Bitcoin broke above the 200-day SMA suggests that the downtrend could be over and that may pull buyers back into altcoins.
Bitcoin’s recovery from $29,482.61 has continued to surpass one resistance after another. Today, Bitcoin has risen above the 200-day simple moving average, an indicator watched by institutional investors to determine whether the asset is bullish or bearish.
BTC/USDT
Bitcoin’s breakout above the overhead resistance at $45,451.67 hit a wall at the 200-day SMA ($44,954) on Aug. 7. The bears tried to pull the price back below the breakout level at $42,451.67 on Aug. 8 but failed. The BTC/USDT pair bounced off the $42,451.67 level today and the bulls have pushed the price above the 200-day SMA.
ETH/USDT
Ether rose above the psychological level at $3,000 on Aug. 7, which suggests that the correction could be over. The bears tried to trap the aggressive bulls by pulling the price back below $3,000 but the buyers held their ground.
BNB/USDT
Binance Coin broke and closed above the $340 resistance on Aug. 6, which completed a bullish ascending triangle pattern. The bears tried to pull the price back below the breakout level but the altcoin bounced off the 200-day SMA ($328) today. This suggests that bulls are buying on dips.
ADA/USDT
ADA turned down from $1.50 on Aug. 8 but the bulls are in no mood to relent. They purchased the dip and are currently attempting to push the price back above the overhead resistance. If buyers propel the price above $1.50, the ADA/USDT pair could start its northward march toward the overhead resistance at $1.94
XRP/USDT
XRP soared above the $0.75 resistance and the 200-day SMA ($0.79) on Aug. 7, which completed a double bottom pattern. The price rebounded off the breakout level today, indicating that bulls have flipped the level to support.
DOGE/USDT
DOGE consolidation near the overhead resistance at $0.21 resolved to the upside on Aug. 7 as bulls established their supremacy. The bears posed a stiff challenge at $0.29 on Aug. 8 but the positive sign is that the bulls did not allow the price to break below $0.21.
