Many expect Bitcoin to continue its slide and drop below the June low in the future. Although anything is possible in the markets, many times, the markets do not indulge the majority.
BTC
Bitcoin has been in a strong downtrend for several months. Buyers started a recovery from the June low at $17,622 and pushed the price above the 200-week SMA but they could not sustain the higher levels. The bulls again tried to push the price above the 200-week SMA last week but the bears held their ground. This shows that bears are defending the 200-week SMA aggressively. Hence, this level becomes a key resistance to watch for on the upside.
ETH
The bears have been defending the 20-week EMA of $1,732 for the past few weeks. This suggests that the sentiment in Ether remains bearish and traders are selling on rallies. ETH turned down sharply from the 20-week EMA last week and has reached the 200-week SMA of $1,283. Buyers are expected to defend this level strongly.
BNB
BNB is one of the outperformers among the major cryptocurrencies as it is trading well above its 200-week SMA $175. Buyers pushed the price above the 20-week EMA of $295 but they could not build upon this strength. The bears stalled the recovery at $338 and pulled the price back below the 20-week EMA. Since then, the bears have thwarted several attempts by the bulls to drive the price back above the 20-week EMA. This indicates that bears are selling the rallies to the 20-week EMA.
XRP
XRP has been consolidating in a downtrend for the past few weeks. Buyers attempted to push the price above the resistance of the range at $0.41 last week but the bears successfully defended the level. The sellers will try to pull the price to the support at $0.30. This remains the important level to keep an eye on because if bears sink the price below $0.30, XRP could begin the next leg of the downtrend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk. The reader should conduct their own research when making a decision.
