resistance at $23 on April 3, but bulls failed to sustain higher levels. The bears are trying to keep the price below $23 and entrap any aggressive bulls who may have made a break above the resistance. The critical level to watch on the downside will be the 20-day EMA ($21). If this support is broken, the DOT/USDT pair could drop to $19. If the price bounces back from this level, the DOT/USDT pair could stay at the border between $19 and $23 for a few days. Conversely, if the price rises from the current level and rises above $24, the pair could rally to the 200-day SMA ($29). Dogecoin (DOGE), on the other hand, rebounded from the 20-day EMA ($0.13) on April 3. The ascending 20-day EMA and RSI in the positive zone point to an advantage for buyers. The buying continued on April 4 and the bulls tried to continue the upward move towards the overhead resistance zone between $0.17 and the 200-day SMA ($0.18), but the long wick on the candlestick chart indicates that the bears are selling higher. If the price continues to decline and dips below the 20-day EMA, it could suggest that the DOGE/USDT pair could stay at the border between $0.10 and $0.17 for a few more days. In this case, the bulls will have to push and sustain the price above the 200-day SMA to signal a potential change in trend.
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