Bitcoin (BTC) dipped back toward $61,000 on April 17, indicating a lack of demand at higher levels. According to data from Farside Investors, Bitcoin’s recent price action has resulted in net outflows from the spot Bitcoin exchange-traded funds (ETFs) on April 12 and 15. CryptoQuant founder and CEO Ki Young Ju said in a X post that demand for Bitcoin ETFs has “stagnated for 4 weeks.”
However, a comforting factor for the bulls is that the whales have not panicked and are not selling on weakness. Data from research firm Santiment shows that the largest Bitcoin wallet cohorts have been on an accumulation spree since March 1.
The whales seem to be holding on to their positions due to the bullish outlook in the long term. Bitwise Asset Management said in a X post that after the three previous Bitcoin halvings, Bitcoin’s prices remained soft for a month but witnessed triple-digit gains a year after the event.
Will Bitcoin and altcoins deepen their correction or remain range-bound for a few more days? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bears are trying to sink Bitcoin below the $60,775 support on April 17 and complete a double-top pattern.
If they manage to do that, the BTC/USDT pair may start a downward move to the 50% Fibonacci retracement level of $58,017 and then to the 61.8% retracement level of $54,298. The bulls are likely to defend this zone, but if the bears prevail, the pair may plummet to the pattern target of $47,773.
This negative view will be invalidated if the price turns up from the current level and breaks above the moving averages. That may trap several aggressive bears, resulting in a short squeeze. That enhances the prospects of a rally above $73,777.
Ether price analysis
Ether (ETH) turned down from the 20-day exponential moving average ($3,301) on April 15 and broke below the $3,056 support on April 16.
If the price maintains below $3,056, the ETH/USDT pair may drop to $2,852. This is a crucial level for the bulls to defend because a break and close below it may accelerate selling. The pair may tumble to $2,717 and subsequently to $2,200.
Conversely, if the price rebounds off $2,852 with strength, it will signal solid buying at lower levels. The bulls will then make another attempt to clear the 20-day EMA. If they succeed, the pair may attempt a rally to $3,679.
BNB price analysis
After trading between the moving averages for three days, BNB (BNB) slipped below the 50-day simple moving average ($541) on April 17, signaling that bears have overpowered the bulls.
The BNB/USDT pair could tumble to the strong support at $495, an important level to watch out for. If this support gives way, the BNB/USDT pair will be vulnerable to fall to $460 and later to $400.
On the upside, a break and close above the 20-day EMA ($565) will be the first sign of strength. The pair could then attempt a rally to the overhead resistance of $635, where the bears will try to stall the up move.
Solana price analysis
Solana (SOL) turned down from $156 on April 15 and reached the crucial support at $126. This suggests that every recovery attempt is being met with strong selling from the bears.
The moving averages have completed a bearish crossover, and the relative strength index (RSI) is in the negative zone, signaling that the path of least resistance is to the downside. If the $126 support cracks, the selling could intensify and the SOL/USDT pair may plummet to $100.
On the contrary, if the price turns up sharply from the current level, it will suggest solid demand at lower levels. The pair may then rise to $162. A break and close above this resistance will signal that the bulls are back in the game.
XRP price analysis
XRP’s (XRP) recovery fizzled out at $0.52 on April 15, indicating that the bears are keeping up the pressure and are selling on minor relief rallies.
The downsloping 20-day EMA ($0.56) and the RSI near the oversold zone suggest that bears are in control. Sellers will have to sink the price below $0.46 to start the downward move to the vital support at $0.41. Buyers are expected to fiercely defend the $0.46 to $0.41 support zone.
Any recovery attempt is likely to face selling at $0.52 and again at the 20-day EMA. A break and close above this resistance will suggest that the XRP/USDT pair may swing between $0.41 and $0.74 for a while longer.
Dogecoin price analysis
Dogecoin’s (DOGE) relief rally stalled at the 50-day SMA ($0.17) on April 15, indicating that the bears continue to sell on every rise.
The 20-day EMA ($0.17) is turning lower, and the RSI is in the negative territory, signaling that bears have the edge. They will again try to sink the DOGE/USDT pair to the crucial support at $0.12. This level is likely to attract buying because a break below it could open the doors for a fall to $0.08.
The downtrend line is the important resistance to watch out for on the upside. If buyers overcome this barrier, the pair may rise to $0.20 and later to $0.23.
Toncoin price analysis
Toncoin (TON) turned down from the resistance line of the ascending channel on April 15 and fell near the support line on April 15.
The rising 20-day EMA ($5.92) and the RSI in the positive zone suggest that the bulls are in the driver’s seat. Buyers will once again try to push the price to the resistance line. If this resistance is cleared, the TON/USDT pair could pick up momentum and surge to $8.56 and then to $10.
This optimistic view will be negated if the price turns down and dives below the channel. That will clear the path for a drop to the 50-day SMA ($4.54).
Related: Top five BTC miners not selling despite Bitcoin halving
Cardano price analysis
The failure of the bulls to start a meaningful rebound off $0.46 increases the risk of a breakdown to $0.40 in Cardano (ADA).
Buyers are likely to defend the $0.40 with vigor because if this support cracks, the selling could pick up, and the ADA/USDT pair may collapse to $0.35. The downsloping 20-day EMA ($0.54) and the RSI in the oversold zone indicate that bears are in control.
If the price bounces off $0.40, it will suggest demand at lower levels. The bulls will gain strength above $0.50. The pair could then rally to the 20-day EMA and thereafter to $0.62, where the bears may again pose a strong challenge.
Avalanche price analysis
Avalanche’s (AVAX) recovery could not even reach the breakdown level of $42, signaling a lack of aggressive buying by the bulls.
The downsloping 20-day EMA ($43) and the RSI near the oversold territory indicate that bears are in charge. The support to watch on the downside is $29 and then $27. If this zone cracks, the selling could intensify and the AVAX/USDT pair could plummet to $20.
The relief rally is likely to face strong selling at the downtrend line. A break and close above this resistance will be the first indication that the bulls are on a comeback. The pair could then attempt a rally to $50.
Shiba Inu price analysis
Shiba Inu (SHIB) has been trading inside a tight range for the past three days, indicating a lack of aggressive selling or buying at these levels.
The bears are expected to take another shot at the $0.000017 level. If this support breaks down, the selling could accelerate and the SHIB/USDT pair may start a sharp fall toward the next major support at $0.000010. That will complete a 100% retracement of the most recent leg of the rally.
On the contrary, a rise above the downtrend line will be the first indication that the bears are losing their grip. The pair may rise to $0.000033, where the bears are expected to mount a strong defense.
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.
