Du Jun, co-founder of Huobis crypto exchange, stated that if the Bitcoin half-life cycle is repeated, then the existing weakness could signal the start of a bearish market. Jun believes the next Bitcoin bull market will start at the end or beginning of 2024.
Will Bitcoin and other altcoins rebound from recent lows? Or will offering momentum select up? Lets take a look at the charts for the top 10 cryptocurrencies to see what takes place.
The geopolitical advancements in Russia and Ukraine will have a short-term impact on crypto markets. They will likewise be affected by cues from U.S. Federal Reserve regarding its tightening cycle, and the performance of possessions deemed risky.
Bitcoin fell below its key assistance of $39,600 on February 20th. Today, the selling resumed and the bears took down the cost to $37213.63.
Bitcoin (BTC), which fell listed below $38,000 on February 21, was under pressure from the bulls who are attempting to stop the slide and begin a healing. Expectations of a strong rally have been tempered by the sustained weakness in Bitcoin (BTC) in 2022.
Daily cryptocurrency market performance. Source: Coin360
Daily chart of BTC/USDT Source: TradingView
If bulls continue pressing the price above $39600 and the moving averages it will indicate strong demand at lower levels. This could result in a rally approximately $45,821.
Buyers are trying to press the price above the $39,600 breakdown level. This is an important level to keep an eye on since bears could turn this resistance into resistance and offer the BTC/USDT set to the $36,250-35,507.01 assistance zone.
The relative strength index (RSI), which has remained in unfavorable area for the previous couple of days, has dropped to the $40,000,986 level. This reveals that the most likely course to downside is the one.
On February 18, Ether (ETH), returned to coming down channel. This was the very first indication that the recovery was decreasing. On February 19, the bulls attempted to push the rate above the channel, however the bears maintained their pressure.
Daily chart of ETH/USDT Source: TradingView
, if the rate rises above the 50 day SMA ($ 1.15) it will be an indication that the markets have rejected lower levels.. This could cause a short squeeze. The pair could rally to $1.60.
Daily chart BNB/USDT TradingView.
On February 20, the selling recommenced and the bears took down the cost below $390.50. This might have caused stops for traders who may have bought the break and closed above the channel. Todays candlestick shows that bears are trying turn the $390.50 resistance level into resistance.
Ripple (XRP), bounced off the $0.75 resistance on February 18, however the relief rally when again stopped working to reach the overhead resistance of $0.85 on February 19. This is a sign that bears are strongly safeguarding the level.
The set might resume its downward pattern if they succeed. $66 is the next support. This bearish view will be revoked if the rate breaks or sustains above the 20 day EMA.
Both moving averages are falling and the RSI trades listed below 38. This shows that bears have the upper hand. Sellers will try to reduce the SOL/USDT currency pair below $80.83.
If bears press the cost below $357.40, the BNB/USDT pair might drop to the strong assistance zone of $330 to $320. To indicate that bears are losing their grip, the bulls must push the price greater than the 50-day SMA ($ 422) and keep it there.
If the rate breaks above the downtrend line and rebounds from the existing level, this unfavorable view will be revoked. This might lead to a rally towards the psychological level of $100.
Binance Coin (BNB), which was pressed by the bulls above the sag line in the descending channel on February 19, stopped working to regain its momentum.
Daily chart of XRP/USDT Source: TradingView.
Cardano (ADA), broke and closed below $1 psychological level on February 18. This suggests that the downtrend is returning. On February 19, the bulls drove the price up to $1, however they were not able to maintain the greater levels.
Solana (SOL), formed a Doji candlestick pattern with long legs on February 20, which indicated indecision between the bulls, and bears. Today, the bulls tried to resolve the uncertainty to the advantage however the bears successfully defended EMA 100 ($ 100) for 20 days.
The bulls will try to push the pair higher than the resistance line in the channel, indicating a possible trend shift.
If the rate bounces off the assistance zone, bulls will try to press the pair higher than the drop line or the overhead resistance at $0.85. The set might rally to $1 if they are successful.
Today, the bulls attempted to push the rate above the uptrend line but the candlesticks long wick suggests that the bears are trying to safeguard the breakpoint level. The AVAX/USDT pair could slip further to $65, if the rate falls below $74.70.
The pair may challenge the moving averages if they succeed. The very first sign of strength could be a break or close to the 50-day easy average ($ 2,971).
Todays candlestick has a long wick, which suggests that bears are continuing to defend the $1 level. They are trying to turn it into resistance. If the cost drops listed below $1 and the ADA/USDT pairing might fall to $0.80 as the next strong support, the selling might speed up.
The ETH/USDT currency set fell listed below $2,652 assistance on February 20, but sellers were not able to profit from this. This signifies strong buying at lower levels. Todays price rebound was remarkable and buyers are pressing the pair greater than the resistance line.
Avalanche (AVAX), fell listed below the moving averages on February 20, and listed below the uptrend line, suggesting that bears continue to cost higher levels.
The cost has remained at the strong support zone of the moving averages due to renewed selling. There might be numerous stops and the XRP/USDT currency set might fall to $0.65 or $0.60 if the assistance zone cracks.
Daily chart of AVAX/USDT Source: TradingView.
Daily chart ADA/USDT Source: TradingView.
The pair might slide to $2316 and then $2159 if the cost falls below $2652 and the existing level is reached.
Daily chart of SOL/USDT Source: TradingView.
Related: Solanas weekend bounce could turn into a bull trap– Will the SOL rate plummet to $60 next time?
If bulls push the rate higher than the 20-day EMA, it might cause an increase to the downtrend line in the descending channel. To suggest a modification in trend, bulls will require to press the rate above the 50-day SMA ($ 63).
Daily chart of DOGE/USDT Source: TradingView.
On February 19, the bulls drove the cost up to $1, but they were unable to keep the higher levels.
This unfavorable view will be invalidated in the short-term if the price increases above the 50 day SMA ($ 0.15). This could move the DOGE/USDT currency exchange rate to $0.17.
Dogecoin (DOGE), which tried to go beyond the 20-day EMA ($ 0.14) Feb. 19, stopped working. The candlesticks long wick recommends that bears are defending their resistance.
If the cost rises above the 50 day SMA ($ 1.15) it will be an indication that the markets have declined lower levels. If the cost breaks above the sag line and rebounds from the present level, this unfavorable view will be invalidated. The greater chance of price dropping to $0.12 if the rate stays listed below the moving averages for a longer period.
Todays price rebound was excellent and buyers are pushing the pair higher than the resistance line.
The moving averages are both falling and the RSI has actually fallen to the unfavorable zone. This shows that bears remain in control. The greater possibility of cost dropping to $0.12 if the cost remains below the moving averages for a longer period.
The failure of Polkadot (DOT) to recover from the strong assistance at $16.81 suggests an absence in need at higher levels. This raises the risk of an additional decrease.
Daily chart of LUNA/USDT Source: TradingView.
Threat is intrinsic in every investment or trading move. Before making any investment or trading relocation, you must do your research.
Daily chart of DOT/USDT Source: TradingView.
The Feb. 20 candlesticks long tail suggests that purchasers are securing the $46.50 support. Terras LUNA token may now increase to the $20 EMA ($ 54), where bears will install a strong defense.
HitBTC exchange supplies market information.
Find out more.
The rate could fall listed below the assistance zone of $46.50 to $43.44 if it does not decline from the 20-day EMA. This might send the LUNA/USDT-pair to $37.50 support.
This level is expected to be defended aggressively by the bulls, as a breach below it could result in a decrease in mental assistance at $0.10.
A break above the sag line will be the first indication of strength. This move could result in a possible up-move towards the 50-day SMA ($ 21.67), and then to $23.19.
, if bears pull back and keep the price listed below $16.81 the selling could speed up.. The DOT/USDT set may drop to $13 and then retest the crucial support of $10.37. The path of least resistance is suggested by the RSI listed below 37 and downsloping moving mean.