Bitcoin price continues to encounter resistance at the $50,000 level. The rounding bottom pattern seen in most altcoins is a sign that traders aim to push prices higher.
Bitcoin is at the key $50,000 level and most traders are still positive even after the digital asset rallied 70% from the July 20 low at $29,278 to an intraday high at $49,757.04.
BTC/USDT
Bitcoin rebounded off the 20-day exponential moving average at $45,049 on the 19th and the bulls pushed the price above the stiff overhead resistance at $48,144. The bears are currently attempting to stall the up-move at the psychological resistance at $50,000. If bulls do not give up much ground and turn the $48,144 level to support, it will show strength. The BTC/USDT pair could then pick up momentum and start its northward march toward $58,000.
ADA/USDT
ADA is at a strong uptrend. The bulls pushed the price above the all-time high at $2.47 on the 20th but the long wick on the day’s candlestick showed selling at a higher level. The uncertainty of the bulls and bears resolved to the upside today as the bulls have again pushed the price to a new all-time high. If buyers sustain the price above the breakout level at $2.47, the ADA/USDT pair could rally to $3 in the following days.
AVAX/USDT
AVAX rallied from $18.41 on the 17th to $50.27 on the 21st, a 173% rally within a short time. This sharp up-move has pushed the RSI above 92, demonstrating the rally is over-extended in the short term. The long wick on the Aug. 21 candlestick shows that bears are attempting to defend the psychological resistance at $50. On the downside, the first support is at $40
