Bitcoin (BTC) continues to frustrate investors with its tight range consolidation, giving no clue about the possible direction of the breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.
A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in 2023. That indicates a lack of urgency among the bulls to book profits as they anticipate the uptrend to resume.
Bloomberg senior ETF analyst Eric Balchunas highlighted that 15 of the best performing equity exchange-traded funds in 2023 have been crypto-related with exposure to crypto and blockchain.
Do Bitcoin and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top-10 cryptocurrencies to find out.
Phân tích giá Bitcoin
Phe bò đã đẩy Bitcoin lên trên đường trung bình động đơn giản 50 ngày (29.960 USD) vào ngày 8 và 9 tháng 8 nhưng không thể duy trì mức cao hơn. Điều này cho thấy phe gấu đang bán trên các cuộc biểu tình
Phạm vi trong cặp BTC/USDT đã bị thu hẹp hơn nữa với giá dao động trong khoảng 28,585 đô la đến 30,350 đô la. Cả hai đường trung bình động đã đi ngang và chỉ số sức mạnh tương đối (RSI) ở gần điểm giữa, cho thấy rằng sự hợp nhất có thể tiếp tục trong
Khi giá bị mắc kẹt trong một phạm vi, rất khó để dự đoán hướng của sự bứt phá. Tuy nhiên, các nhà giao dịch nên sẵn sàng cho sự bắt đầu của một xu hướng sớm
Nếu giá giảm xuống dưới 28.585 đô la, cặp tiền có thể giảm xuống 26.000 đô la và sau đó xuống còn 24.800 đô la. Ngược lại, việc phá vỡ và đóng cửa trên $30,350 có thể đẩy cặp tiền này lên 32.400 đô la. Đây có thể là rào cản cuối cùng trước khi cặp tiền này đạt 40.000 đô la
Ether price analysis
Ether (ETH) has been trading between the 50-day SMA ($1,879) and the horizontal support at $1,816 for the past few days. This suggests uncertainty between the bulls and the bears about the next directional move.
Đường trung bình động theo cấp số nhân 20 ngày phẳng (1.855 đô la) và chỉ báo RSI ngay dưới điểm giữa không mang lại lợi thế rõ ràng cho phe bò hoặc phe gấu. Người bán sẽ phải kéo giá xuống dưới $1,816 để giành quyền kiểm soát. Điều đó có thể bắt đầu một đợt bán tháo, có thể kéo cặp ETH/USDT lên 1.700 đô la và sau đó đến mức hỗ trợ quan trọng ở mức 1.6
Ngược lại, nếu giá tăng lên và phá vỡ trên đường SMA 50 ngày, nó có thể mở ra cánh cửa cho một đợt phục hồi đến ngưỡng kháng cự tâm lý ở mức 2.000 đô la.
Phân tích giá BNB
Việc không đẩy BNB (B NB) lên trên đường kháng cự của tam giác có thể đã thu hút bán. Điều đó đã kéo giá xuống dưới đường trung bình động
Cặp BNB/USDT có thể giảm xuống đường hỗ trợ của tam giác. Đây là một mức quan trọng cần theo dõi vì một trượt xuống dưới nó có thể bắt đầu bước tiếp theo của động thái giảm xuống $220. Phe bò có khả năng mua mức giảm xuống mức này.
If the price rebounds off the support line, the pair may spend some more time inside the triangle. Buyers will have to shove the price above the resistance line to clear the path for a potential rally to $265.
Phân tích giá XRP
XRP (XRP) turned down from the 20-day EMA ($0.65) on Aug. 9, indicating that the bears are trying to flip the level into resistance.
The important support to watch on the downside is the 50-day SMA ($0.61). If this level cracks, the selling could intensify and the XRP/USDT pair could plummet to the breakout level of $0.56.
Another possibility is that the price bounces off the 50-day SMA. If that happens, the pair may spend some more time oscillating between the moving averages. A break and close above $0.67 will be the first sign of strength. That could open the doors for a possible rally to $0.73.
Dogecoin price analysis
Dogecoin (DOGE) continues to trade inside the ascending channel pattern but the bulls are finding it difficult to overcome the barrier at the downtrend line.
If the price dips below the 20-day EMA ($0.07), the support line of the channel will come under threat. The repeated retest of a support level within a short interval tends to weaken it. If the bears yank the price below the channel, the DOGE/USDT pair could drop to the breakout level of $0.07.
Another possibility is that the price turns up from the 20-day EMA. If that happens, the likelihood of a rally above the downtrend line increases. That could start an up-move to $0.08 and next to the resistance line of the channel.
Cardano price analysis
Cardano’s (ADA) recovery attempt hit a wall at the 20-day EMA ($0.30) which suggests that the bears have not yet given up and are selling on rallies.
The flattish 20-day EMA and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the buyers kick the price above the downtrend line, the ADA/USDT pair could rise to $0.32 and then to $0.34.
Contrarily, if the price turns down and breaks below $0.28, it will suggest that bears have the upper hand. The pair could then slump to $0.26 and eventually to the vital support at $0.24. The bulls are expected to guard this level with vigor.
Solana price analysis
Solana (SOL) has been trading above the 20-day EMA ($23.87) for the past three days, indicating that the price is stuck between $26 and $22.30.
The important level to watch on the upside is $26. If the price turns down from this resistance, it will indicate that the range-bound action remains intact. The bullish momentum may pick up if buyers clear the overhead hurdle at $26. If they do that, the SOL/USDT pair could first rise to $29 and thereafter retest the local high at $32.13 made on July 14.
The level to be wary of on the downside is $22.30. If this support cracks, it will suggest that the bulls may be rushing to the exit. That may start a fall to $18.
Related: Bitcoin trader reveals ‘important’ BTC price zone as bulls hold $29.3K
Polygon price analysis
The bulls failed to thrust Polygon (MATIC) above the 50-day SMA ($0.70) in the past two days but a positive sign is that they have not given up much ground.
This suggests that the short-term bulls are holding on to their positions as they anticipate the relief rally to continue. If the 50-day SMA is surmounted, the MATIC/USDT pair could start a rally to $0.80 and then to $0.90.
Contrary to this assumption, if the price turns down sharply from the current level, the pair may retest the strong support at $0.64. If this level gives way, the pair may start a decline to the next support at $0.60.
Litecoin price analysis
Litecoin (LTC) is struggling to start a bounce off the strong support at $81.36, suggesting a lack of demand at higher levels.
The downsloping 20-day EMA ($86.90) and the RSI in the negative territory indicate that bears are in command. If the LTC/USDT pair skids and sustains below $81.36, it will signal the resumption of the downtrend. The next support on the downside is $76 and then $72.
Alternatively, the first important resistance to watch on the upside is the 20-day EMA. If buyers propel the price above $87.37, it will suggest the start of a stronger recovery to $96.46. This level may again attract strong selling by the bears.
Polkadot price analysis
Polkadot (DOT) has been trading near the $5 level for the past few days. Attempts by the bulls to push the price above the 20-day EMA ($5.08) on Aug. 9 met with stiff opposition from the bears.
The 20-day EMA is sloping down gradually and the RSI has been in the negative territory, indicating that the bears have a slight edge. If the price slips and closes below $4.83, the DOT/USDT pair could start its downward journey toward $4.60.
On the other hand, if the price turns up from the current level and breaks above the moving averages, it will signal a comeback by the bulls. The pair could then move up to $5.33 and eventually to the downtrend line.
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.
