News about geopolitical tension between Iran and Israel caused wild swings in Bitcoin (BTC) on April 19. Although the price dipped below $60,000, the bears could not keep the price down. This suggests that the bulls are trying to flip the $60,000 level into support.
CryptoQuant head of research Julio Moreno said in a X post that the selling pressure may be reducing as traders unrealized profit margins were “basically zero” near $60,000. “Trader’s realized price” has acted as a strong support during bull markets, Moreno added.
Traders seem to be focusing on the long-term prospects of Bitcoin post halving. According to CryptoQuant data, during the 24-hours between April 16 and April 17, Bitcoin holders transferred more than 27,700 Bitcoin to accumulation addresses, creating a new record. Accumulation address is a wallet that holds more than 10 Bitcoin but has seen no previous withdrawal.
Have Bitcoin and select altcoins bottomed out in the short term? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The long tail on Bitcoin’s April 19 candlestick shows that the bulls aggressively purchased the dip below the $60,775 support.
The relief rally has reached the 20-day exponential moving average ($66,067), where the bears may pose a strong challenge. If the price turns down sharply from the 20-day EMA, the $60,775 support may come under pressure. A break and close below $60,775 will complete a double-top pattern that has a target objective of $47,773.
On the other hand, if buyers kick the price above the moving averages, it will suggest that the BTC/USDT pair may trade between $60,775 and $73,777 for a while longer. A rise above $73,777 could propel the pair to $84,000.
Ether price analysis
The bears tried to sink Ether (ETH) below the April 13 low of $2,852, but the long tail on the April 19 candlestick shows that the bulls are aggressively buying the dips.
The price could reach the 20-day EMA ($3,261), which is likely to witness a tough battle between the bulls and the bears. If the price turns down from the 20-day EMA, the bears will make one more attempt to sink the ETH/USDT pair below $2,852. If they can pull it off, the pair may collapse to $2,717 and subsequently to $2,200.
Alternatively, if the price rises above the 20-day EMA, it will suggest that the correction has ended. The pair will try to rise to the overhead resistance of $3,679.
BNB price analysis
BNB (BNB) has been consolidating between $495 and $635 for the past several days, indicating indecision between the bulls and the bears about the next directional move.
If buyers overcome the obstacle at the 20-day EMA ($565), the BNB/USDT pair could rise to the overhead resistance at $635. This is an essential level for the bears to defend because a break above it could clear the path for a rally to $692. If this level is crossed, the pair may reach the pattern target of $775.
On the other hand, if the price turns down and breaks below $495, the pair will complete a double top pattern. That could start a slide to $460 and thereafter to $400.
Solana price analysis
Solana (SOL) has been finding support at $126 for the past few days, indicating solid buying by the bulls.
The recovery is likely to reach the 20-day EMA ($158), a critical level to keep an eye on. If the price turns down sharply from the 20-day EMA, the bears will again try to sink the SOL/USDT pair below $126. If they succeed, the pair could extend the downtrend to the psychological level of $100.
On the contrary, if the price continues higher and rises above the 20-day EMA, it will suggest that the bears are losing their grip. The $162 level may act as a resistance, but it is likely to be crossed. The pair may then climb to $185.
XRP price analysis
XRP (XRP) has been oscillating between $0.46 and $0.52 for the past few days, indicating that the bulls are trying to start a recovery.
The relief rally is likely to face selling at the downsloping 20-day EMA ($0.55). A sharp reversal from the 20-day EMA will signal that bears remain active at higher levels. The XRP/USDT pair could retest the critical support at $0.46.
Instead, if the price breaks above the 20-day EMA, it will suggest that the correction may be over. The pair could then rise to the 50-day SMA, extending its stay inside the $0.41 to $0.74 range for some more time.
Dogecoin price analysis
The long tail on Dogecoin’s (DOGE) April 19 candlestick shows that the bulls are trying to protect the $0.14 support.
The recovery is likely to reach the 20-day EMA ($0.17), a significant level to watch out for. If buyers overcome this barrier, the DOGE/USDT pair could reach the downtrend line, where the bears are likely to sell aggressively.
The zone between $0.14 and $0.12 is likely to attract strong buying by the bulls because if the support gives way, the pair could face intense selling and tumble toward the formidable support at $0.10.
Toncoin price analysis
Toncoin (TON) rebounded off the support line of the ascending channel pattern on April 18, indicating that the bulls continue to defend the level with vigor.
The bulls pushed the price to $7.23 on April 19, but the long wick on the candlestick shows aggressive selling by the bears near the resistance line of the channel. This suggests that the TON/USDT pair may remain inside the channel for several more days.
A slide below the channel will signal a potential trend change in the near term. The pair may slide to the 50-day SMA ($4.70). On the contrary, a break above the channel could open the doors for a rally to $8.56 and then to $10.
Related: 5 things you didn't know about Bitcoin halvings and BTC price
Cardano price analysis
Although Cardano (ADA) traded below the $0.46 support for a few days, the bulls did not allow the price to slip below the April 13 low of $0.40.
The failure to sink the price lower may attract buyers who will try to push the price to the 20-day EMA ($0.52). If the price turns down sharply from the 20-day EMA, it will signal that the rallies are being sold into. That could pull the price to the $0.46 to $0.40 support zone. A slide below the zone could result in a fall to $0.35.
Contrarily, if buyers shove the price above the 20-day EMA, it will suggest that the correction may be over. The ADA/USDT pair could then attempt a rally to the 50-day SMA ($0.63).
Avalanche price analysis
Avalanche (AVAX) is consolidating in a downtrend, indicating that the bulls are trying to arrest the decline.
The zone between $32 and $27 is likely to act as a strong support. If the price rebounds off the support zone with strength, the AVAX/USDT pair could rally to the downtrend line. Buyers will have to clear this obstacle to signal that the correction may be over. The pair may then attempt a rally to $50.
Contrary to this assumption, if the price turns down and breaks below $27, it will indicate that the bears have seized control. That could accelerate selling and sink the pair to $20.
Shiba Inu price analysis
Shiba Inu (SHIB) has been hovering near $0.000022 for the past few days, indicating a balance between buyers and sellers.
If the price turns down and skids below $0.000020, the SHIB/USDT pair could start the next leg of the down move to $0.000017. This level may act as a strong support, but if the bears prevail, the pair may complete a 100% retracement of the latest leg of the rally and plummet to $0.000010.
The advantage will tilt in favor of the buyers if the price rises and maintains above the downtrend line. The pair could gradually rise to $0.000033 and after that attempt a rally to $0.000039.
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.
