Bitcoin has been trading within a wide range between $56,552 and $73,777 for a number of days now. Predicting the breakout direction is challenging, as trading within the range can be unpredictable and volatile. It is advisable to wait for the price to break out before making substantial bets.
Traders are exercising caution in the short term due to the uncertainty. Data from Farside Investors shows that Bitcoin exchange-traded funds have experienced outflows for the past four days. CoinShares’ “Weekly Asset Fund Flows” report revealed outflows of $600 million from digital asset investment products, the largest since March 22.
Despite this, analysis from Cointelegraph on Deribit derivatives data indicates that Bitcoin whales and market makers are not panicking and have “remained optimistic during the dip.” Many analysts also maintain a bullish outlook even as Bitcoin dropped below $65,000.
The question now is, will Bitcoin bounce back from its strong support and lift the altcoins with it? Let’s examine the charts of the top 10 cryptocurrencies to gain insight.
Bitcoin Price Analysis
On June 18, Bitcoin hit the lower end of its range at $64,602 to $72,000. The failure of the bulls to initiate a strong rebound from this level suggests that the bears are maintaining their selling pressure. The downward sloping 20-day exponential moving average ($67,249) and the relative strength index (RSI) below 40 indicate that the bears have the upper hand. A crack below the $64,602 level could potentially lead the BTC/USDT pair to plummet to $60,000.
However, the bulls are unlikely to surrender the $64,602 level without a fight. A turnaround from the current level, with a rise above the 20-day EMA, would signal the beginning of a robust recovery. In that scenario, the pair could climb to $70,000.
Ether Price Analysis
Ether remains trapped between the moving averages, hinting at a possible significant breakout on the horizon. If the price breaks above the 20-day EMA ($3,586), the ETH/USDT pair could see an upward move to $3,730. This level is crucial for the bears to defend, as a breach would pave the way for a potential surge to $3,977.
Conversely, a downturn below the 50-day simple moving average ($3,436) would indicate bearish control. The pair might then drop to psychological support at $3,000 and potentially to $2,850.
BNB Price Analysis
On June 18, BNB fell below the immediate support of $590, but the vital support at $560 remained unchallenged by the bears. This lack of aggressive selling at lower levels suggests a possible recovery. The bulls are currently attempting to push the price above the moving averages. A successful move could see the BNB/USDT pair rallying to $617, signaling a potential end to the corrective phase. The next target for the bulls would be $722.
On the flip side, a rejection from the overhead resistance could prompt the bears to push the pair below $560, with the next target likely at $536.
Solana Price Analysis
Solana broke below the descending channel pattern on June 18, but the bulls bought the dip, indicated by the long tail on the day’s candlestick. The downward sloping 20-day EMA ($152) and the negative RSI suggest bearish control. If the price reverses from the current level or the 20-day EMA, the bears will aim to pull the SOL/USDT pair to the critical support at $116. However, a turnaround and a move above the resistance line could see the pair climbing to $176.
XRP Price Analysis
XRP turned down from the 50-day SMA ($0.51) on June 17 but found support at $0.46 on June 18. The flattening 20-day EMA ($0.50) and the RSI just below the midpoint indicate a slight advantage for the bears. To shift the advantage, the bulls need to drive the price above the 50-day SMA. Conversely, a break below the $0.46 support could lead the XRP/USDT pair to $0.41, with strong defense expected in the $0.46 to $0.41 zone.
Dogecoin Price Analysis
The bears managed to push Dogecoin below the strong $0.12 support but failed to sustain lower levels, suggesting a robust defense by the bulls. Buyers may attempt a relief rally, facing resistance at the 20-day EMA ($0.14). A rejection at this level could lead to another attempt by the bears to push the pair below $0.12, potentially targeting $0.08. On the other hand, a rally above the 20-day EMA could see the pair consolidating within the $0.12 to $0.18 range.
Toncoin Price Analysis
Toncoin’s rebound off $7.67 on June 16 was short-lived, indicating a lack of demand at higher levels. The bears exerted selling pressure, pulling the price below the 20-day EMA ($7.23) and the uptrend line. A sustained move below the uptrend line could negate the ascending triangle pattern and lead to a decline to $6. However, a sharp turnaround from the 50-day SMA ($6.67) and a break above the uptrend line could signal a bear trap, pushing the TON/USDT pair to $7.67.
Cardano Price Analysis
Cardano signaled a resumption of the downtrend after breaking below the strong $0.40 support on June 18. Buyers stepped in at the $0.35 support, aiming to initiate a recovery. However, strong selling pressure is expected at the moving averages. If the bears manage to pull the ADA/USDT pair below $0.35, the next target could be $0.28. Conversely, a move above the moving averages would suggest the end of the corrective phase.
Shiba Inu Price Analysis
Shiba Inu broke below the $0.000020 support on June 17, indicating bearish control. Buyers intervened at the 78.2% Fibonacci retracement level of $0.000017 on June 18, triggering a rebound attempt. However, aggressive selling is expected at $0.000020. A sharp downturn from this level could lead the SHIB/USDT pair to $0.000014. On the contrary, a move above the moving averages would suggest strong buying interest at lower levels.
Avalanche Price Analysis
Avalanche closed below the $29 support on June 17, signaling a bearish resolution of the consolidation. Buyers attempted to halt the decline at $25 on June 18. If successful, the price could rise to the breakdown level of $29, facing resistance from the bears. A rejection at $29 would indicate a drop to $20. To reverse the trend, buyers need to push the AVAX/USDT pair above the 20-day EMA ($31.71), potentially trapping the bears in a short squeeze.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.