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Reports of escalating tensions between Iran and Israel have caused significant fluctuations in the price of Bitcoin (BTC) on April 19. Despite the price briefly dropping below $60,000, the bears were unable to keep the price down, indicating that the bulls are attempting to establish the $60,000 level as a support. According to CryptoQuant’s head of research, Julio Moreno, selling pressure may be decreasing as traders are seeing “basically zero” unrealized profit margins near $60,000. Moreno also noted that the “trader’s realized price” has historically acted as a strong support during bull markets.
The focus of traders appears to be on the long-term prospects of Bitcoin following the halving. CryptoQuant data shows that between April 16 and April 17, Bitcoin holders transferred over 27,700 Bitcoin to accumulation addresses, setting a new record. Accumulation addresses are wallets that hold more than 10 Bitcoin and have not seen any previous withdrawals.
To determine if Bitcoin and select altcoins have bottomed out in the short term, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price analysis:
The long tail on Bitcoin’s April 19 candlestick indicates that the bulls aggressively bought the dip below the $60,775 support.
The relief rally has now reached the 20-day exponential moving average ($66,067), where the bears may present a strong challenge. A sharp downturn from the 20-day EMA could put pressure on the $60,775 support. If this level is broken and closed below, it would complete a double-top pattern with a target objective of $47,773. On the other hand, if buyers push the price above the moving averages, it would suggest that the BTC/USDT pair may trade within the $60,775 and $73,777 range for some time. A rise above $73,777 could potentially propel the pair to $84,000.
Ether price analysis:
The bears attempted to push Ether (ETH) below the April 13 low of $2,852, but the long tail on the April 19 candlestick indicates that the bulls are aggressively buying the dips.
The price could now reach the 20-day EMA ($3,261), which is likely to be a key battleground for the bulls and bears. If the price turns down from the 20-day EMA, the bears will make another attempt to push the ETH/USDT pair below $2,852. If successful, the pair may decline to $2,717 and subsequently to $2,200. On the other hand, if the price rises above the 20-day EMA, it would suggest that the correction has ended, and the pair will aim to rise to the overhead resistance at $3,679.
BNB price analysis:
BNB has been consolidating between $495 and $635, signaling indecision between the bulls and bears regarding the next direction.
If buyers manage to surpass the obstacle at the 20-day EMA ($565), the BNB/USDT pair could rise to the overhead resistance at $635. This level is crucial for the bears to defend, as a breakout could clear the path for a rally to $692. If this level is breached, the pair may reach the pattern target of $775. Conversely, if the price turns down and breaks below $495, it would complete a double-top pattern and potentially trigger a slide to $460 and then $400.
Solana price analysis:
Solana has found support at $126, indicating strong buying by the bulls.
The recovery is expected to reach the 20-day EMA ($158), which is a critical level to watch. If the price sharply turns down from the 20-day EMA, the bears will attempt to push the SOL/USDT pair below $126 once again. If successful, the pair may extend its downtrend to the psychological level of $100. However, if the price continues to rise and breaks above the 20-day EMA, it would suggest that the bears are losing their control. The $162 level may act as a resistance, but it is likely to be surpassed, with the pair potentially climbing to $185.
XRP price analysis:
XRP has been oscillating between $0.46 and $0.52, indicating the bulls’ efforts to initiate a recovery.
The relief rally is likely to face selling pressure at the downsloping 20-day EMA ($0.55). A sharp reversal from the 20-day EMA would signal that bears are still active at higher levels, potentially retesting the critical support at $0.46. However, if the price breaks above the 20-day EMA, it would suggest that the correction may be over, with the pair rising to the 50-day SMA and staying within the $0.41 to $0.74 range for some time.
Dogecoin price analysis:
The long tail on Dogecoin’s April 19 candlestick indicates that the bulls are attempting to protect the $0.14 support.
The recovery is expected to reach the 20-day EMA ($0.17), a significant level to monitor. If buyers overcome this obstacle, the DOGE/USDT pair could reach the downtrend line, where bears are likely to sell aggressively. The zone between $0.14 and $0.12 is expected to attract strong buying by the bulls, as a breakdown could result in intense selling and a drop towards the formidable support at $0.10.
Toncoin price analysis:
Toncoin rebounded off the support line of the ascending channel pattern on April 18, indicating that the bulls are diligently defending the level.
The bulls pushed the price to $7.23 on April 19, but the long wick on the candlestick shows aggressive selling by the bears near the resistance line of the channel. This suggests that the TON/USDT pair may continue to trade within the channel for several more days. A slide below the channel would signal a potential trend change in the short term, with the pair potentially sliding to the 50-day SMA ($4.70). On the other hand, a breakout above the channel could open the doors for a rally to $8.56 and then $10.
Cardano price analysis:
Although Cardano traded below the $0.46 support for a few days, the bulls prevented the price from falling below the April 13 low of $0.40.
The failure to push the price lower may attract buyers who will attempt to push the price to the 20-day EMA ($0.52). If the price sharply turns down from the 20-day EMA, it would signal that rallies are being sold into, potentially pulling the price to the $0.46 to $0.40 support zone. A slide below the zone could result in a fall to $0.35. Conversely, if buyers manage to push the price above the 20-day EMA, it would suggest that the correction may be over, and the ADA/USDT pair could attempt a rally to the 50-day SMA ($0.63).
Avalanche price analysis:
Avalanche is consolidating in a downtrend, indicating the bulls’ attempts to halt the decline.
The zone between $32 and $27 is expected to act as strong support. If the price rebounds strongly from the support zone, the AVAX/USDT pair could rally to the downtrend line. Buyers will need to overcome this obstacle to signal that the correction may be over, potentially leading to a rally to $50. However, if the price turns down and breaks below $27, it would indicate that the bears have taken control, potentially accelerating selling and pushing the pair to $20.
Shiba Inu price analysis:
Shiba Inu has been trading near $0.000022, indicating a balance between buyers and sellers.
If the price turns down and falls below $0.000020, the SHIB/USDT pair could start the next leg of the downtrend to $0.000017. This level is expected to act as strong support, but if the bears are successful, the pair may complete a 100% retracement of the latest leg of the rally and drop to $0.000010. On the other hand, if the price rises and maintains above the downtrend line, the advantage will shift to the buyers. The pair could gradually rise to $0.000033 and then attempt a rally to $0.000039.
Note: This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.