Bitcoin ( BTC) was sold together with U.S. equity markets in the week of Feb. 17 in response to news that Russia has exiled Bart Gorman, the second most senior American official at U.S. Embassy in Moscow. U.S. Embassy in Moscow as well as U.S. President Joe Biden advised that the possibility of the threat of a Ukrainian attack by Russia is “very very high.”
While the short-term relationship between Bitcoin and U.S. equity markets remains significant, Pantera Capital CEO Dan Morehead has stated in a previous email that “markets will soon be separated.” Morehead mentioned that the U.S. Federal Reserve’s rate increases will have negative effects on bonds as well as stocks, real estate and other assets as well as cryptocurrency could be the “best location” to park capital.
Although traders focus at the moment’s price movement, Jurrien Timmer, the director of Global Macro at Fidelity Investments rejected it as a form of noise. Timmer pointed out the similarity to the development of Bitcoin as well as Apple networks, and said that Bitcoin might rise to levels to above $100k in the future.
Bitcoin and a variety of other significant altcoins are in a crucial point. Are bulls able to hold important resistance levels? Let’s look over the charts of top 10 cryptocurrency to discover.
Bitcoin dropped below the moving averages in February. 17 indicating that bears are not in a willing to let up and they sell off on the crests. It is trading at around $39,600. This is an important threshold for bulls to guard.
The index of relative strength (RSI) has fallen into the negative zone as well as the 20-day exponentially moving mean (EMA) ($41,635) is begun to decline. This indicates that bears have been trying to take advantage.
The possibility of a break or a close that falls at or below $39,600 can increase selling pressure. The BTC/USDT currency pair could drop as low as $36,250.
If the price rises above the level it is at then the bulls will endeavor to get the pair over the averages of moving. If they are successful and the market continues to rise, it could climb to $45,821, but buyers need to get over this obstacle to signify that they are likely to change their direction.
Ether ( ETH) declined from near the neckline in the developing the inverse head and shoulders pattern on February. 16. The bears may be doing their best to discredit any possible reverse setup.
The USDT/ETH pair is now likely to fall to the support level at $2,652. This is a critical area for bears to guard as a fall below can open the door to an additional decline, possibly to $3,476.
However, contrary to what is believed however, should the price rebound from the present level then the bulls will try to keep prices above the neckline. If this occurs then it could be that the beginning of an upward trend. But, the chances of such an endeavor look dim at present.
BNB declined from the 50-day simple movement average (SMA) ($430) on February. 16 and then fell to just below the 20-day EMA ($408) at the end of February. 17.
The pair BNB/USDT is settling within $390.50 and $445.40 in the last couple of days. The even 20-day EMA as well as the RSI barely below its midpoint indicate a healthy balance between demand and supply.
This will be a tilt direction of the bears should the price begins to break, and stays lower than $390.50. This could be the opening to a potential drop down to $357.40. A break or an increase over $445.40 might open the way that could lead to a rally of $500. In the meantime it will likely continue.
The bulls’ inability to hold Ripple ( XRP) over $0.85 might have resulted in the short-term traders to book profits. This pushed the price lower towards the high support of $0.75.
The sellers are expected to continue to fight for the support zone that lies between moving averages. If prices bounce from this zone of support The XRP/USDT currency pair may climb up to $0.85. If the price breaks and closes above the level may challenge the resistance of $0.91. The growing 20-day EMA as well as the RSI at the midpoint could indicate that buyers have a slight advantage.
The positive outlook will be invalidated when bears push prices lower than that 50-day SMA ($0.73). This could trigger multiple stop-loss stops, leading to a potential decrease to $0.65 before settling at $0.60.
Cardano ( ADA) is sandwiched in between the daily 20-day EMA ($1.09) as well as psychological support of $1 in the last couple of days. The tight range trading could to lead to a dramatic directional move in the coming couple of days.
Moving averages with a downward slope as well as the RSI in the negative range suggest that the direction of lowest resistance is towards the right. If bears fall and keep the price at or below $1, the ADA/USDT exchange might resume its downward trend. The price could drop to $0.80 then drop down to $0.68.
In contrast to that assumption however, in the event that the price goes up from its current levels then the bulls would attempt to push the price above the averages of moving. If they succeed it could cause the pair to rally towards the resistance line in the channel.
Solana ( SOL) dropped from the twenty-day EMA ($103) the day of February. 16 and bears now are trying to push the price down below the lower support of $90.72. In the event that this happens it could lead to a decline that extends until it hits a high support level of $80.83.
The downwardly sloped 20-day EMA as well as the RSI within the negative zone suggest that bears hold an upper hand. Breaks and closes lower than $80.83 might signal the beginning of the trend downwards. The pair SOL/USDT could decline towards the support line in the channel.
However, if the price bounces off its current levels, buyers would attempt to move up to the level of 20 days EMA and test the resistance line in the downward channel. If the price breaks and closes above this mark will suggest that the trend down ended.
The Avalanche ( AVAX) has broken and was just above the downward trend line on Feb.16 however, the bulls did not capitalize on this opportunity. A strong selling effort by bears at higher levels have pulled prices back down lower than the downward trend line.
The bulls have been trying to safeguard their moving averages. Should the price rebound from the present level, buyers are likely to try pushing and keep the pair of AVAX/USDT higher than the line of downtrend as well as $98.77. This could indicate an increase towards $117.53.
In contrast, if price falls below the moving averages the trend line for the uptrend will be checked. If the price breaks and closes below this level may trigger selling. The pair could decline to $76.14 and then a drop to $65.
In related news: XRP ‘mega whales’ collect over $700M during their second-largest accumulation spree in the history of the company
Terra’s LUNA token broke , and was trading just above its 20-day EMA ($55) on February. 15th, however, the bulls were unable to keep the momentum up to the new prices. The price may have drew attention to sellers from the traders who trade on short-term basis and has forced the price to fall back below its 20-day EMA.
The moving averages both are trending downwards as well as the RSI is at a negative level suggesting that bears have advantage. If sellers push prices below $49 The LUNA/USDT currency pair may fall to the support level of $43.44. Buyers are expected to protect the area between $43.44 to $37.50 with vigor.
If the price bounces off its present levels, the bulls may take another shot to lift the pair over the level of 20 days EMA. If they are successful it could lead to a rally up to the lower trend direction within the channel.
Dogecoin ( DOGE) declined from its 50-day SMA ($0.15) on February. 16, suggesting bears have sold in relief rallies that are threatening this level of resistance.
A minor support is available in the region of $0.13. If price moves above this mark then the bulls will attempt to lift the DOGE/USDT currency pair over fifty-day SMA. If they are successful it could lead the pair above the overhead resistance, which is $0.17.
The smooth 20-day EMA ($0.14) as well as the RSI within the negative zone suggest a slight advantage for sellers. If prices fall to below $0.13 and the price might fall back to its strong support of $0.12 which is where buyers will likely intervene to stop the price decline.
Polkadot ( DOT) declined from its 20-day EMA ($19.82) at February. 17, signalling that sentiments remain negative. traders are trying to defend the levels of overhead resistance.
Now, the bears can attempt to push the price up towards $16.81 This is a crucial support level to be on the lookout for. If the price bounces from this point then the bulls will try to push the USDT/DOT price above the downward trend limit. If they are successful it could lead to a rise up to $23.19.
In the other case, if bears push down the price to $16.81 and the market sells accelerate and continue its slide towards the next level of support, which is $10.37. The downwardly sloped moving averages as well as the RSI within the negative zone indicates that the path with the least resistance is towards the lower.
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