Bitcoin remains strong above its latest breakout level, but several major altcoins will be under pressure until BTC reveals its next move. Bitcoin has been holding above $54,000 for the past few days but that has not resulted in excitement among investors.
BTC
Bitcoin rotated down from $57,680 but the long tail on the day’s candlestick suggests buying on dips. The bears tried to pull the price below the breakout level at $52,920 but indicates that bulls are not yielding. The rising 20-day exponential moving average of $51,338 and the relative strength index in the positive zone shows an advantage to the buyers. If bulls push the price above $57,839.04, BTC could rally to $60,000.
ETH
Ether has rebounded off the 20-day EMA of $3,390 for the past three days, signifying that the bulls are accruing on dips. The bulls will now try to drive the price to the neckline of the inverse head and shoulders pattern. A breakout and close above the neckline will complete the bullish setup, which has a target objective of $4,657.
BNB
The Binance Coin broke and closed below the 20-day EMA at $417but the bears could not build on this advantage. The bulls defended the psychological support at $400 and drove the price back above the 20-day EMA on the 11th. Although bears pulled the price below $400 , the move appears to have been a bear trap because BNB recovered quickly and rebounded to the neckline.
ADA
ADA broke and closed below the support line of the symmetrical triangle on the 12th. This indicates that the uncertainty of the past few days has resolved in favour of the bears. The bulls will try to push the price back above the 20-day EMA of $2.21 but if they fail, ADA could drop to $1.87. This is a critical level to monitor because if it breaks down, the decline may extend to $1.63.
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