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Key points:
Bitcoin is facing selling near $110,500, but the bulls are expected to aggressively defend BTC price at its key moving averages.
XRP is trying to break above its immediate overhead resistance level.
Bitcoin (BTC) continues to face selling near the $110,500 level, indicating that the bears are vigorously defending the level. A positive sign in favor of the bulls is that they have not allowed the price to dip below the moving averages. That suggests the bulls are hanging on to their positions and not hurrying to book profits.
Analysts point out that the bands in the Bollinger Bands indicator are getting squeezed, suggesting a sharp move may be around the corner. Bollinger Bands creator John Bollinger said in a post on X that Bitcoin could be “setting up for an upside breakout.”
Investors have not given up as they continue to pump money into Bitcoin exchange-traded products (ETPs), which recorded $790 million in inflows for the trading week ended Friday, per CoinShares data. There was a marginal slowdown in inflows compared to the previous three weeks, which witnessed $1.5 billion in inflows.
CoinShares head of research James Butterfill said the drop in inflows suggests a cautious approach from the investors as Bitcoin approaches its all-time high.
Will bears pull Bitcoin below the moving averages, or could buyers defend the level? How are the altcoins likely to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The S&P 500 Index (SPX) extended its uptrend last week, indicating sustained demand from the bulls at higher levels.
Usually, after breaking out of a significant resistance, the price turns down and retests the breakout level. Therefore, a retest of the 6,147 level is possible. If the price turns up sharply from 6,147, it suggests the bulls have flipped the level into support. That increases the likelihood of the continuation of the uptrend. The index may then rally toward 6,500.
Sellers will have to yank the price below the 20-day exponential moving average (EMA)(6,099) to weaken the bullish momentum. The index may then plummet to the 50-day simple moving average (SMA) (5,904).
The US Dollar Index (DXY) turned up from the 96.37 level on Tuesday, indicating demand at lower levels.
The pullback could reach the breakdown level of 97.92, where the bears are expected to sell aggressively. If the price turns down sharply from 97.92, it suggests that the bears are trying to flip the level into resistance. That increases the risk of a break below 96.37. The index may then drop toward the 95 level.
Conversely, a break and close above the 97.92 level suggests the bulls are on a comeback. The index could then rise to the 50-day SMA (99.03). This is an important level to keep an eye on because a break above it could drive the index to the 100.54 level and then to the 102 resistance.
Bitcoin has been oscillating between the 20-day EMA ($107,211) and the overhead resistance of $110,530.
This tight range trading is unlikely to continue for long. Although a range expansion is around the corner, it is difficult to predict the direction of the breakout. If the price turns down and plunges below the moving averages, the BTC/USDT pair could descend to $104,500 and later to $100,000.
On the contrary, a break and close above $110,530 opens the gates for a rally to $111,980 and then to the neckline of the inverse head-and-shoulders pattern. A close above the neckline could start the next leg of the uptrend toward $150,000.
Ether (ETH) has been stuck inside the $2,738 to $2,323 range for several days, with attempts to break and sustain the price above and below the range being unsuccessful.
Buyers are trying to push the price above $2,635, clearing the path for a rally to $2,738. Sellers are expected to fiercely defend the $2,738 to $2,879 zone. If the price turns down from the overhead zone, the ETH/USDT pair could find support at the 20-day EMA. If the price bounces off the 20-day EMA, the bulls will again try to drive the pair above $2,879.
On the downside, a break and close below the 20-day EMA suggests the pair may extend its stay inside the range. Sellers will be back in the driver’s seat on a close below $2,111.
Buyers have managed to sustain XRP (XRP) above the 20-day EMA ($2.20) for the past few days, signaling a lack of aggressive selling by the bears.
The 20-day EMA has started to turn up, and the RSI has jumped into the positive zone, indicating the path of least resistance is to the upside. There is resistance at $2.34, but it is likely to be crossed. The XRP/USDT pair could climb to $2.48 and subsequently to $2.65. Buyers will have to overcome the barrier at $2.65 to start a new up move toward $3.
Contrarily, if the price turns down and breaks below the 20-day EMA, it suggests the pair may swing between $2.34 and $2 for a while longer.
BNB (BNB) bounced off the 20-day EMA ($652) on Saturday, indicating that the sentiment remains positive and traders are buying on dips.
The upsloping 20-day EMA and the RSI just above the midpoint indicate a slight edge to the bulls. If the $665 resistance falls, the BNB/USDT pair could rise to $675 and then to $698. Sellers are likely to pose a solid challenge at $698 because a break above it could propel the pair to $732.
This optimistic view will be negated in the near term if the price turns down and breaks below the moving averages. The pair may then drop to $636.
The bulls managed to push Solana (SOL) above the 20-day EMA ($149) on Sunday but are struggling to break above the 50-day SMA ($154).
The 20-day EMA has flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. Buyers will have the upper hand if they push the SOL/USDT pair above $159. That opens the gates for a rise to $185. There is minor resistance at $168, but it is likely to be crossed.
The first support on the downside is at $145 and then at $137. A break below $137 tilts the advantage in favor of the bears. The pair may then tumble to $126.
Related: 4 signs that the Ethereum price uptrend to $5K is back in play
Dogecoin (DOGE) has broken above the 20-day EMA ($0.16), suggesting that the bulls are attempting a comeback.
If buyers maintain the price above the 20-day EMA, the DOGE/USDT pair could rise to the 50-day SMA ($0.18) and later to $0.21. Sellers are expected to defend the $0.21 level, but if the buyers prevail, the pair could soar to $0.26.
Instead, if the price turns down from the current level and breaks below the 20-day EMA, it suggests that the bears are selling on every minor rally. That could sink the pair to the $0.14 support.
Cardano (ADA) has been clinging to the 20-day EMA ($0.58), indicating that the bulls have kept up the pressure.
The flattening 20-day EMA and the RSI just below the midpoint suggest the selling pressure is reducing. If buyers drive the price above the 20-day EMA, the ADA/USDT pair could rally to the 50-day SMA ($0.64) and then to the downtrend line. The bulls will have to push and sustain the price above the downtrend line to signal a potential trend change.
Sellers will have to drag the price below the $0.50 support to complete the bearish descending triangle pattern. That may start a downward move to $0.40.
Buyers have managed to keep Hyperliquid (HYPE) above the 20-day EMA ($38.41) for the past few days, indicating demand at lower levels.
However, a negative sign is that the bulls have failed to drive the price above the near-term resistance of $41.23. If the price turns up from the current level or the 20-day EMA and breaks above $41.23, it signals that the bulls are back in the driver’s seat. The HYPE/USDT pair could surge to the $42.50 to $45.80 resistance zone.
The first sign of weakness on the downside will be a break and close below the 50-day SMA ($36.60). That opens the doors for a fall to $33.25 and later to $30.69.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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The post Bitcoin Fails At $110.5K While Altcoins Aim to Rebound appeared first on Panther AI.
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Bitcoin is facing selling near $110,500, but the bulls are expected to aggressively defend BTC price at its key moving averages.
XRP is trying to break above its immediate overhead resistance level.
Bitcoin (BTC) continues to face selling near the $110,500 level, indicating that the bears are vigorously defending the level. A positive sign in favor of the bulls is that they have not allowed the price to dip below the moving averages. That suggests the bulls are hanging on to their positions and not hurrying to book profits.
Analysts point out that the bands in the Bollinger Bands indicator are getting squeezed, suggesting a sharp move may be around the corner. Bollinger Bands creator John Bollinger said in a post on X that Bitcoin could be “setting up for an upside breakout.”
Crypto market data daily view. Source: Coin360
Investors have not given up as they continue to pump money into Bitcoin exchange-traded products (ETPs), which recorded $790 million in inflows for the trading week ended Friday, per CoinShares data. There was a marginal slowdown in inflows compared to the previous three weeks, which witnessed $1.5 billion in inflows.
CoinShares head of research James Butterfill said the drop in inflows suggests a cautious approach from the investors as Bitcoin approaches its all-time high.
Will bears pull Bitcoin below the moving averages, or could buyers defend the level? How are the altcoins likely to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) extended its uptrend last week, indicating sustained demand from the bulls at higher levels.
SPX daily chart. Source: Cointelegraph/TradingView
Usually, after breaking out of a significant resistance, the price turns down and retests the breakout level. Therefore, a retest of the 6,147 level is possible. If the price turns up sharply from 6,147, it suggests the bulls have flipped the level into support. That increases the likelihood of the continuation of the uptrend. The index may then rally toward 6,500.
Sellers will have to yank the price below the 20-day exponential moving average (EMA)(6,099) to weaken the bullish momentum. The index may then plummet to the 50-day simple moving average (SMA) (5,904).
US Dollar Index price prediction
The US Dollar Index (DXY) turned up from the 96.37 level on Tuesday, indicating demand at lower levels.
DXY daily chart. Source: Cointelegraph/TradingView
The pullback could reach the breakdown level of 97.92, where the bears are expected to sell aggressively. If the price turns down sharply from 97.92, it suggests that the bears are trying to flip the level into resistance. That increases the risk of a break below 96.37. The index may then drop toward the 95 level.
Conversely, a break and close above the 97.92 level suggests the bulls are on a comeback. The index could then rise to the 50-day SMA (99.03). This is an important level to keep an eye on because a break above it could drive the index to the 100.54 level and then to the 102 resistance.
Bitcoin price prediction
Bitcoin has been oscillating between the 20-day EMA ($107,211) and the overhead resistance of $110,530.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
This tight range trading is unlikely to continue for long. Although a range expansion is around the corner, it is difficult to predict the direction of the breakout. If the price turns down and plunges below the moving averages, the BTC/USDT pair could descend to $104,500 and later to $100,000.
On the contrary, a break and close above $110,530 opens the gates for a rally to $111,980 and then to the neckline of the inverse head-and-shoulders pattern. A close above the neckline could start the next leg of the uptrend toward $150,000.
Ether price prediction
Ether (ETH) has been stuck inside the $2,738 to $2,323 range for several days, with attempts to break and sustain the price above and below the range being unsuccessful.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
Buyers are trying to push the price above $2,635, clearing the path for a rally to $2,738. Sellers are expected to fiercely defend the $2,738 to $2,879 zone. If the price turns down from the overhead zone, the ETH/USDT pair could find support at the 20-day EMA. If the price bounces off the 20-day EMA, the bulls will again try to drive the pair above $2,879.
On the downside, a break and close below the 20-day EMA suggests the pair may extend its stay inside the range. Sellers will be back in the driver’s seat on a close below $2,111.
XRP price prediction
Buyers have managed to sustain XRP (XRP) above the 20-day EMA ($2.20) for the past few days, signaling a lack of aggressive selling by the bears.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA has started to turn up, and the RSI has jumped into the positive zone, indicating the path of least resistance is to the upside. There is resistance at $2.34, but it is likely to be crossed. The XRP/USDT pair could climb to $2.48 and subsequently to $2.65. Buyers will have to overcome the barrier at $2.65 to start a new up move toward $3.
Contrarily, if the price turns down and breaks below the 20-day EMA, it suggests the pair may swing between $2.34 and $2 for a while longer.
BNB price prediction
BNB (BNB) bounced off the 20-day EMA ($652) on Saturday, indicating that the sentiment remains positive and traders are buying on dips.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day EMA and the RSI just above the midpoint indicate a slight edge to the bulls. If the $665 resistance falls, the BNB/USDT pair could rise to $675 and then to $698. Sellers are likely to pose a solid challenge at $698 because a break above it could propel the pair to $732.
This optimistic view will be negated in the near term if the price turns down and breaks below the moving averages. The pair may then drop to $636.
Solana price prediction
The bulls managed to push Solana (SOL) above the 20-day EMA ($149) on Sunday but are struggling to break above the 50-day SMA ($154).
SOL/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA has flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. Buyers will have the upper hand if they push the SOL/USDT pair above $159. That opens the gates for a rise to $185. There is minor resistance at $168, but it is likely to be crossed.
The first support on the downside is at $145 and then at $137. A break below $137 tilts the advantage in favor of the bears. The pair may then tumble to $126.
Related: 4 signs that the Ethereum price uptrend to $5K is back in play
Dogecoin price prediction
Dogecoin (DOGE) has broken above the 20-day EMA ($0.16), suggesting that the bulls are attempting a comeback.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
If buyers maintain the price above the 20-day EMA, the DOGE/USDT pair could rise to the 50-day SMA ($0.18) and later to $0.21. Sellers are expected to defend the $0.21 level, but if the buyers prevail, the pair could soar to $0.26.
Instead, if the price turns down from the current level and breaks below the 20-day EMA, it suggests that the bears are selling on every minor rally. That could sink the pair to the $0.14 support.
Cardano price prediction
Cardano (ADA) has been clinging to the 20-day EMA ($0.58), indicating that the bulls have kept up the pressure.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
The flattening 20-day EMA and the RSI just below the midpoint suggest the selling pressure is reducing. If buyers drive the price above the 20-day EMA, the ADA/USDT pair could rally to the 50-day SMA ($0.64) and then to the downtrend line. The bulls will have to push and sustain the price above the downtrend line to signal a potential trend change.
Sellers will have to drag the price below the $0.50 support to complete the bearish descending triangle pattern. That may start a downward move to $0.40.
Hyperliquid price prediction
Buyers have managed to keep Hyperliquid (HYPE) above the 20-day EMA ($38.41) for the past few days, indicating demand at lower levels.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
However, a negative sign is that the bulls have failed to drive the price above the near-term resistance of $41.23. If the price turns up from the current level or the 20-day EMA and breaks above $41.23, it signals that the bulls are back in the driver’s seat. The HYPE/USDT pair could surge to the $42.50 to $45.80 resistance zone.
The first sign of weakness on the downside will be a break and close below the 50-day SMA ($36.60). That opens the doors for a fall to $33.25 and later to $30.69.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source link
The post Bitcoin Fails At $110.5K While Altcoins Aim to Rebound appeared first on Panther AI.
Continue reading...