As Kriptokoin.com reported, Bitcoin (BTC) and major altcoins fell below immediate support levels on April 18, and the Crypto Fear and Greed Index fell into “extreme fear” territory, suggesting investors were still nervous. While BTC is down about 17 percent year-over-year, the Nasdaq 100 has dropped nearly 16 percent over the same period, indicating a tight correlation between the two. While crypto price action remains bearish, the declining stability of Bitcoin on crypto exchanges shows that long-term investors are not uneasy and continue to accumulate at every available opportunity. Could the buying come out at lower levels or will the bears develop their advantage and push prices lower?
Here are the price analyzes for BTC, ADA, DOGE, SOL and 6 altcoins
Bitcoin (BTC) and Ethereum (ETH)
Bitcoin (BTC) has been on the rise for the past few days It is trading within the channel formation. The bulls have defended the psychological level at $40,000 for the past few days but have been unable to achieve a strong recovery. The bears pulled the BTC price below the immediate support of $39,200 on April 18, but the long tail on the candlestick indicates that the bulls are buying lower. If the price rises above $40,000, the bulls will make another attempt to clear the 50-day simple moving average (SMA) ($42,167). If they are successful, the pair could rally to $43,900 and then attempt a rally to the 200-day SMA ($48,109). Conversely, if the recovery drops below $40,000, it will suggest that the bears have turned this level into resistance. This will increase the probability of a drop to the support line of the channel. The bulls are expected to defend this level with all their might as a break below it could open the doors for a possible drop in BTC price to $32,917. Looking at
Ethereum, the tight range trading between the 20-day exponential moving average (EMA) ($3,103) and the 50-day SMA ($2.991) is on April 18. resolved on the downside. The bulls pushed the price below the $2,950 immediate support. The downward sloping 20-day EMA and the relative strength index (RSI) below 40 suggest that the bears are in control. If the price stays below the 50-day SMA, the ETH/USDT pair could decline to $2,817 and then to the uptrend line. Contrary to this assumption, if the price rises and breaks above the 50-day SMA, it will indicate that the bulls are trying to trap the aggressive bears. A break and close above $3,150 might suggest that the correction may be over.
BNB and Ripple (XRP)
BNB bounced back from the 20-day EMA ($417) and broke below the 50-day SMA ($407) on April 18. However, the long tail on the daily candlestick indicates buying at lower levels. The bulls will try to trap the aggressive bears and push the BNB/USDT pair above the 20-day EMA and the $427 zone. If they manage to do so, the pair could start an upward move towards $445. Conversely, if the price breaks from the current level or the 20-day EMA, it will indicate that the bears are active at higher levels. Sellers will then try to push the price below $391 and challenge the strong support at $350.
Ripple (XRP) bulls, on the other hand, failing to sustain above the 50-day SMA ($0.78) on April 16 could have attracted sales from investors who may have bought at lower levels. . The price declined and broke below the 20-day EMA ($0.76) on April 17. If the price stays below the 20-day EMA, the bears will try to sink the XRP/USDT pair to the strong support at $0.69. This is an important level for the bulls to defend because if it breaks, selling could intensify and the pair could drop to $0.60. The 20-day EMA index has started to drop and the RSI indicator is hovering in the negative territory, indicating that the bears have a slight advantage. This downside view will be invalidated if the price bounces off the current level and rises above $0.80. This could open the way for a move towards $0.85.
Solana (SOL) and Cardano (ADA)
Solana (SOL) tried to break above the 20-day EMA ($106) on April 17, but the long wick on the day’s candlestick was shows that the bears were sold up to this level in the rallies. Selling gained momentum on April 18 and the bears pushed the price below the 50-day SMA ($100). The 20-day bearish EMA and RSI in the negative zone suggest that the bears have the upper hand. If the price breaks below the support line of the ascending channel, the SOL/USDT pair could drop to $86 and later to $75. Conversely, if the price bounces back from the support line of the channel, buyers will try to push the pair above the 20-day EMA. If they are successful, the pair could rally to $122 later.
Cardano (ADA) on the other hand, has repeatedly tried to break above the $1 psychological level over the past few days, but the bears held their ground. This shows that the bears successfully turned the level into resistance. Selling resumed on April 18 and the bears pulled the price below the immediate support of $0.91. If the price stays below this level, the ADA/USDT pair could drop to the critical level of $0.74. The bulls are expected to defend this level with all their might because if they fail in their efforts, the downtrend could continue and the next stop could be $0.68. Contrary to this assumption, if the price rises from the current level and rises above $1, it will indicate a lack of selling at the lower levels. The pair could then rally to $1.10 and later to $1.26.
Terra (Luna) and Avalanche (AVAX)
Luna sharply recovered from the strong support at $75 on April 18, indicating aggressive buying at this level. The bulls will now try to push the price towards the 20-day EMA ($90), which is likely to face strong selling by the bears. If the price declines from the 20-day EMA, it will increase the likelihood of a break below the strong support at $75. If this happens, the pair could retest the critical support at the 200-day SMA ($67). This is an important level to watch out for, as a break below it can accelerate sales. On the other hand, a break and close above the 20-day EMA will be the first sign that the correction may be over. Buyers will then try to push the pair to the psychological level of $100.
Avalanche (AVAX) bounced off the uptrend line on April 15, but the failure to push the price above the moving averages may have attracted selling by short-term investors. This brought the price below the uptrend line today. If the price stays below the uptrend line, the ascending triangle pattern will be invalidated and the AVAX/USDT pair could drop to $65. If the price bounces back from this support, the pair could range from $65 to $99 for a few more days. The downward sloping 20-day EMA ($81) and the RSI near 39 suggest that the path of least resistance is to the downside. Conversely, if the price rises and continues above the uptrend line, it will indicate that the ascending triangle pattern remains intact. The bulls will then make another attempt to push the price above the moving averages.
Dogecoin (DOGE) and Polkadot (DOT)
Dogecoin (DOGE) bounced back on April 15, marking a lack of buying at higher than $0.15. The price broke below the 20-day EMA ($0.14) and reached the 50-day SMA ($0.13) on April 17. If the bears sink the price below the 50-day SMA, the DOGE/USDT pair could drop to the strong support at $0.12 and later to the psychological level of $0.10. The RSI indicator has dived into negative territory, pointing to a slight advantage for sellers. Alternatively, the pair could attempt a rally to the 200-day SMA ($0.18) if the price bounces back from the current level and rises above $0.15. A break and close above this level could mark the start of a new bullish move.
Polkadot (DOT) bounced back from overhead resistance at $19 on April 17, showing that the bears had sold out to this level in the rallies. The bears will now try to sink the price to the strong support at $16. The 20-day EMA ($19) is sloping down and the RSI is below 40, indicating that the momentum is supporting the bears. A break and close below $16 would be a major downside as it could open the doors for a possible drop to $14. On the contrary, if the price recovers from $16, the bulls will try to push the DOT/USDT pair back above $19. If they do, the pair could continue its range-bound action between $16 and $23 for a while.
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