Bitcoin (BTC) has been witnessing a tough battle between the bulls and the bears near the $69,000 mark. Independent trader and analyst Daan Crypto Trades said in a X post that Bitcoin has been hovering around the 2021 cycle high for about four weeks. Historically, Bitcoin consolidates for about 4-8 weeks near the cycle highs before the price starts moving again.
Although the range-bound action frustrates traders, the shallow pullback is a positive sign. Checkmate, the pseudonymous lead on-chain analyst at Glassnode, said in a X post that during the previous bull market cycle between 2019 and the end of 2021, Bitcoin witnessed two corrections of more than 50%. However, pullbacks during the current bull phase have been milder, with the last 20% drawdown in September last year.
The massive buying interest in the spot Bitcoin exchange-traded funds may have limited the downside during the current cycle. Another reason for the shallow pullback could be the expectation that Bitcoin could extend its bull market after the Bitcoin halving.
Will Bitcoin’s current consolidation resolve to the downside or the upside? Is the correction in select altcoins over? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has formed a symmetrical triangle pattern, indicating a balance between buyers and sellers. Generally, the symmetrical triangle acts as a continuation pattern, but sometimes, it may behave as a reversal setup.
The flattish 20-day EMA ($67,750) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price turns down and breaks below the triangle, it will suggest the start of a deeper correction. The BTC/USDT pair may drop to $60,000 and eventually to the 61.8% Fibonacci retracement level of $54,298.
On the contrary, if the price turns up and breaks above the triangle, it will suggest that the bulls have absorbed the supply. That will increase the likelihood of the resumption of the uptrend. The pair may rise to $73,777 and subsequently to $80,000.
Ether price analysis
Ether (ETH) has been trading below the 50-day SMA ($3,434) for the past three days, indicating a lack of aggressive demand at these levels.
The moving averages are about to complete a bearish crossover, and the RSI is in the negative zone, indicating that the sellers have an advantage. There is strong support at $3,056, but if that level gets taken out, the ETH/USDT pair may decline to $2,700.
Instead, if the price rebounds off the $3,056 level with strength, it will signal aggressive buying on dips. The pair may consolidate between $3,056 and $3,678 for a few days. A rise above $3,678 will indicate that the bulls are back in the game.
BNB price analysis
BNB’s (BNB) price action of the past few days has formed a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
It is difficult to predict the direction of the breakout from a triangle. Hence, it is best to wait for the breakout to happen before establishing large positions. If the price bounces off the 20-day EMA ($565) and breaks above the triangle, it will signal the resumption of the uptrend. The BNB/USDT pair could climb to $692 and then to the pattern target of $795.
Conversely, if the price skids below the triangle, the advantage will shift in favor of the bears, and the pair could collapse to $460. If this level gives way, the next stop could be the pattern target of $395.
Solana price analysis
Solana (SOL) fell below the 20-day EMA ($181) on April 5, indicating profit-booking by the short-term traders.
The SOL/USDT pair could drop to the strong support at $162. If the price rebounds off this level with strength and rises above the 20-day EMA, it will suggest that the pair may remain range-bound between $162 and $205 for a while.
On the contrary, the pair will complete a bearish double-top pattern if the price continues lower and plunges below $162. There is a minor support at the 50-day SMA ($152), but it is likely to be broken. The pair could thereafter tumble to $126.
XRP price analysis
XRP (XRP) fell below the uptrend line on April 3, and the bears successfully defended the level on April 4, indicating selling on every minor rally.
The downsloping 20-day EMA ($0.61) and the RSI in the negative territory indicate advantage to sellers. If the price skids below $0.56, the XRP/USDT pair could slump to $0.52 and then to $0.48.
If bulls want to make a comeback, they will have to quickly push the price back above the 20-day EMA. That could clear the path for a possible rally to $0.69. This level may again act as a strong barrier, but if the bulls overcome it, the pair may reach $0.74.
Dogecoin price analysis
Dogecoin (DOGE) broke below the 20-day EMA ($0.18) on April 3, and the bears thwarted attempts by the bulls to push the price back above the level on April 4.
The sellers will try to build on their advantage and yank the price to the 50-day SMA ($0.15). This is an important level to watch out for because a break below it could open the doors for a further fall to $0.12.
The bulls have their work cutout. If they want to regain the upper hand, they will have to quickly propel the price above $0.19. If they do that, the DOGE/USDT pair could climb to the $0.23 overhead resistance.
Cardano price analysis
The bulls are struggling to defend the $0.57 level in Cardano (ADA), suggesting a lack of demand at current levels.
If the price plummets below $0.57, it will complete a bearish head-and-shoulders pattern. This negative setup has a target objective of $0.33, but the bulls will try to arrest the fall at the strong support of $0.46.
Alternatively, if the price turns up from $0.57, it will signal solid buying at lower levels. The ADA/USDT pair will then attempt a rally to $0.68, where the bears are expected to mount a strong defense.
Related: BTC price bounces at $66K as BlackRock adds US banks to Bitcoin ETF
Avalanche price analysis
Avalanche (AVAX) slipped below the 50-day SMA ($47) on April 3, indicating that the bears are in charge.
The bulls tried to push the price back above the 50-day SMA on April 4 but failed. That increases the likelihood of a drop to $42. This is an important support, and the bulls are likely to defend it with vigor. Any recovery may again face selling at the moving averages.
Buyers will have to thrust and maintain the price above the downtrend line to suggest that the correction may be over. The AVAX/USDT pair could then attempt a rally to $60 and subsequently to $65.
Toncoin price analysis
Toncoin’s (TON) bounce off the 20-day EMA ($4.73) on April 3 has reached the downtrend line, a crucial level to watch out for.
If bulls thrust the price above the downtrend line, it will suggest that the correction may be over. The TON/USDT pair could retest the $5.69 resistance. The bears are expected to fiercely defend this level because if they fail in their endeavor, the pair could skyrocket toward $7.09.
Contrary to this assumption, if the price turns down sharply from $5.69, it will suggest that bears are active at higher levels. That could keep the pair range-bound between $5.69 and $4.72 for some time.
Shiba Inu price analysis
The bulls are trying to push Shiba Inu (SHIB) back above the 20-day EMA ($0.000028), but the bears are not relenting.
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. A break and close below the 50-day SMA ($0.000024) could accelerate selling and sink the SHIB/USDT pair to $0.000017.
On the upside, the bulls will have to drive and maintain the price above the downtrend line to suggest that the corrective phase may be over. The pair could rise to $0.000033 and later to the stiff overhead resistance at $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.
