Analyzing the Unease in Cryptocurrency Market: A Closer Look at Bitcoin and Top 10 Altcoins
Summary:
The article discusses the current struggle between the bulls and bears around Bitcoin's $69,000 price point, attributing this to factors such as massive purchases in Bitcoin ETFs and an anticipation of Bitcoin's growth after the halving. The article also analyses the top 10 cryptocurrencies like Ether, BNB, Solana, XRP, Dogecoin, Cardano, Avalanche, Toncoin, and Shiba Inu, highlighting their recent trends and potential trajectories. No investment advice is provided, with readers urged to conduct individual research before making a decision.
Bitcoin's (BTC) price continues to waver around the $69,000 mark, indicating a tug of war between the bulls and the bears, reports independent trader Daan Crypto Trades. Bitcoin's price has been fluctuating around the 2021 high point for about a month, and usually prices stabilize for 4-8 weeks near the peak before moving again. Despite traders finding these static periods tiresome, a minor pullback is a decent indicator. Checkmate, the Glassnode lead on-chain analyst under pseudonym, stated that Bitcoin experienced two drops exceeding 50% between 2019 and 2021, but the falls during the current cycle have been less severe, the last 20% pullback happening in September. One of the causes for the limited decreases could be large-scale purchases in Bitcoin ETFs. Additionally, the anticipation of Bitcoin's growth following halving could explain the minimality of the pullback.
Predicting whether Bitcoin will move up or down or whether the altcoin dip is over is tricky at best. However, evaluating the top 10 cryptocurrency graphs might offer some insights.
For Bitcoin, a symmetrical triangle indicates an equilibrium between buyers and sellers, although it could sometimes hint at reversal. This doesn't offer a definite advantage for either side, but should the price drop beneath the triangle, it could indicate deeper correction and a fall to the 61.8% Fibonacci retracement level at $54,298. However, should the price increase and break through the triangle, the likelihood is the uptrend resuming.
For Ether (ETH), its below-average position on the 50-day SMA chart for the past few days shows sluggish demand at such levels. Similarly, BNB (BNB) has shown an impasse between buyers and sellers in the past few days, forming a symmetrical triangle.
Solana (SOL) slipped under the 20-day EMA at $181 on April 5, suggesting brief traders were making profits. XRP (XRP) dropped below the uptrend line on April 3 and has struggled to rise since then. Dogecoin (DOGE) broke under the 20-day EMA at $0.18 on April 3, with bulls unable to push its price up over the subsequent days.
For Cardano (ADA), the $0.57 mark is proving a struggle for bulls as they face less demand at these levels. Meanwhile, Avaslance (AVAX) fell under the 50-day SMA at $47 on April 3, signaling bear dominance. Toncoin’s (TON) bounce off the 20-day EMA at $4.73 on April 3 has made it possible to reach the downtrend line. Lastly, bulls for Shiba Inu (SHIB) are attempting to bring it back past the 20-day EMA at $0.00028, but they are met with strong bear resistance.
This article is not providing any investment advice or recommendations. Trading and investing involve a considerable risk element, and conducting individual research is advised before reaching a decision.
Published At
4/5/2024 8:07:15 PM
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