The sharp bounce back in Bitcoin and key altcoins proves that traders are buying aggressively on every minor dip.
BTC
The bears pulled Bitcoin below the 200-day simple moving average $45,218 on the 12th but they have not been able to sustain the lower levels. The bulls have pushed the price back above the 200-day SMA today which indicates they are buying on dips. If buyers propel the price above the resistance line of the wedge, the BTC/USDT pair could rally to $51,000. This level may act as resistance but if bulls do not give up much ground, the uptrend may reach $60,000.
ETH
Ether dropped to the breakout level at $3,000 on Aug. 12 but the bears could not capitalize on the opportunity. The bulls purchased the dip and are attempting to resume the up-move today.
The RSI in the overbought territory suggest that bulls have the upper hand. If buyers propel the price above $3,274, the ETH/USDT pair could rally to $3,587.06 and then to $4,000.
BNB/USDT
Binance Coin formed an inside-day candlestick pattern on Aug. 12, indicating indecision among the bulls and the bears. The buyers purchased at lower levels and are currently attempting to resolve the uncertainty in their favour.
If bulls propel the price above $408.72, the up-move could reach the overhead resistance at $433. The bears may again pose a stiff challenge at this level and if the price turns down from this resistance, the pair could drop to the 20-day EMA ($347).
ADA/USDT
The long wick on Cardano’s candlestick on Aug. 11 shows that bears tried to stall the rally near the overhead resistance at $1.94. That was followed by an inside-day candlestick pattern on Aug. 12 but the long tail on the day’s candlestick showed strong buying at lower levels.
The bulls have thrust the price above the overhead resistance today, which opens the gates for a rally to the all-time high at $2.47. However, the RSI has risen above 86, indicating that the rally is overextended in the short term.
XRP/USDT
XRP broke above the downtrend line of the descending channel and surged to the overhead resistance at $1.07 on Aug. 11 but the bulls could not sustain the higher levels. The bears pulled the price back inside the channel on Aug. 12 but the correction was short lived.
