Bitcoin (BTC) experienced a dip towards $61,000 on April 17 as there was a lack of demand at higher price levels. Data from Farside Investors revealed that there were net outflows from spot Bitcoin exchange-traded funds (ETFs) on April 12 and 15. According to Ki Young Ju, the founder and CEO of CryptoQuant, demand for Bitcoin ETFs has remained stagnant for the past four weeks.
Despite this, the whales in the market have not panicked and are not selling their positions. Research firm Santiment’s data indicates that the largest Bitcoin wallet cohorts have been accumulating more Bitcoin since March 1. This suggests that the whales are holding onto their positions due to a bullish long-term outlook.
Bitwise Asset Management stated that after the previous three Bitcoin halvings, the prices of Bitcoin remained soft for a month but experienced triple-digit gains a year later. This provides some comfort to the bulls in the market.
Now let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin and altcoins will deepen their correction or remain range-bound for a few more days.
Bitcoin Price Analysis:
The bears are attempting to push Bitcoin below the $60,775 support level on April 17, which would complete a double-top pattern. If they succeed, the BTC/USDT pair may start a downward move towards the 50% Fibonacci retracement level of $58,017 and then towards the 61.8% retracement level of $54,298. However, the bulls are likely to defend this zone. If the bears prevail, the pair may drop to the pattern target of $47,773. This bearish view will be invalidated if the price turns up from the current level and breaks above the moving averages, which could lead to a short squeeze and a rally above $73,777.
Ether Price Analysis:
Ether (ETH) turned down from the 20-day exponential moving average ($3,301) on April 15 and broke below the $3,056 support on April 16. If the price remains below $3,056, the ETH/USDT pair may decline to $2,852, a crucial level that the bulls need to defend. A break below this level could accelerate selling, pushing the pair to $2,717 and subsequently to $2,200. On the other hand, if the price rebounds strongly from $2,852, it will indicate solid buying at lower levels and the bulls may attempt to clear the 20-day EMA, potentially leading to a rally to $3,679.
BNB Price Analysis:
After trading between the moving averages for three days, BNB (BNB) slipped below the 50-day simple moving average ($541) on April 17, indicating that bears have gained control. The BNB/USDT pair could drop to the strong support at $495, and if this support breaks, it may fall to $460 and later to $400. On the upside, a break and close above the 20-day EMA ($565) would be the first sign of strength. The pair could then attempt a rally to the overhead resistance of $635.
Solana Price Analysis:
Solana (SOL) turned down from $156 on April 15 and reached the crucial support at $126, indicating strong selling pressure from bears. The moving averages have formed a bearish crossover, and the relative strength index (RSI) is in the negative zone, suggesting that the path of least resistance is to the downside. If the $126 support level is breached, the selling could intensify and the SOL/USDT pair may drop to $100. However, if the price sharply turns up from the current level, it will indicate solid demand at lower levels and the pair may rise to $162. A break and close above this resistance will signal the return of the bulls.
XRP Price Analysis:
XRP’s (XRP) recovery was halted at $0.52 on April 15, indicating that bears are selling on minor relief rallies. The downsloping 20-day EMA ($0.56) and the RSI near the oversold zone suggest that bears are in control. To start a downward move towards the vital support at $0.41, sellers will need to push the price below $0.46. The $0.46 to $0.41 support zone is expected to be fiercely defended by buyers. Any recovery attempt is likely to face selling pressure at $0.52 and the 20-day EMA. A break and close above this resistance would suggest that the XRP/USDT pair may trade between $0.41 and $0.74 for some time.
Dogecoin Price Analysis:
Dogecoin’s (DOGE) relief rally was stopped at the 50-day SMA ($0.17) on April 15, indicating continued selling pressure from bears. The 20-day EMA ($0.17) is turning lower, and the RSI is in negative territory, suggesting that bears have the upper hand. They will aim to push the DOGE/USDT pair to the crucial support at $0.12. Buyers are likely to defend this level, as a break below it could lead to a fall to $0.08. The downtrend line is a significant resistance to watch on the upside. If buyers break above this barrier, the pair may rise to $0.20 and later to $0.23.
Toncoin Price Analysis:
Toncoin (TON) turned down from the resistance line of the ascending channel on April 15 and fell near the support line on April 15. The rising 20-day EMA ($5.92) and the RSI in the positive zone suggest that bulls are in control. Buyers will attempt to push the price to the resistance line again. If they succeed, the TON/USDT pair could gain momentum and surge to $8.56 and then to $10. However, if the price turns down and falls below the channel, it could drop to the 50-day SMA ($4.54).
Cardano Price Analysis:
The failure of bulls to initiate a meaningful rebound off $0.46 increases the risk of a breakdown to $0.40 in Cardano (ADA). Buyers are likely to defend the $0.40 level, as a break below it could lead to increased selling and a collapse to $0.35. The downsloping 20-day EMA ($0.54) and the oversold RSI indicate that bears are in control. If the price bounces off $0.40, it will suggest demand at lower levels. The bulls would gain strength above $0.50, potentially leading to a rally to the 20-day EMA and $0.62, where bears may pose a challenge.
Avalanche Price Analysis:
Avalanche’s (AVAX) recovery did not reach the breakdown level of $42, indicating a lack of aggressive buying by bulls. The downsloping 20-day EMA ($43) and the RSI near the oversold zone suggest that bears are in charge. The support levels to watch on the downside are $29 and $27. If these levels break, selling could intensify and the AVAX/USDT pair may drop to $20. On the upside, a break and close above the downtrend line would indicate a potential bullish comeback. The pair could then attempt a rally to $50.
Shiba Inu Price Analysis:
Shiba Inu (SHIB) has been trading within a tight range for the past three days, suggesting a lack of aggressive selling or buying. Bears are expected to test the $0.000017 support level again. If this support breaks, selling could accelerate and the SHIB/USDT pair may experience a sharp fall towards the major support at $0.000010, completing a 100% retracement of the recent rally. On the other hand, a rise above the downtrend line would indicate weakening bearish pressure. The pair may then rise to $0.000033, where bears are expected to defend.
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research and make decisions based on your own analysis.