Bitcoin along with with major altcoins remain above their respective 200-day moving average but the market’s momentum will depend if BTC can pierce the $48,000 level. Bitcoin’s recovery and stride toward the psychological level at $50,000 has improved the overall sentiment in the crypto sector. There is an increase in the dominance of Bitcoin transactions exceeding $1 million in the past few months.
BTC/USDT
The bears have been trying to pull the price back below the 200-day simple moving average of $45,091 for the past two days but the bulls have held their ground. The 20-day exponential moving average of $41,010 has been sloping up and the relative strength index (RSI) is in the overbought zone, which means that bulls are in control.
ETH/USDT
Ether’s strong recovery on Aug. 9 shows that bulls flipped the $3,000 level into support. This level is likely to act as a floor on future declines. The bulls are attempting to resume the uptrend today. The ETH/USDT pair could now rally to the $3,4441.73 to $3,587.06 resistance zone where the bears are likely to pose a stiff challenge.
BNB/USDT
Binance Coin rebounded off the moving averages on Aug. 9 and started its upward journey toward the resistance of the large $211.70 to $433 range.
ADA/USDT
Bears attempted to stall Cardano’s relief rally at the $1.50 resistance but they could not pull the price back below the 20-day EMA ($1.42). This showed that bulls were not booking profits as they anticipated the recovery to continue. The ADA/USDT pair surged above the $1.50 level on Aug. 10 and could now rally to the overhead resistance at $1.94
XRP/USDT
The bulls successfully held the retest of the breakout level at $0.75 on Aug. 9 and pushed back above the 200-day SMA ($0.80). The altcoin could now rally to the downtrend line of the descending channel where the bears may mount a stiff resistance.
